It’s not uncommon for folks who are first investing in real estate to manage the property themselves. The incentive to do – saving money – is attractive, after all. But it’s also common for a first-time property owner to quickly realize they’ve bitten off more than they can chew. If this sounds like you, it might be time to hire a property manager.
Here are 6 reasons to hire a property manager to oversee your investments in the Chattanooga area:
- Local expertise.
A locally owned and operated property manager knows the local market. He or she can market, manage, and price your property to attract quality tenants and maximize your rental income. We’re also familiar with all the local laws and regulations about owning and operating a rental property in the area.
An experienced property manager will have all the connections necessary to handle your rental, from repairs to maintenance to applicant screening.
- Less hassle.
You may be a handy person who loves fixing housing problems in your spare time. But if you’re not, you’ve likely learned quickly that your tenant’s needs can completely overwhelm your schedule, especially if you’re also trying to juggle a day job and/or a family. If reclaiming that time to spend on yourself or your family sounds good, it’s time to look at property management.
- You’re not local.
Real estate is a good investment, but it’s also an anchor if you’re managing the property yourself. Children, family, a new job; any of these can necessitate a move out of the area. A property manager lets you hang on to your real estate even if you have to leave town. Also, it gives your tenants the peace of mind of knowing that someone local is responsible when they have questions or maintenance needs.
- You own multiple properties.
If you’re a successful property owner, you’re probably already thinking about investing in more real estate. Multiplying your holdings will quickly multiply the time you spend managing your tenants’ needs. An experienced property manager allows you to grow your portfolio while reducing your stress and time commitment.
- Choosing tenants.
Most owners find the process of finding, screening and choosing tenants complex and stressful. After all, you’re partnering with this person or family for at least a year, most likely. You want someone who you can work with easily and who will take care of your property. Hiring a good property manager will take all of this off of your plate.
Greyhaven Realty Management Company is the largest locally owned property management company in Chattanooga and specializes in residential properties of all kinds. Renting your home or apartment successfully and profitably means knowing the local market and following legal requirements and local ordinances. When you partner with Greyhaven, you get access to decades of experience in Chattanooga’s residential rental real estate market.
Partnering with Greyhaven gives you access to information on local trends, informative lunch-and-learn sessions that help you maximize your property’s potential, and the assurance that someone who knows the local market is here to answer your questions and care for your investment.