Buying a home for you and your family is one thing — but purchasing a rental property is another.

Sinking money into an investment property can be a good strategic move for people who want to build long-term wealth. You can benefit from the property valuation increase, monthly rental income, deductions during the tax season, and more. But a rental property won’t manage itself.

You’ll either have to be the landlord or hire a company to do it for you. Unless you get a rush doing everything independently, it’s best to retain a property management firm.

Here are three reasons you need a property manager to assist with your rental property.

1. A Property Manager Will Find Suitable Tenants

If you’d love to start bringing in rental income, you must find the right tenants. For every reliable tenant, there is one who’ll cause you nothing but headaches. You need good tenants, but renting your investment property to the right tenants isn’t a matter of luck. A provider of property management services can help find quality tenants to occupy your units. One reason to focus on a service provider based close to your rental property is it will know the real estate market. So, a home in, say, Fort Worth needs a provider of property management services in Fort Worth.

Again, it’s not about rolling the dice and expecting the best. Property managers have processes to screen prospective tenants through applications, criminal record checks, credit history checks, income checks, employment history checks, and even previous landlord checks. These various steps can help weed out bad applicants and find people who will likely be good fits.

2. A Property Manager Will Provide Customer Service

It doesn’t make sense to pull out all the stops to find great tenants if you’re going to mistreat them after bringing them on board. You need to provide excellent customer service. That means ensuring tenants can reach you when they need help, addressing their concerns within a reasonable time frame, and ensuring the rental property is always in good shape.

If tenants believe you’re treating them unfairly, they’ll head for the exit at the end of their leases. Don’t assume they’ll stick around just because your rent is competitive. They’ll head for greener pastures. You’ll see that it makes more sense business-wise to keep good tenants rather than treat them shabbily, see them go, and then have to spend money looking for new tenants.

3. A Property Manager Will Take Care of Your Rental Property

Another reason you need a property management firm is to ensure your property is taken care of. It can be challenging enough to stay on top of maintenance and repairs of your personal home. But keeping your investment property in tip-top shape is arguably more essential. When sinking hard-earned money into a rental property, you’ll want it to appeal to your target demographic. What you offer must be competitive in the rental market to attract and retain quality tenants. 

A property manager will draw up a schedule so nothing involving maintenance or repairs falls between the cracks. Your property will continue to appreciate in value as it’s kept in proper shape, and tenants will want to live there because of your efforts to take care of it. Don’t underestimate the importance of offering a property that is aesthetically and functionally on point.

Buying a rental property isn’t something to be done without careful consideration. You must ensure you have the financial wherewithal to buy and maintain a rental property. Otherwise, you’ll likely regret the investment. One investment you shouldn’t skip as a rental property owner is hiring a property manager. Some rental property owners bristle at handing a third party a portion of rental income for the services offered. But the benefits of having some help are worth it for most people who want to buy rental properties.