If you own a rental property for 10 years and charge $750 per month in rent, that is $9,000 a year or $90,000 in total income. Now what if you have two? The income to be earned from owning revenue properties is significant and needs to be managed diligently. If you lack the time and resources to do this yourself, professional property management can step in and do it for you. Here are seven ways hiring a rental property manager can help you make money, save money and save time. 1. Maximize rental income. Property managers know what similar properties are renting for and they understand what renters are prepared to spend. This enables them to advise you on the highest amount that you can charge in rent while still minimizing vacancies.

2. Minimize vacancies. Hiring a property manager will also help you minimize vacancies, by keeping your property rented with quality tenants. Again, property managers know the rental market and provide listing services through their various networking channels such as magazines and internet websites. In fact individuals looking for places to rent will often call property managers directly to inquire about what is available.

3. Find quality renters. Property managers have the facilities to properly screen potential renters. They will do credit checks and check references. This is an important part of owning a rental property. Property managers will pass on applicants that their experience indicates will lead to future problems. They understand the long term benefit of holding out a little longer for the tenant that will most likely bring the fewest headaches.

4. Maintenance and repairs. Property managers will keep up the property for you. They will organize the completion of everyday maintenance as well as urgent situations. They have the know-how to avoid needless expenses and save you money. Local property managers can keep an eye on you rental to ensure that it is not being abused by the tenants. Property managers use their business connections to forge relationships with reputable trades people and by offering repeat business to them often save property owner’s time and money.

5. Show the property. A property manager will show your property for you to potential renters. This means you do not have to take the time yourself to respond to these inquiries. Often appointments need to be made show the property at inconvenient times to applicants who may not show up. This can be a time consuming process and is not profitable when handled directly by the property owner.

6. Administrative tasks and paperwork. Property managers handle the financial and clerical functions. They facilitate the negotiation and signing of lease agreements. They will ensure timely rent collection and that bills and expenses are paid. Property managers can also perform other bookkeeping and accounting duties such as depositing rent payments and providing written reports on the profitability of the rental operation. The property manager can also shop for and advise on the various insurances necessary to indemnify the property owner.

7. Dealing with people. Let’s face it, people purchase rental propertied for the investment and income potential, not because they look forward to the landlord/tenant relationship. A property manager will take on the responsibility of dealing with unfriendly or difficult tenants, allowing you to focus on the more pleasant aspects of rental property ownership.

8. Flexibility and time management. Managing a rental property requires flexibility and (making schedule adjustments on a continuous basis. Time needs to be made for building inspections and to accommodate maintenance requests. Often the schedule of property owners is too rigid to handle these circumstances with efficiency.

Outsourcing rental property management tasks allows you make overall better use of your most valuable resource: your time. Your time is precious and it is far better spent working on activities that will generate additional income than on mundane activities such as dealing with a leaky faucet. Hire a property manager; you will be glad you did.