Buying and fixing up a second property in order to rent it out is a great way to make extra income while also building long-term wealth as your rental property goes up in value. Unfortunately, owning a rental property can also be a huge, time-consuming headache. The ideal solution is to hire a reliable and experienced property management company to handle the day-to-day operations of managing your rental. Here are a few of the biggest benefits of hiring a property manager:

Hiring a Property Manager Gives You Flexibility

One of the downsides of owning a rental property is that it doesn't provide you with much flexibility. It can be hard to get away for a vacation, let alone move out of state, when you need to spend time finding and screening tenants and hiring plumbers and landscapers.

When you hire a property manager, you no longer have to be "on call" at all times, because your property manager fields those calls for you. They handle the operations and management tasks, including working with contractors or service technicians, marketing your rental and screening tenants during times of vacancy, and even responding to calls and emails from your tenants. This means you can have a much more flexible schedule and lifestyle.

Hiring a Property Manager Can Save You Money

It may seem counterintuitive, but investing in a property manager actually saves you money in the long term. Most property managers work on a contingency basis, only getting paid a small percentage of your monthly rental income.

This means they are motivated to ensure your property is continuously rented. They find high-quality tenants with great rental histories who are unlikely to get behind on rent payments. They will even suggest improvements that may result in you being able to charge more rent. All in all, a property manager makes your rental property more financially lucrative over time.

Hiring a Property Manager Saves You Time

Perhaps the most immediate tangible benefit of hiring a property manager is that you will quickly regain your time. Instead of spending all your free time maintaining your rental property and working with your tenants, you will have that time back to spend with family and friends, pursue your hobbies, or even begin looking for your next investment property.

Hiring the right property manager allows you to enjoy all the financial perks of owning a rental property, without the time and hassle.