The number of property management service companies operating today is increasing. As of 2022, there are 299,575 in the United States.
While part of this stems from an increase in real estate investing, another reason is that they offer landlords such amazing benefits. With a property manager, the weight of the world does not fall on the property owner.
If you are a landlord and want to know why a property management company is a vital piece of your landlord resources, we won’t just give you one reason. Rather, here are seven significant benefits.
Here we go, starting from the top.
1. Screen Out Problem Tenants
A tremendous burden that a property manager will take on for you is screening all potential tenants. There are bad seeds out there, such as people who won’t pay you, and they are not always easy to spot.
A property manager has real-life experience with screening hundreds to thousands of tenant applications. They know what to look out for in the application, where there can be a red flag or warning sign.
The property management service looks for tenants with good habits and qualities, like paying on time and taking care of your property, leaving everything in good order. You have better chances of finding a reliable renter when you leave the screening process to the property manager.
2. Property Marketing
When you advertise your rental property, there are certain nuances that will get you better results. This includes high-quality photos, writing the rental advertisement, and hosting open houses. This link, reedyandcompany.com is a good example of how you can attract renters to your property.
It is important to hire a property manager with property marketing experience so that you can fill your real estate with a renter sooner than later. The more time it sits vacant, the more money you are losing.
3. Decrease Tenant Turnover
Real estate investing is lucrative when you have tenants living on your property consistently (and paying). Turnover costs money too, and the point is to make money, not lose money.
A good property management service knows what they need to do on their behalf to keep your renters happy and staying with you. Excellent property managers are responsive. When a problem arises, they tackle it immediately.
In fact, when you take good care of renters, they will probably stay with your property even in the event you increase the rent at a reasonable rate.
4. Ensure Rent is Paid Timely
The property management service has a motivation to keep renter payments coming in and in a timely manner, and that is because this is how they get paid too. They deduct their fees.
A key part of timely rent payments is consistent rent collections. If they do not receive the payments in a timely fashion, the property manager can enforce policies in the written lease agreement.
If a tenant cannot pay rent on time, and it happens again and again, or if they are not paying at all, the property manager understands how action to take. Sometimes, this means an eviction notice.
5. Avoid Legal Issues
There are many laws and regulations for a landlord to abide by. This includes fair housing laws and landlord-tenant laws. A property management service understands the laws governing rental properties and they know how to avoid potential lawsuits.
For the duration of your investment, a property manager will save time, money, and energy in legal matters. Often, the property management services will take care of fees for lawyers with things like damage to the property or evictions.
If the thought of evicting someone or ending a lease sounds uncomfortable for you, then you should consider a property manager to help you.
6. Maintenance and Repairs
Over time, such expenses can add up. They may even eat away at your profits. Therefore, a property manager is such a fantastic advocate for you to partner with.
Some property management services offer discounts for maintenance services. The discounts typically come with hiring an in-house maintenance staff or by using a regular service provider.
Further, you may be better off with inspections to locate problems before they become bigger and more expensive. This will reduce the likelihood of costly emergency repairs.
7. A Point of Contact
Part of being a landlord means that tenants may need to reach out to you anytime. Day, night, and on weekends, it does not matter. It will not matter if it is a convenient time for you.
However, with a property manager, they will field the call, not you.
Plus, you may end up with a tenant who calls to complain a lot. Maybe it is not for repairs, but noisy, inconsiderate neighbors are irritating them. Not to fear, a property manager will field these calls on your behalf.
Property Management Service
Real estate investing is a superb way to make money. It is not simple to do, however. Anytime you add a layer to your investment strategies that include a human element, things can be much more complex.
That is why you should consider the brilliant benefits that come with a property management service. They carry the heavy burdens, simplifying your life, and they save you money so you can profit more.
For more ways to improve your life and your saving account, don’t leave us just yet! We have a lot more advice, like the article you just read. Keep clicking on our content and discover ways to make your bank account work better for you.
