About 45% of landlords manage their own properties. Without help, however, you could find yourself juggling too many responsibilities alone. Relying on full-service property management services can help you avoid burnout.
On the fence about hiring someone to manage your rental properties? Read on to discover the top reasons you should hire property managers today!
Find and Vet Tenants
There are over 115 million renters in the US (meaning over 30% of the population rent). Without a strategy in place, however, you could struggle to attract renters to your rental properties. An experienced property management company can help.
They can use their industry experience to help you develop a marketing strategy.
For example, they can help you use competitive pricing to appeal to tenants. If you set your rental prices too high, it could scare off renters. Your property managers can also hire professional photographers to capture your beautiful properties.
Once your property managers help you find potential tenants, they can also vet them.
A thorough screening process can help you avoid potentially problematic renters. Instead, you can choose renters who will pay on time and stay longer. Finding renters who will stay longer will shorten your vacancy cycles.
Shorter vacancy cycles will help you generate more revenue from your listings.
Your property managers can help you develop a better tenant retention policy. This policy will ensure tenants are happy to stay. If your listing remains vacant, however, you'll lose revenue.
Make More Money
Some property owners avoid hiring a full-service property management company because they believe it will save them money. However, you'll save more by hiring a company.
You won't have to dedicate as much time or energy to caring for your properties. Instead, you can spend that time handling more important tasks. Meanwhile, your property managers will collect rent for you.
Offering more convenient ways for tenants to pay rent will ensure you receive rent on time. Your property managers can also enforce late fees.
Avoid Legal Issues
Hire property managers who are well-versed in federal and state laws. They can guide you through the process of navigating new procedures. With their guidance, you can remain compliant to avoid fines.
They can also help handle tenant evictions when necessary.
Having access to their experience and expertise could save you from stressful situations in the future.
Prep and Maintain Units
After tenants leave your rental properties, you'll need to prepare them for future guests. Otherwise, you might struggle to fill vacancies. Your property managers can handle repairs and cleaning in a timely manner.
Preparing your units quickly and efficiently will help you fill vacancies right away.
If your tenants have maintenance requests, your property managers can find local contractors for you. They already have a network of contractors they trust, saving you time.
Choose Full-Service Property Management
You don't have to continue managing your rental properties alone. If you want to become a successful real estate investor, hire property managers. A full-service property management company will save you time and money.
Need help with your residential property? We're here for you.
Contact us today to discuss your rental properties.