Owning real estate and renting it to tenants is one of the best methods of building wealth. However, if you own multiple properties, you know how stressful it can be trying to keep up with the day-to-day demands that come with it.
That's why many property owners are now using a property management company to help them manage some of their responsibilities. According to the Rental Property Owners Survey, 51 percent of property owners have hired a property management service, and another 24 percent are still searching for one.
If you own rental property, keep reading this guide to learn the benefits hiring a property manager can bring you.
1. More Quality Tenants
The worst thing to deal with as a property investor is bad tenants that cause more stress than what they are worth. They can cause you a major headache and can also be challenging to get rid of. This is where a property management company can help you.
The 2017 Renter Property Owners Survey shows what property owners desire in a tenant. The top three traits include:
- Good credit
- And clean
These are all traits that property managers are trained to look for in tenants. They have screened many tenants before and can spot the red flags before they are already signed and under contract.
2. Enhanced Marketing Capabilities
If you own rental property, you know just how important marketing and advertising can be to sustain your business. One of the biggest benefits of using property management services is the enhanced marketing techniques and capabilities.
Rental management companies know how to advertise the property in a way that can engage potential renters. They are experienced in taking professional pictures and showing them in a way that attracts renters.
3. Higher Revenue
With the property management company increasing its marketing and outreach efforts, it will mean fewer unrented properties. The more properties that are being rented, means more profit and revenue for you.
They know the best ways to maintain a constant stream of renters and ensure your properties are not sitting unoccupied.
4. Less Stress Collecting Payments
When it comes time to collect rent, it can be stressful trying to track down every renter and collect their payment. The property management company will be able to streamline the process and collect payments on time.
Property managers are experienced in dealing with tenants and collecting payments to make sure the process goes smoothly.
5. Less Involved in Tenants Issues
As a property owner, the last thing you want to deal with is tenant issues. So rather than contacting you whenever something happens, the rental management company will be the one to answer the phone when tenants have a problem.
This alone can be a big relief for rental property owners and give them more free time to do as they please.
Is Property Management Right for You
Property management services are becoming increasingly more valuable for property investors to work with. They can help take some of the responsibilities that are soaking up all your time and give you peace of mind knowing your rentals are taken care of. In addition, with more free time, you will have the ability to grow your properties or spend more quality time with family and friends.
If you are considering hiring property management services, contact us today, and we can help you get started.