Owning one, or more, rental properties is a great way to earn extra income. However, this ownership also comes with additional responsibilities. Managing properties involve an array of costs, including making repairs, maintenance and upkeep, marketing when you need tenants, and more. If you are wondering if you should hire a property manager, it may help to get to know some of the benefits these professionals have to offer.
Screen Out Potentially Problematic Tenants
One of the biggest advantages offered by property management services is that the property manager is going to handle all of the tenant screening processes. An experienced property manager will see many applications throughout the years. This means they can easily notice any possible problems or potential red flags when they are going through the paperwork provided by applicants. They can also spot potentially quality tenants – these are the ones that will pay their rent on time, take care of your property, and more. By allowing someone else to handle the tenant screening process, you can increase the likelihood that you will find a reliable renter.
Serve as the Point of Contact for Tenant Problems or Concerns
If something stops working properly or breaks at your rental property, it isn’t always possible or convenient for the owner to drive over to the location and inspect it – especially if they live out of town or out of state. A property management service can address issues that arise at all hours of the day and arrange for someone to come and make repairs or replace what the issue is. If you have a tenant who is always seeming to complain about something – regardless of if it is a dog or a noisy neighbor – you can feel confident the property manager will handle all the problems.
Marketing the Rental
A property manager is skilled in the rental market, which includes writing rental ads, taking quality photos, and hosting open houses. They also have knowledge of the local real estate industry and can help you establish a competitive rental price.
By hiring a property manager with prior marketing experience, you will be able to get someone in your property faster and reduce the amount of time it is vacant. If you are planning to market the property on your own, there are options, but it will be much easier if you use the services of a pro.
Reduce Tenant Turnover
Any quality property management company will know what needs to be done to keep their renters happy. They are available and responsive, and they can take care of issues when they occur. When your renters are happy, this is going to reduce the likelihood that they leave and search for somewhere else to live. When it comes to property management companies, there is no question they have a lot to offer. Finding the right company for this job is going to pay off and provide you with all the benefits listed here, and more. Putting time and effort into this decision is recommended.