Have you been thinking about hiring a property management company? In this blog, we’ll discuss some of the benefits of pairing with a trusted and experienced one.
When you’re looking for the right property manager for your real estate investment, you’ll find that there are many to choose from. However, not everyone will offer the same capabilities or price point.
You’ll want to do some thorough investigating to find the one that meets your needs. When you pair with the right property management company, you will find there are a lot of perks.
You’ll cut down on potential legal issues.
One of the great things about working with a property management company is that they can keep you organized. They’ll make sure that you have records of everything. This can help you if there ever is a legal issue that arises. But beyond that, they also know all the legalities so that they can make sure you stay in compliance. They can ensure that security deposits are handled correctly and leases are drawn up thoroughly. They’ll also help you find the right tenants which can reduce the potential of legal issues down the road. And, if there is a problem requiring an eviction, they can handle the process the right way.
You can improve occupancy rates.
Property managers help reduce vacancies in a few different ways. They can improve communication, handling tenant concerns quickly and with care, offering 24/7 support. They also do thorough tenant screenings to help you choose tenants that are ideal for your property. In addition, they can help you market the property from the beginning, to help you fill vacancies quickly. Your listing will be detailed and cover all of the amenities. The property manager can even prep the property before listing it to ensure that it’s ready for tenants to move into.
Also, when it comes time to renew a lease, a trusted property manager will have a process in place to help this go smoothly. At PMI, for example, we start the process 90 days in advance. That allows us to take time to analyze the tenant’s payment performance, assess the property’s condition, and conduct a market analysis (in case the rental price needs to be updated).
You can know that maintenance issues are taken care of.
Maintenance issues can be a constant headache for landlords, but when you hire a great property management company, you can leave it to them. They have trusted contractors they work with that will get the job done right. Property management companies can also do inspections periodically to make sure that problems are caught early and handled before they become bigger, more costly expenses. This attention to detail ensures your tenants remain happy, plus it will make it easier to market your property in the future.
You’ll gain more free time.
If you started investing in property because you wanted a more passive income, working with a property management company is how you make the dream a reality. You can be as hands-on or as hands-off as you like. Property management companies can handle tenant communications, maintenance issues, and so much more. You can take time off when you want or go on vacation without the stress of trying to find someone to fill in for you. You can truly enjoy your time the way you want.
You’ll be less stressed.
Having more free time is sure to provide you with some stress-relief. But, beyond that, there are additional ways that a property manager reduces stress. You can feel relief knowing that a trusted company is handling the maintenance issues, ensuring accurate accounting, and knows all of the legalities that apply to your residential investment. You can breathe a sigh of relief, which has its own health rewards.
Consistent stress can lead to some physical problems. You may end up with chest pain, a sour stomach, or experience headaches. You may also find it gives you high blood pressure or impacts your sleep. It can hurt your mental well-being too, resulting in depression or anxiety, for example.
You can benefit from on-time rent.
An experienced property management company will have a system in place for collecting rent. For example, at PMI we offer an online portal. There are many ways to collect rent, but arguably the most effective is online. This allows tenants to pay immediately and you don’t have to worry about checks getting lost in the mail. There’s a record of every rent payment. It’s easy for the landlord and the tenant.
There are many perks to partnering with the right property management company. When you’re interested in learning more, we hope you’ll reach out to us at PMI: . You can trust us to deliver on our brand promise: effective communication, honesty and integrity, accurate accounting, and availability of management team.
