Hiring a property management company could seem like an extra cost to being a landlord. Although many have learned that by using the resources the property management company provides they can afford the time to expand their portfolio.
Today we're going to go over five unique benefits of hiring a property management company, And why it can help you improve your earnings.
Many tenants view property management companies as simply rent collectors. However, this isn't the case, as many property management companies help make living in your rental easier. While, yes, property management companies will collect the rent monthly, they will also provide services such as maintenance, repairs, and communicating with tenants.
Tenant satisfaction is incredibly important and directly affects your bottom line. It’s known that a satisfied tenant will typically live in your rental much longer, and they have a higher likelihood renewing their lease. Long term tenants provide a consistent stream of income while avoiding vacancies. Satisfied tenants are also likely to have better communication with the property manager. This can be beneficial as you want tenants to feel comfortable when requesting repairs or maintenance. This means there is a higher likelihood that you will catch repairs early before they become expensive.
Property management companies should be able to provide quick and professional repairs. Fast responses to maintenance requests leads to a satisfied tenant and as we've established, a satisfied tenant is beneficial to your bottom line.
Many first time investors see property management companies as a cost rather than an investment. They will oftentimes delay the hiring of a property management company because of this. A property management company should be seen as an investment, as it will oftentimes help you save money, time and improve income through reducing vacancies. Using their resources for effective marketing strategies to attract high-quality tenants. Through regular maintenance they may improve the longevity of core systems such as HVAC, plumbing, and electrical. This can save you money, and reduce the risk of expensive repairs.
As previously established, maintenance is important for tenant satisfaction. Though it also helps maintain your property's value. Regular maintenance allows you to increase the lifespan of your appliances, and the building itself. Routine inspections of the rental property also allows you to identify any issues with the property inside and out.
Property management companies allow for continuous upkeep and improvements, which typically increase property value. They may recommend or provide certain strategic upgrades based on market trends to enhance your property's curb appeal, and desirability to prospective tenants.
A high-quality property management company will oftentimes have a log of quality tenants, and more resources to be able to improve the screening process of prospective tenants. This includes background and credit checks, employment verification, rental history, and references for the tenant.
By improving the
tenant screening process, a property management company can help you find the best tenant suited for your property. This means that you reduce the risk of renting your property to unreliable tenants, which protects landlords and investors. Which can ultimately improve your bottom line.
Managing a rental property yourself is something many first time landlords attempt. Though it's not uncommon for landlords to become overwhelmed especially if more properties are added to your portfolio. For example, dealing with emergency maintenance requires you to be available nearly 24/7 which can become incredibly stressful the more properties you’re attempting to manage. A property manager can handle the day-to-day operations and responsibilities, which can free owners from the routine tasks of collecting rent, maintaining the property, and communicating with tenants.
Property management companies can also handle disputes with tenants, reducing the involvement of the investors. This could be for small conflicts, like a noise complaint, or something more serious, such as dealing with evictions or legal disputes. All while providing frequent reports of occurrences which can help you get the peace of mind you need.
As the old adage goes, time is money. A property management company can help streamline many tasks, such as automating rent collection services, handling paperwork, dealing with lease agreements and renewals. This allows you to focus your time on growing your portfolio or to simply enjoy your free time with your family and friends.
Managing your rental properties can feel like a burden, though with assistance from a property management company you can rest assured your property is in good hands. If you need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.
