Is managing your rental properties causing stress in your life? If so, working with a property management service is the ideal solution. Reports show that many property owners use property managers to manage their rentals. The question is, is working with a property management company worth the investment? Below are the top five reasons why working with a property management company is worth it.
1. Get Your Property Rented Quickly
A vacant property is one of the most significant drains on cash for any property owner. You’re stuck paying all the bills out of pocket every month because you don’t have a tenant, and you can’t afford to waste time finding a suitable one. An experienced property management company will perform an extensive market study to set the best rental price for your property, ensuring you achieve the perfect balance of maximizing monthly income and retaining a low vacancy rate. They will also have the skills and knowledge to know exactly where and how to market your property and formulate effective advertising materials to find tenants quickly and avoid extended vacancies. The property manager will handle the groundwork for you so that you aren’t stuck with a rental that isn’t generating income.
2. Find and Keep the Best Tenants
Finding the right tenant is one of the most challenging parts of owning a rental property. An experienced property management company will have a system to perform necessary credit and background checks, verify employment, and collect previous landlord references to ensure the best tenant is found. In addition to finding the best tenants, a property management company will handle all aspects of the tenant-landlord relationship. The property manager will oversee regular and emergency maintenance requests, routine inspections, and situations where conflict resolution is required.
3. Follow All the Rules
There are numerous municipal, state, and federal laws and regulations in the rental industry, and they are subject to change at any time. If you don’t follow these laws and regulations for your properties, you could encounter penalties and other legal consequences. A property manager does this full-time and will know and be updated on municipal, state, and federal laws. You can trust them to ensure your property is up to date and complies with these laws and regulations.
4. Collect Rent Efficiently
A property management company will have efficient, advanced property management software to handle rent collection effectively and establish expectations for tenants to maintain on-time rent payments. They will also enforce any late payment penalty fees if necessary.
5. Handle Maintenance Requests
When a tenant submits a maintenance request, property owners usually need to figure out whom to call or don’t know if the maintenance request is handled correctly. A property manager can take the maintenance requests, even in the middle of the night, and oversee all aspects of the maintenance. They will either use their in-house maintenance team or work with their extensive network of maintenance workers, tradespeople, contractors, suppliers, and vendors. Either way, rest assured that the best work is done for the best price, your tenant’s repair needs are addressed, and your property is maintained.
Contact Barsky Property Management today to learn how we can help you receive adequate income from your rental properties while maintaining them to the highest standards and attracting the best tenants possible. It will free your time to focus on finding and obtaining additional investment property opportunities.