Owning a rental property brings in lots of cash, but it also comes with a host of responsibilities. Yes, it would be nice if your only responsibility was to collect rent checks, but that's not the reality of being a landlord. You have to make sure that everything is running smoothly, and that your tenants are happy.
That's where full-service property management comes in. Hiring a professional property management company offers numerous benefits and makes your life as a landlord much easier. So, if you're wondering how a property manager can improve your real estate business, just keep reading.
1. Quality Tenants
One of the most significant advantages of full-service property management is the ability to attract and retain quality tenants. A property manager with industry experience will conduct thorough tenant screening. Doing so will ensure that you find reliable individuals to occupy your rental property.
The screening process includes verifying income, checking references, and running background checks. By renting to responsible tenants, you can minimize the risk of late rent payments and eviction.
2. Punctual Rent Collection
Collecting rent is a challenging task, especially if you have multiple tenants who consistently pay late. A property manager can take this burden off your shoulders. They'll establish clear rent collection policies on your behalf. If the policies aren't met, they'll enforce late fees when necessary.
3. Handle Tenant Evictions
Unfortunately, not every tenancy goes smoothly. There may come a time when you need to evict a tenant.
The eviction process is complicated and time-consuming, and it involves legal procedures. However, if you hire a full-service property management company, you'll alleviate the stress of handling tenant evictions yourself.
4. Shorter Vacancies
Vacancy cycles are a landlord's worst nightmare. Every day that your property sits empty, you're losing rental income. A property management company will help you determine the optimal rental rate and verify that it's competitive in the market.
Making the rent too expensive can lead to extended vacancy periods while setting it too low could result in a smaller profit. With the help of a property manager, you can find the sweet spot that attracts renters, and maximizes income.
5. Property Maintenance
Regular property maintenance preserves the value of your investment. However, managing requests and coordinating repairs is overwhelming, especially if you have multiple properties.
A full-service property management provider can handle all aspects of your rentals, from routine inspections to emergency repairs. They have a network of trusted contractors that'll address issues quickly.
6. Legal Compliance
Navigating the legal aspects of property management is daunting, especially for landlords who are unfamiliar with the ever-changing laws. Thankfully, property management companies stay updated with the latest legal requirements. They'll guarantee that you're operating within the confines of the law, minimizing the risk of legal disputes and penalties.
Take Advantage of Full Service Property Management
Being a landlord has lots of benefits, but it comes with its own challenges. When you feel like you're in over your head, a full-service property management company is the answer.
At PMI Equitas, we can take the burden off of your shoulders. Our company follows a proven process that'll maximize your potential for success.
If you'd like to learn more, call 425-475-1187, or try a free rental analysis. We can't wait to partner with you!
