Hiring a company can make sense if you prefer to avoid hands-on management or have other time constraints. They can save you money through consistent screening (which decreases tenant turnover) and better knowledge of landlord-tenant laws, resulting in fewer costly mistakes.
A property manager can also ensure that rent is collected on time. This is a significant benefit for landlords who want to avoid lengthy vacancies.
Professionalism and Experience
Managing a rental property can quickly become a full-time job for landlords. Between advertising vacancies, screening applicants, responding to tenant requests, handling maintenance, collecting rent, and maintaining compliance with housing laws, it’s easy for landlords to become overwhelmed.
A reputable property management company will understand the rental market and how to price properties appropriately to attract tenants and increase occupancy levels. They will advise landlords on potentially profitable upgrades that increase property value and rental income.
A good property management company will be able to handle tenant issues, such as late payments and evictions, professionally protect the owner’s interests, and ensure compliance with housing laws. They will also be able to handle maintenance issues efficiently, often using their in-house staff or extensive network of contractors who receive volume-based discounts.
Less Stress
Professional property management companies like Walters and Company understand rental laws and regulations. These include the FHA and ADA, tenant-landlord laws, assistance animal laws, etc. They also know how to market your property effectively and determine the optimal rent rate for the area.
When you work with a good property management company, your properties will likely stay occupied longer. They can help you fill vacancies quickly, field calls and emails from prospective tenants, make maintenance and repairs promptly, and screen applicants well.
Owning and managing rental properties can be lucrative, but it’s challenging. Hiring a professional property management company can save you time, money, and stress by handling the day-to-day responsibilities of your properties. You’ll have more time to devote to other ventures and watch your investment grow.
Streamlined Processes
A property management company is experienced in techniques that can help you quickly fill your properties with tenants. They know how to market your property to attract quality applicants and how to screen them to make sure you’re getting the best renters.
They’ll also be able to help you accurately price your rental properties for maximum return on investment. They’ll also know how to handle financial record keeping and ensure that all rent payments are appropriately distributed.
They’ll even provide a web portal for tenants to access their general ledger, payables, and receivables anytime. This eliminates the need for paper, postal services, and travel for meetings, making for a more efficient business overall. Streamlining processes also reduces waste, saving you money in the long run.
Lower Costs
Professional property management companies save owners money by providing a wide range of services that help reduce costs. Property managers can negotiate with contractors for better prices, ensure compliance with local and state laws relating to rental properties, and more.
Often, these services are provided for a lower monthly fee than landlords might expect. Property management companies can leverage their years of experience, beneficial vendor relationships, and understanding federal, state, and local law when managing their rental properties.
However, being wary of any management company with meager fees is essential. These companies may have hidden costs that they aren’t disclosing. For example, they may charge you a vacancy or recurring maintenance fee on top of their standard management fee.
More Time
There are many benefits to hiring a professional property management company for your rental properties. Whether you are an investor with multiple investments or want to spend more time doing what you love, a management company can help.
They know how to market your property to attract the right tenants. They will also determine the best rental price for your property. Setting high rent rates can result in lengthy vacancies; putting them too low could hurt your bottom line.
Lastly, they can keep their relationship with your tenants professionally. They can be a buffer between you and any issues that may arise. This allows you to keep your investment business running smoothly without dealing with every midnight phone call or repair request.
