About 45% of landlords manage their own properties. Owning a property and managing tenants can steal valuable time from your already busy schedule. Instead of juggling multiple responsibilities alone, consider full-service property management.
Hiring a property manager can help you generate more income from your investment property.
Not convinced? Read on to discover the five reasons you should hire a property manager today!
1. Find Tenants
The rental vacancy rate in the US is nearly 6%! If you're struggling to find tenants, you won't generate income from your properties. Thankfully, you can rely on an experienced property manager to handle this process for you.
Look for property management services like marketing and tenant screening.
A strong marketing strategy will ensure multiple people find your property listing. An eye-catching list includes detailed descriptions and vivid photos. It's also important to set a competitive rental price.
If you don't consider local rent prices, you could leave money on the table. Setting the price too high, however, could scare away potential tenants.
However, it's not enough to market your listing. You also need to vet potential tenants before choosing renters. Your property manager can run background checks and review credit reports on your behalf.
Screening tenants will ensure you trust your property with the right renters. Otherwise, you might choose renters who fall behind on payments. They might even damage your property.
Your property manager can also create rental agreement documents that protect your best interests.
2. Rent Collection
Before choosing tenants, develop an effective rent collection process. For example, you can allow tenants to pay rent online. Making it easy for them to pay rent can help you avoid late payments.
Your property manager can handle the rent collection process for you. They'll even enforce late fees.
Hiring a property manager to handle this process can take time-consuming (and often stressful) tasks off your plate.
3. Maintenance
It's important to respond to maintenance requests as soon as possible to avoid frustrating tenants. Otherwise, you might struggle to retain tenants long-term. Your vacancy rates could increase if tenants complain online.
Property management services cover maintenance. Your property manager already has professional relationships with local vendors. They'll know which contractors they can trust to complete projects on time.
4. Legal Help
It can feel difficult to keep up with new laws and regulations. Neglecting the latest housing laws could lead to fines.
Your property manager can keep you informed regarding new laws. They'll help you make changes to ensure you don't receive penalties.
5. Save Money
Hiring a property manager can save you time and money.
You won't have to deal with stressful, time-consuming tasks that come with owning a property. Instead, you can focus on growing your portfolio. They'll help you discover cost-effective ways to take care of your properties.
Hire a Full-Service Property Management Company
You don't have to continue managing your property alone. Instead, hire a full-service property management company. Hiring a property manager will save you time, money, and stress.
Want to experience these benefits firsthand? Our property management services can help you generate revenue from your investment properties.
Hire PMI Chicago Metroplex today!
