6.7% of individuals across the US followed their dream of owning property to be used as a rental and an opportunity to make passive income.
While owning rental property is a great opportunity to grow your wealth, many owners aren't prepared for the responsibilities of being a landlord for the property.
Seeking a property management company often rectifies the challenges of being a landlord. While you might worry about the costs of hiring a property management company, they have many benefits.
Read on to learn more about the advantages of hiring a property manager for your rental property.
Rental Rates
One area of expertise that property managers hold is understanding local rental rates.
If you bought your property hoping to make money, not charging enough for rent means losing income.
Your property management company can find the right balance of charging the highest rent possible without pricing out of the market and having the property sit empty.
Rent Collection
A property manager can be responsible for collecting monthly rent and late fees as they apply.
Most property management companies have payment portals for tenants to make rent collection smooth and easy for all parties.
If, for some reason, rent isn't paid, the property manager has the tools and legal knowledge for how to proceed to get the rent paid.
Tenant Screening and Management
Your goal should be to find the best tenants who abide by the lease and pay their rent on time. One advantage to hiring a property manager is that they have property management software that can be used for tenant screening.
They have rental applications. The property manager can check credit scores and employment history. They can also check on the applicant's previous rental history.
It's common in the Punta Gorda market to have multiple applicants for one property. The property manager can screen to find the best tenant for the opening.
Property Maintenance
Property management companies have developed relationships with vendors to ensure your property is maintained to pristine conditions.
Often the property manager has a maintenance crew on staff. They can handle emergency maintenance needs in addition to preventative and seasonal maintenance.
Advertising and Marketing Your Property
A critical step in getting your property rented is making sure potential renters learn about it.
A property management company has the tools to market your property so potential renters see it.
You can have the best property in the world, but if rental candidates don't see it, then it will sit empty.
Housing Regulations and Property Laws
A local property manager will be up to date on local housing regulations. Part of their responsibility is to ensure your property is maintained so it abides by all property laws of the area.
Since these laws can change regularly, it's good to have an expert that's up to date on the housing regulations.
Get the Help You Need from a Local Property Management Source
A property management company provides many benefits to a real estate investor who wants to own property but doesn't want the role of landlord. They help ensure you get the best tenants for the maximum rental rates.
If you're looking for a property management company, we can help. Take advantage of our free rental analysis for your property today.
