If you're an investor with a growing portfolio of rental properties, self-managing those properties may become increasingly difficult as your portfolio increases. With a greater number of properties comes more maintenance issues, tenants, and paperwork to deal with—something that many investors simply don't have time for. To properly balance obligations, ensure all properties are being well maintained, and relieve some stress, it may be the right time to hire a professional property manager. Here are 5 ways a professional property management company can not only take some burden off the shoulders of investors but also improve tenant retainment and property values.
1. Handling Maintenance & Maintaining Property Values
One of the biggest perks of working with a property management company is having someone to handle maintenance issues and coordinate preventative maintenance visits. Experienced property managers can handle maintenance issues easily as they have access to trusted vendors who will visit properties, accurately diagnose any problems, and provide solutions. Further, if a tenant has an afterhours maintenance emergency, professional property management companies have 24/7 maintenance services in place that will allow the problem to be addressed immediately. Many professional property management companies also have preventative maintenance programs that investors can opt into. This gives owners the opportunity to have major systems in their properties regularly checked and maintained.
Professional property managers, with their insight into the current rental market, can also suggest upgrades that will make your property more attractive to tenants. Instead of investors having to do research into what today's tenant wants, property managers are keenly aware of such and can not only make upgrade suggestions but coordinate the work as well.
2. Finding high-quality tenants
As well-intentioned as an investment property owner screening a tenant may be, there are red flags that seasoned property managers know to look for. Professionals have proven processes in place to thoroughly screen tenants, consider all aspects of their applications, and approve only those who are well-qualified and will treat your property with care. This, in the long term, will result in your property value remaining steady or increasing.
3. Listing & Marketing Advantages
Those who are relatively new to property investments, or perhaps those who are investing in a new area, have many things to consider before ever putting their rental property on the market. Professional property managers have the skills to assist in many areas of preparation such as staging the property for advertising, suggesting upgrades, and setting the appropriate rental rates.
Utilizing a professional property management company gives investors access to countless advertising tools. When signing on with a property management company, your properties become included in various forms of marketing such as listings on the company's website (which is undoubtedly more well-known and trustworthy than many internet sources), having your property featured on social media, as well as the assurance that your property is always being securely and adequately shown.
4. Avoiding Legal Issues
Not every property owner is aware of the nuances of laws such as the Fair Housing Act (FHA) and the Americans with Disabilities Act (ADA), or tenant-landlord laws. That being said, it can be quite easy to inadvertently violate one of these. Professionals, however, have been trained on both the FHA and ADA, assistance animals, as well as other applicable laws, and know how to ensure the entire rental process is being conducted correctly. Property managers will also handle things like security deposits, late rent, and safety issues in a manner that coincides with federal and state laws.
5. Alleviating Stress
Perhaps the biggest value of hiring a professional property management company lies in the stress relief it brings to investment property owners. Knowing that someone is in your corner and handling every aspect of your property from leasing to turnover takes a huge burden off your shoulders. Many investors simply do not have the time to oversee every aspect of their properties, and having a professional taking care of the day-to-day work can result in more free time and less worry for investors.
There are, of course, many other advantages to working with a professional management company such as rent collection, online portals and having a liaison between owners and tenants. Overall, using a professional property management company will ultimately benefit your investment property as you and property management team work toward one common goal – increasing the value of your portfolio and helping you achieve the highest possible return on investment. If you're an investor who could do without the stresses that come along with property management, consider reaching out to a professional property management company.
Interested in finding out more about rental property investments or what your home may rent for? Reach out to our new business team today for answers to these questions as well as a no-obligation rental analysis.