One important piece of landlord advice is to put yourself in your tenant's shoes.
Imagine moving in with a large load of suitcases to carry. Isn't it a major relief to have even one taken away?
That's what a property manager can do for you. Think of each task you have to do as a landlord as a suitcase they can haul for you.
Read on for five reasons to hire a full-service property management company.
1. Finding and Keeping Tenants
A full-service property management company can help you find, screen, and manage tenants.
They have the marketing skills to make a rental property look its best. They'll also study the market to ensure that it has a fair rental rate.
They'll screen each applicant and perform the necessary background checks. This keeps you from having a dangerous or delinquent tenant on your property.
They'll also keep the tenants happy after they move in. This means handling maintenance requests, performing routine inspections, and helping to resolve conflicts.
2. Legal Compliance
Only 66% of Americans can name all three branches of government. 77% can only name one of their rights from the First Amendment to the Consitution, the freedom of speech.
If that's too much to remember, imagine the struggles a first-time landlord has to face. They have to remember and follow a range of municipal, state, and federal laws.
Property managers know the regulations and help you stay compliant with them. You'll avoid penalties such as fines and time in court.
3. Collecting Rent
Property managers don't just check the local market before a tenant moves in. They're constantly looking at it so the rent rate remains attractive and fair to tenants while maximizing your monthly income.
Rental debt is up to $11 billion among 5 million households that are behind an average of $2,000 each. Property managers help you avoid being part of this statistic by collecting rent on time and charging fair late payment fees.
4. Better Maintenance
A full-service property management company can handle all forms of property maintenance. They have a full set of in-house and out-of-house vendors including professional plumbers, contractors, and suppliers.
They'll oversee the project so that you don't have to. They'll also make sure you get the best price for it.
5. Investing in Different Areas
A real estate investor who starts locally may have trouble expanding from there. Buying properties that are farther away and trying to drive out to manage them takes too much time, energy, and money.
Sending a property manager out to deal with them removes the issue. You can expand your portfolio as much as you want with their help. Your tenants will appreciate having someone close by to deal with their requests.
Where Can I Get Full-Service Property Management?
Full-service property management takes the burden of being a landlord off your shoulders. It helps with everything, including tenant retention, maintenance, rent collection, and legal compliance. This frees you up to expand your portfolio.
The professionals at PMI Putnam have experience in real estate, property investment, and the tax and accounting fields. Get a free rental analysis to see how our background and attention to detail can maximize the potential of your rental today.
