Renting a property is often more affordable for many than buying, with over 35% of American households being renters. This number shows the increasing demand for rental properties in the US.
However, the United States is still experiencing a vacant rental housing shortage. This shortage makes real estate investing a lucrative venture for an extra source of income.
Hiring a property management company is recommended if you own one or multiple real estate investments. After all, a good property manager can take many of the responsibilities off your shoulders.
Sure, that sounds good, but you may wonder what this includes. Keep reading to discover what a property management company can do for you.
They Decrease Vacancies
When you own rental real estate, the last thing you want is for them to sit empty. After all, every month they sit vacant is lost revenue for you. Hiring a property manager can help you keep your rental properties occupied.
For example, they will handle property marketing and rental applications. This typically includes a tenant screening process so you know your property is in good hands, which leads us to our next benefit.
They Do Background Checks
A good property manager will do a thorough tenant screening. This means they will run a background check on the applicants to see if any issues may pose a problem to you or your property. A background check typically includes:
- A credit check
- Criminal record history
- Rental history
- Eviction history
The credit check ensures the prospective tenant is in good standing with their bank and has not defaulted on any payments. The background check will show whether the applicant has been arrested or evicted before this application.
They Handle Rent Collection
Another way a property management company can help you with your investment properties is to take over all rent collection responsibilities. This means they'll handle sending out rent-due reminders and alerts so your tenants pay their rent on time.
Furthermore, your property manager will follow up if your tenants delay payment. They will find out why the rent got delayed and issue any warnings or eviction notices if further payments are defaulted.
They Handle Property Maintenance Requests
Handling the maintenance requests from your tenants can leave you with little time for anything else. Property managers are well-versed in handling these requests and often have a list of vetted suppliers and vendors they work with.
Your property manager will field your tenants' calls, handle maintenance requests, and update you on the progress. This means your property stays well-maintained, and you save time and money.
Partnering With the Best Property Management Company
Hiring a property management company can help save you time, effort, and money in many ways. A good property manager will take over managing your rental units so that you have more time for other tasks. They will market your property, find and screen tenants, and handle rent collection and maintenance requests so you don't have to.
Contact us today if you want a team of highly educated licensed professionals to help manage your real estate investments. We pride ourselves on our attention to detail.
