Are you thinking about hiring a property management company that will help you care for your investment properties? Many property owners find out that self-managing their rental properties entails a lot more work than they originally anticipated.
This is especially true for those seeking to grow their rental property business, expand their portfolio of properties, and come out successful on the other end. In the past, we have discussed why you should consider opting for a property manager to help you with your investment properties:
Save Yourself Time
Managing rental properties, especially if you have another job to hold down, can be overwhelming. Sometimes being physically present at your rental property is impossible, because of other obligations filling your time.
You may find out after investing on your first Potomac rental that you lack the necessary skills to perform a profitable rental property business.
You may find that you are simply unwilling to set the necessary time into managing every detail necessary for successfully leasing your rental property. These three reasons for hiring a property manager are definitive. In fact, the majority of property owners fall under at least one of these three categories.
However, there are more reasons why a property owner may want to utilize the services of a property management company. And, it just so happens that our Potomac property managers are privy to this knowledge, and want to share it with you.
Reasons to Enlist the Help of a Property Management Company
You Do Not Live Nearby
Landlords that do not live nearby their rental properties will have a difficult time managing the day-to-day operations investment properties require. This is where a property management company in close proximity to your rental comes in handy.
Not only can they handle daily things with your property, in the case of an emergency, they can be at your property straight away. This is helpful to you, and satisfying to your tenants.
Knowing someone that is highly qualified, affordable, timely, and customer-service oriented is valuable. That's why having the support of a property manager is beneficial to you as a landlord.
Successful property management companies have built strong relationships with vendors of all kinds through the years -- maintenance workers (if they do not have their own team ), contractors, suppliers, tradesmen, and vendors.
Your property manager's connections will garner you the best work in the city, and save you money in the long term.
Understanding how to keep your tenants happy, and eager to sign lease renewals come the end of their lease term, may appear easy. Unfortunately, many landlords do not possess the customer-service skills tenants expect from their landlord.
This can break down a healthy landlord-tenant relationship over time, which ultimately leads to a vacant property come the end of the lease term. By utilizing a customer-service oriented property management team, you will reap the benefits of their ability to satisfy your tenants.
Whether it be with the tenant package they provide new tenants, their quick turnaround times when it comes to maintenance and repairs issues, or simply the advantage that online rent collection provides busy tenants, a fantastic property management company will be able to take care of your tenant's every demand.
Get Help Expanding
Property management companies are well versed in the real estate market trends that span the regions they work in. This means that for those seeking to expand their portfolios across areas, the insight of a property manager that is already managing at least one of their properties can be quite helpful.
If you are looking to cross city or state lines in hopes of buying some valuable rental property, an already established relationship with a property management company will be useful for gaining knowledge about new markets.
Besides, you can have them take over the management of your new properties, making the transition to other areas even easier.
Setting Rental Rates
In tune with understanding the status of the current rental property market, a qualified property management team will also understand what the going rent rates are. They will be able to help you determine the right rent rate for your properties, depending on things such as location, amenities, and going rates for similar properties.
This will stop you from both undercharging and failing to maximize your monthly rental income, and overcharging, which can lead to longer vacancy periods. In addition, a good property manager will be able to help you decide when a good time to raise your current rent rates is, and how much.