So, you purchased a home with intent to bring in extra income. Good for you! Nationwide statistics reveal that this is one of the best places you can invest in today's market. It's important to not forget that your investment property requires more than just a paying tenant.
You may be in the next state over or outside of the country. No matter how far you are from your property, you are probably wondering,"How can I make this easy?" The first thing to think about -- really investing in your home will go a long way to protect your investment! Hiring our team of Real Estate professionals means every last detail is taken care of. With our assistance, you won't just have a viable investment through one Lease term.
Let's take a look at 5 of the best reasons to employ a Property Manager.
THEY HANDLE THE DETAILS
Hiring a Property Manager takes the headache out of owning an income producing property. Whether you live out of state or two houses down, treating your property like an investment instead of a personal residence is key.
From utility billing to legal action, having a trustworthy Property Manager in your corner keeps the cash flowing. Without a Property Manager, things like utility bills, town citations, and lost months of rent can really start to pile up...fast. When you employ a Property Management Company every detail you may have missed is handled with your interest in mind.
THEY KEEP THE CASH FLOWING
Let's face it -- having an investment property can be a money pit if the tenants in place don't keep their promises to you. Hiring a Property Management company to stay on top of missed payments means you don't have to worry.
A tenant should know from the start how important it is that their payments are made timely. In addition to timely payment, a fantastic Property Manager ensures that your home is rented at a comparable rate. When rent rates increase in the area, rent on your property should increase as soon as Lease terms allow.
THEY ENSURE YOU'RE UP TO CODE
A lot of property investors don't realize that their home requires regular Rental Certification. Some Property Management companies don't make city demands a priority. These two factors together can be a costly recipe for disaster.
Sometimes this means putting an investment in your investment, but following the town ordinances for a rental property is an absolute must. Purchasing your home goes a long way to maintain your property in great condition. Not to mention it keeps your tenants safe, happy, and paying.
THEY KEEP IT OCCUPIED
When a tenant leaves it should be the number one priority to get it rent ready and inhabited, ASAP. A fantastic turnaround, from vacancy to inhabited, is 45 days. A great turnaround is 30 days.
A walk through and estimate needs to be done within 5 days of move out. That gets the ball rolling straight away and ensures a smooth transition in your way to occupancy. As soon as a final cleaning is done, showings start. Hiring a Property Manager also means you have a Real Estate professional to pick on the very best tenant for your home.
THEY PROTECT YOUR INVESTMENT
Keeping your home in its best state is sometimes harder said than done. Hiring a Property Manager means you won't just have a viable investment through the end of a Lease, but through the next decade and beyond.
From gutter cleaning and yard maintenance, to furnace filter replacement and furnace certification -- Professional Property Management Companies handle the hard stuff. Anytime a call comes in for maintenance to your home, you want a Property Manager to attend to the issue fast and for a fair price. Having eyes and ears on the floor helps identify any small issues that can turn into a major issue down the line.