Almost anyone can benefit from owning rental properties. They’re a great source of passive income and can help you build wealth for early retirement.
However, with that said, being a landlord isn’t for everyone. In fact, some people don’t know the first thing about how to manage a property.
If you don’t know how to be a landlord or don’t have the time to manage properties, it doesn’t mean you shouldn’t own one or more rental units. It just means you need to hire a property management service.
Yes, this will cut into your revenue, but the benefits of working with property managers are well worth the costs. Not sure what to think? Keep reading to learn about the top four benefits of working with a property management company to help you make up your mind.
1. Minimize Vacancies
Vacant rental properties are a landlord’s worst nightmare. While a property is sitting vacant, you’re not making any money. In fact, you’re probably losing money.
If the property isn’t paid off, you still have payments to make on your loan. You also have to consider property taxes, HOA fees (if applicable), and more.
A property management service specializes in listing and advertising available rentals. They’ll help you minimize the time between tenants on vacant units.
2. Maximize Tenant Quality
Speaking of tenants, do you know how to ensure the tenants you allow into your rentals are fully qualified?
This is where working with property managers pays off big time. A property management company will help you screen applicants. This includes background checks, character witnesses, rental histories, and income verification.
Just as importantly, the best property management service will also draft a legal lease agreement for you and your tenants to sign. This protects you and ensures your tenants know exactly what’s expected of them.
3. Improve Your Reputation as a Landlord
One of the most practical landlord tips is to make sure your tenants are happy, comfortable, and well-cared for. If you own multiple rental units or have a full-time job, this task is easier said than done.
A property management service will be a first responder to any tenant complaints, questions, or issues. This level of customer service goes a long way toward improving your reputation as a fair and reliable landlord.
4. Increase the Value of Your Properties
You may not know it, but hiring property managers to take care of your rental properties can actually help you earn more money in the long run. The best property management services, like those at Fort Lowell Realty, handle all your maintenance and repair needs.
They’ll also conduct regular rental inspections to make sure there aren’t any issues with your properties. This includes damages done by weather, tenants, wear and tear, etc.
Constant vigilance, maintenance, and repairs will ensure your rental property increases in value. The more your property is worth, the more you can charge for rent. This will add to your overall monthly revenue.
Should You Work With a Property Management Service?
What do you think, is working with a property management service worth the cost? We think the answer is an obvious yes. However, we’ll leave it up to you to decide what’s best for your rentals.
And if you’re looking for more landlord tips, real estate advice, or investment guidance, we’re here for you. Take a look through some of our other blog articles before you go to find more information on how to find success.
