Are you among the 45% of landlords who manage their rental properties? The rest rely on professional property management solutions instead. Without comprehensive property services, you could fall behind in today's competitive market.
Full service property management can ensure you maximize your earning potential. Not convinced you need to hire a property management company? Read on to discover the top full service property management benefits today!
Find and Screen Tenants
According to data from the National Equity Atlas, about five million renters are behind on payments. On average, they owe about $2,094. Without a tenant screening process, you could select one of these renters.
Instead, hire a property management company. Their established tenant screening process will include:
- Criminal background checks
- Rental histories
- Eviction histories
- References
- Credit scores
- Employment verification
Completing this process alone could take weeks, leaving your rental property vacant in the meantime. One of the advantages of property management services is increased efficiency. You can save valuable time, fill vacancies, and generate more income.
Do-it-yourself tenant screening reports aren't always accurate. You could make the mistake of neglecting state or federal tenant screening laws. Outsourcing will save you time and money while helping you avoid future landlord stress.
Finding great tenants now can benefit you long-term. Your property manager can develop a tenant retention strategy. They'll respond to inquiries on your behalf, improving tenant satisfaction rates.
Keeping renters happy could lead to more lease renewals. You can shorten vacancy cycles and improve your occupancy rate to save money.
Address Legal Issues
Relying on professional property management solutions will ensure you remain legally compliant. Your property manager will remain apprised of local, state, and federal laws. Landlord-tenant laws cover:
- Rental applications
- Tenant screening
- Security deposits
- Required landlord disclosures
- Small claims lawsuits
- Late fees
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
Remaining compliant will ensure you avoid lawsuits or fines.
Prepare and Maintain Rentals
Your property manager can upgrade your rentals to make them more appealing to local tenants. You'll generate more applications, increasing your tenant pool.
The best property managers schedule routine inspections. They'll catch potential issues before they worsen to protect your investment. Completing repairs quickly can improve tenant satisfaction rates.
Save Time and Money
Remember, one of the best advantages of property management is increased efficiency. Professional services can help you save time and money. For example, your property manager can automate tasks like rent collection.
Discovering effective ways to save resources will improve your ROI. You can expand your investment portfolio to generate more rental income.
Meanwhile, you can stop wasting energy on repetitive tasks. Instead, you can reduce your workload and ensure your success.
Request Full Service Property Management
You don't have to continue managing your investment properties alone. Instead, choose full service property management. Partnering with an experienced team will maximize your earning potential.
PMI Northbay is recognized across multiple industries for our strong track record of success. We're committed to adding value through accuracy, honesty, and communication.
Trust our award-winning strategies and 10 consecutive years in the Top 500. Contact us now for a free rental analysis.
