There are times when managing a property is a breeze. Everything runs fine, and your tenants have no issues. But you never know when something will go wrong that will cause you a headache.
It pays to have help if you don't want to deal with that headache. Many property owners agree, which is why only 45% of rental owners manage their own properties.
So, why do they use property management? Here is how hiring property managers for your investment property will help protect your investment.
Get Great Tenants
A great landlord experience begins with great tenants. You don't want problem tenants and end up constantly dealing with issues. You must find tenants who will pay on time and care for your property.
The tenant screening process helps you do this. Great property management companies have a process to remove potential problems from the applicant pool, leaving you with only the most qualified candidates.
Draft Great Leases
Another part of a great landlord-tenant relationship is the rental lease terms. Your lease must clearly define who's responsible for what in a rental. For example, do you expect your tenant to cut the grass if there is a yard?
Property managers understand the best ways to draft a lease. They will ensure everyone gets fair treatment and is happy with the agreement. As a result, the lease terms will work well for tenants and lead to more lease renewals.
Maintain the Property
An aspect of rental property ownership you can't overlook is maintenance. As time goes on, your property will degrade and require work. This will happen whether or not your tenants care for your property.
Experienced property managers will devise a maintenance plan to stay on top of things. It won't prevent problems completely. However, a plan will help you get ahead of problems and prevent more costly repairs.
Market the Property
Even with a great tenant screening process, you still need a way to attract attention to your rental. You won't be able to do this without great property marketing.
Property managers can help in a few ways:
- Professional photos
- Social media presence
- Tenant outreach
- Tenant reviews
These things will help attract attention to your rental and increase the chance of attracting quality tenants.
Property Finances
You can't afford a lack of insight into your finances and rental ROI as a property owner. You don't just have an income and your mortgage to track. There are countless other things to keep track of.
An experienced property management company can help with rental property accounting. They will help you do your books to ensure you have accurate numbers and can make informed decisions about your properties.
Protect Your Investment Property
You can't just sit on your hands when you own an investment property. As time goes on, you'll experience problems with maintenance, tenant requests, and other issues. Make sure you use a property management company to maximize your rental ROI and get the most from your rental income.
Of course, you don't want to hire just any property management company. You need to hire the best if you want results.
At PMI Mason Dixon, we can handle as little or as much of the property management work as you need. Contact us about our services to learn how we can help.
