At least 44% of people are using property managers to handle their properties. This type of hand-off allows property owners to fill their rental properties faster and even collect rent faster.
If you rent out space, you might be familiar with late payments, the hassle of dealing with maintenance, and the legality of everything when it comes up. This is why more property owners are taking advantage of full service property management services.
Keep reading for the top five reasons you need this type of solution.
1. Your Property Will Become More Competitive
Not all property owners know how to navigate the marketing aspect of the process. 41% of people looking to buy their homes look online before they look anywhere else and the concept is the same for those looking to rent.
An experienced property management company would know how to manipulate the demand for good marketing. For example, the fact that video content gets at least 1200% more shares than any other type of media advertising is something the average real estate investor wouldn't know. With the right marketing strategy, you're going to have more competitive properties on the market.
2. Ability to Make Rent Collection More Efficient
Instead of chasing down rent payments on your own, property managers do this for you. A lot of the time, they will automate payment processes on your behalf.
This is an essential practice if you have multiple properties in your portfolio. From taking over move-ins to when it's time for a tenant to move out, these specialists handle everything else in between as well.
3. Simple Property Fulfillment
In most cases, it shouldn't take any longer than 30 days to find a tenant for your property. However, it can take some investors weeks to find a suitable tenant. This is why so many property owners are opting to use full service property management services.
A full service operation can take over the entire tenant search for you. This means advertising, background checks, and even property setup between tenants.
4. Less Money and Time Spent on Maintenance
The general rule of thumb is that the maintenance you spend on your rental property in a year will cost one percent of the value of the property. Keep in mind that this is just the general expectation and that a lot of the time, you might end up spending more.
When you use a full service property management company, you're going to often spend less because these companies will have standard practices, suppliers, and contractors to handle a variety of problems. The response times for maintenance inquiries will also be faster.
5. Maintain Property Value
It's not difficult for the value of a property to decrease especially if you have irresponsible tenants in the rented space. Property management companies handle rental property inspections on your behalf.
This is an ideal benefit for investors with multiple sites. Consistent inspections and routine maintenance will help to maintain the value of the home which can be a better alternative to one or two checks per year.
Removing the Difficulty With Full Service Property Management
A full service property management company is going to allow you to be fully hands-off. This means no more chasing down rent payments, over-extending yourself when it comes to maintenance, or struggling to find suitable tenants.
This also means you will likely see a faster ROI and achieve much quicker response times in terms of maintenance. To automate the way you manage your property, get a free rental analysis with Property Management Inc. today.