According to financial technology company Get Flex, the average landlord owns three properties. However, only half of all landlords manage their properties alone. The rest outsource to turnkey property management companies.
Relying on professional real estate solutions can save you time and money, maximizing your profitability. You could make more than the typical landlord's annual income of $97,000.
What property management benefits might you experience? Read on to find out!
1. Understand the Local Market
To stand out in Wantagh, NY's competitive rental market, you need to recognize current trends. Researching the local market can help you find opportunities other landlords aren't recognizing.
You can rely on your property manager's experience and expertise to navigate Wantagh's market. For example, they'll recognize property upgrades that will help you improve the property's attractiveness and value. These upgrades will help you stand out in today's competitive market:
- Smart home technology
- New kitchen cabinets and counters
- New hardwood floors
- Improved curb appeal
- New kitchen appliances
- Modern backsplash
- Bathroom upgrades
- Fresh paint
- Lighting changes
Your property manager will have a thorough understanding of local, state, and federal housing laws. They'll ensure you adhere to New York's landlord-tenant laws to remain compliant. Without their expertise, you may encounter legal trouble, including expensive fines.
Leverage your property manager's expertise to set competitive rental rates. Otherwise, you may deter renters or lose potential income. Leveraging their local experience and expertise will help you maximize your profitability.
2. Tenant Management
Rely on your property manager's experience to find and retain great renters. They can develop a digital marketing strategy to ensure your listing stands out online. With their help, you can open your tenant pool.
They'll establish a detailed tenant screening process that includes:
- Eviction histories
- Employment verification
- Criminal background checks
- References
- Rental histories
- Credit scores
This information will help you avoid renters who may damage the property or cause legal trouble. Otherwise, you may have to evict troublesome renters (which can become costly).
Tenant management services can lead to higher satisfaction rates. Keeping renters happy can maximize lease renewals and occupancy rates.
3. Maintain Investment Properties
Your property manager will schedule regular inspections to ensure the property stays in good shape. Rely on their connections with local vendors. They'll hire reliable contractors at competitive rates to save you money.
Maintaining your rentals can save you money in the future. Otherwise, wear and tear will lead to costly renovations.
4. Streamline Real Estate Solutions
Your property manager will use technology to streamline processes. For example, tenants can submit rent payments and maintenance requests online. You can use this technology to track how your investments perform in real-time.
5. Peace of Mind With Real Estate Services
Relying on real estate services will give you peace of mind. You'll know your rentals are in good hands. Instead of worrying about vacancies, you can generate passive income without stress.
Choose Turnkey Property Management in Wantagh
Don't continue managing your Wantagh, NY rentals alone. Instead, rely on turnkey property management. Professional services can save you time, money, and stress.
Our team at PMI Empire Solutions uses technology that allows owners to track each investment's performance. Trust our commitment to accuracy, honesty, and communication.
We can maximize your profitability. Contact us now for a free rental analysis.
