Individual investors own about 14.3 million of the 20 million rental properties (71.6%) in the US. However, not every real estate investor manages their property alone. With help from a property manager, you can protect your investment property without unnecessary stress.
An experienced property management company will even boost your ROI.
Not sure if you're ready to hire a property manager? Read on to discover how they can benefit your business (and life) today!
Correct Pricing
If you price a rental property too high, tenants will look elsewhere. Set the price too low and you won't generate a profit. Your property management company can help you set competitive rental rates.
They'll research properties similar to yours in the area. Using automation technology, they can quickly adjust your rental prices over time. Their local expertise can help you avoid losing potential revenue.
Prevent Vacancies
The rental vacancy rate in the US is nearly 6%. The longer your properties remain vacant, the less money you'll generate. If you're struggling to attract renters, look for a property management company that offers marketing services.
Your property manager can take stunning images of your property for your online listings. They can also update the descriptions to make them more appealing to tenants.
An experienced property management company can also help you show your property on multiple directories. With their help, you can find tenants quickly to avoid long vacancies.
Tenant Screening
After helping you find potential tenants, your property manager will thoroughly screen them to find reliable renters. If you neglect to develop a tenant screening process, you could choose renters who will:
- Pay rent late
- Damage the property
- Conduct criminal activity on the property
Your property manager will use background checks and credit checks to help you find trustworthy renters. With their help, you can protect your investment.
Inspections and Maintenance
Potential renters won't look at your property if it looks shabby. If your current renters have to wait weeks for help with maintenance, they could get frustrated.
Your property manager can complete inspections and schedule maintenance on your behalf. They can even find the best contractors in Wantagh. Choosing reliable, experienced contractors can save you time and money.
Avoid Fines
If you ignore the latest laws and regulations, you could get hit with a fine. Your property management company can keep track of new laws. They'll make adjustments as needed to ensure you remain compliant.
If there is an issue, you can rely on their legal services to avoid going to court.
Avoiding thousands of dollars in fines and fees will allow you to dedicate more resources to your investment business.
Protect Your Investment Property
Don't wait until you start encountering problematic tenants or fines to ask for help. Instead, consider hiring a property manager. They'll protect your investment property while boosting your property ROI.
With their help, you can thrive as a real estate investor.
Searching for the best property management company in Wantagh? Look no further!
Contact PMI Empire Solutions today to learn more about our services.
