A lot of people want to be landlords as it's a great way to generate recurring income, but many don't realize quite how challenging it is. About 44% of people use property managers to make things easier.
Whether you're new to being a landlord or have years of experience, it can always be challenging. Owning multiple properties typically means more income, but also more work. For many people, trying to handle everything alone is simply too much.
Working with a property management company is often the best option. Take a look through this guide to find out why.
What Is Property Management?
Property management encompasses a range of services that property managers provide for property owners. These services typically cover the day-to-day operations of a rental property such as building maintenance, repairs, tenant allocation, rent collection, and more.
Benefits of Property Management
In theory, landlords can take care of these tasks themselves, but this can be very difficult. It takes knowledge, expertise, and time that most landlords simply don't have. There are several benefits to hiring a property management company instead.
Market Your Property Well
Before you can generate any revenue, you need to find tenants. Most people will go online when looking for a new home, so you need to create property listings.
A property manager knows how to optimize listings so that they'll stand out and appeal to more people. This is even more important in a tough market where the housing demand is low and renters have plenty of options.
Find Better Tenants
Having a lot of applicants is ideal as you'll be able to pick whoever you're happiest with. But, you may realize down the line that you've made the wrong choice.
Real estate management companies conduct thorough tenant screening processes to check for things like a history of property damage or unpaid rent. This will help ensure you end up with reliable tenants who always pay rent on time and don't cause any problems.
Decrease Tenant Turnover
Finding tenants can be costly and time-consuming, so it's not something you want to keep doing. It's better to find tenants who will stick around for a long time.
On top of ensuring you get reliable tenants, your property manager will stay in contact with them and help them with any problems that they might run into. This will keep them happy, so they'll want to stay living there
Avoid Potential Legal Issues
As a landlord, you have a range of legal responsibilities to your tenants. Most landlords, however, don't have a legal background and therefore don't have a full understanding of all of these responsibilities.
Property managers always stay up to date with regulations and compliance, so they can make sure you don't experience any issues. If your property is in a managed community, the HOA can also help with this.
Should You Hire a Property Manager?
A property management company can help you in a range of ways so that your life as a landlord is significantly easier. If you own multiple properties, this is especially important as things will be more challenging for you.
PMI PHX SW is a professional real estate management company that offers a full range of services. Contact us today to find out more about what we can do for you.