How much money do you generate from your investment property each year? Without a plan, you could lose money and your competitive advantage in the industry. About 15% of Americans already invest in properties outside their primary residences.
In fact, 48% are planning to buy more property. Hiring a property management company can help you protect your investment. They can maximize your earning potential.
Not sure if you need to hire a property manager? Read on to discover the types of services that can protect your investment!
Tenant Screening
Failing to screen applicants can lead you to make a hasty decision when selecting renters. You may choose tenants who have a history of causing property damage. These tenants may pay rent late, affecting your cash flow.
An experienced property management company can gather comprehensive tenant screening reports. These assessments include:
- Eviction histories
- References
- Employment verification
- Criminal background checks
- Credit scores
Completing this process alone could waste valuable time and money. Instead, outsource. A meticulous screening process will ensure you choose reliable renters.
They'll treat your property with care and respect. You can avoid paying for costly repairs or evictions.
Maintaining Your Investment Property
Maintaining your investment property can protect your investment long-term. Otherwise, you may need to pay for expensive repairs and renovations. Potential renters may not choose your property if it's falling apart.
Hire a property manager. About 80% of property managers complete maintenance and repairs. They can coordinate vendors as needed.
They'll leverage their professional connections with vendors in Dallas. You won't have to waste time researching contractors.
Your property manager will gather competitive bids first. They'll ensure you get the best prices without cutting corners.
Maintaining your investment property will save you money. You can schedule routine inspections before the property requires bigger repairs. You'll have an easier time attracting renters, improving your occupancy rate.
Improve Tenant Relations
Look for a full-service property management company. They'll offer different types of services that can improve tenant relations. For example, perhaps they provide access to an online tenant portal.
Tenants can send inquiries and maintenance requests from the portal. Your property manager will respond promptly, improving tenant satisfaction rates.
Keeping great tenants happy can encourage them to renew their leases. Increasing lease renewals will boost your occupancy rate. Decreasing vacancies will improve your earning potential.
Legal Support
If you're a new real estate investor, you may lack knowledge about housing laws and regulations. Neglecting to remain compliant can lead to fines and lawsuits. Instead, outsource.
Your property manager will remain updated on local regulatory changes. These include housing codes and zoning laws. They'll ensure you remain compliant.
You can avoid legal consequences and fines. If there is a legal issue, you can lean on your property manager's expertise.
Hire a Property Manager Today
Hiring a property management company will protect your investment property long-term. You can find reliable tenants, keep the property in good shape, and generate revenue. Invest in your success by hiring a property manager today.
Look no further than PMI Premier. Our experienced team has helped property owners like you maximize their profitability for 20 years.
Rely on our expertise and state-of-the-art technology. Contact us today to meet your property manager.
