There are a lot of opportunities for real estate investors in the United States. Renters account for roughly 36% of households in the country.
At the same time, home ownership has never been further out of reach. Buyers continue to deal with mortgage rates over 7% and record-high home prices.
Property owners reap the benefits of this challenging market. Would-be buyers who cannot afford to purchase a home shift to the rental market. Demand for rental units is high, and rents are on the rise.
Read on to learn how property management services can help you increase your real estate portfolio. Explore topics such as property management options and why many landlords rely on them.
Reduce Your Workload
Managing an investment property is not easy. Countless hours go into property maintenance, rent collection, and responding to tenant inquiries. It can be a full-time job to manage a single property.
For example, state and local laws require a prompt response to maintenance requests. If the hot water heater or air conditioner breaks, you need to coordinate its repair as quickly as possible.
Consider a burst pipe that occurs in the middle of the night. Do you want to report to the rental unit or have a property manager show up for you?
Hiring a property manager can ease your workload. It will free up time so that you can pursue additional investment opportunities.
Eliminate Uncomfortable Situations
Handling a lot of uncomfortable situations comes with owning a rental property. Many landlords deal with tenants behind on the rent. In the worst cases, they need to evict a tenant for damaging the property or violating the rental agreement.
A property manager can take these difficult and uncomfortable situations off your plate. They will follow up with tenants who are behind on the rent. Property managers have expertise in the eviction process and will handle it with professionalism.
Find High-Quality Tenants
Finding high-quality tenants is essential for being a successful rental property owner. You lose revenue when a tenant fails to pay rent or requires eviction.
A property manager helps you find the best tenants. They perform a robust tenant screening process.
Tenant screening involves looking into an applicant's past. Property managers check to see if a potential applicant has a criminal history.
They also check a tenant's credit score to see if they routinely make on-time payments. Your property manager will also verify an applicant's employment status. The intention here is to make sure they have a steady income to make their monthly rent payment.
Your Guide to Hiring a Property Management Service
Owning an investment property does not have to be a time-consuming ordeal. With the right real estate management options in place, you can find high-quality tenants and reduce your workload.
PropM Inc. has the experience and work ethic to meet your property management needs. They are open 365 days per year and 24 hours a day to put your mind at ease. If you are looking to hire a property management service, contact us at PropM Inc. today to speak with an experienced professional.
