Are you struggling to collect rent, track real estate trends, and set competitive rental rates? You don't have to balance these responsibilities as a property owner alone. Instead, consider requesting full-service property management.
After all, only 45% of landlords manage their own properties. Over 80% of property managers coordinate maintenance, repairs, and rent collection to maximize efficiency.
Not convinced you need help from a property management company? Read on to discover the benefits they can offer!
Avoid Problematic Renters
You could end up with problematic renters if you haven't invested in tenant screening services. Your property management company can gather comprehensive reports. These include:
- Criminal background checks
- Credit scores
- Rental histories
- Eviction histories
- Employment verification
Otherwise, you could end up with renters who won't pay rent on time. About five million renters have already fallen behind. The average arrears is over $2,000.
Many landlords only focus on an applicant's ability to pay rent. You should also consider whether the renter has a history of causing property damage or getting evicted. Otherwise, you could experience unnecessary landlord stress.
Your property management company will ensure you choose reliable renters. You may even want to retain these renters beyond one lease term. Generating more lease renewals will improve your occupancy rate and ROI.
Track Real Estate Trends
If you're neglecting Noblesville real estate trends, you may struggle to attract renters. For example, you may want to offer:
- New kitchen appliances
- Energy-efficient windows
- Smarthome technology
- Open floor plans
Making these cosmetic improvements will improve the property value. Your property will become a more desirable place to live. You'll start generating more applicants, allowing you to avoid vacancies.
Competitive Rental Rates
Researching current real estate trends can help you complete a rental analysis. Otherwise, you may set your rental rates too high. A high rate will scare off a potential renter.
If the rate is below the market's average, you'll lose money. Your property manager will help you set a competitive rate. They'll ensure you continue adjusting your rates based on trends or improvements to the property.
Collect Rent Online
Choose a company that provides you access to the latest management software. They can help you operate more efficiently.
For example, using an online tenant portal can help you avoid collecting rent in person. Instead, your renters can automate their rent payments. You can even automate late fees to maximize your earning potential.
Tenants can also use the portal to send maintenance requests. Receiving timely requests will allow you to maintain your stunning property. Otherwise, you may struggle to attract renters later.
Choose Full-Service Property Management
You no longer need to manage your investment properties alone. Instead, consider hiring a full-service property management company. Leverage their years of industry experience and expertise to maximize your earning potential.
PMI Indianapolis has 20 years of real estate management experience. We help property owners like you generate more rental income.
Use our award-winning strategies and state-of-the-art technology to succeed in a competitive market. Contact us today to request our range of property management services!
