Owning rental properties requires significant commitment and upkeep; the volume of tasks required to keep your rental home in good shape and always leased can sometimes seem overwhelming. Hiring a professional property management company like Real Property Management that can perform almost all the work needed to protect your rental property can boost your ROI and enhance the quality of your life, giving you peace of mind and creating more time in your schedule.
There are many ways a company like RPM can help you reach your property investment goals. Here are a few worth noting:
- Market assessments. You should perform a regular comparative market analysis on your rental property to assess rental rates assuring they are at market, plan future improvements, and build out long-term strategies. These analyses can be time-consuming and often require certain professional knowledge. A professional property management company performs these analyses regularly for you.
- Preparing your rental to lease. Before a resident moves in, there are plenty of tasks required to prepare your rental house, all of which must be handled as efficiently as possible. From repairs to cleaning, a property management company handles it all.
- Advertising vacant property. To keep your property leased continuously, advertising is a must. However, this process can be frustrating, especially if you need to advertise your property across multiple rental websites. Working with a property management company takes the stress out of this process as they will ensure your property is thoroughly marketed until leased.
- Tenant screening. Looking for the right residents is another job that you can confidently turn over to a good property management company. Screening potential residents can be a time consuming, expensive endeavor. But a property management company arranges applications, runs background checks, and calls references, and checks credit, ensuring the placement of high-quality residents.
- Lease preparation and signing. Preparing lease documents that are clear and detailed can be challenging, especially if you are not properly informed and trained in the different legalities that are involved in the preparation of a lease document. In this regard, a professional property management company is difficult to beat. They utilize lease documents and addendum that have been carefully prepared by legal experts.
- Collecting rent. These days, tenants want to pay their rent online. And if they don’t pay, then what? Avoid the potential conflict by hiring a good property management company that will be able to offer residents multiple payment options and quickly settle any nonpayment concerns that may arise.
- Property maintenance. All rental properties need regular maintenance to stay profitable. A good property management company has established relationships with home service professionals who are ready and available to maintain your property, ensuring everything runs smoothly and correctly.
- Lease renewals. Working with current residents to renew their leases is a regular part of having rental properties. Residents may want to negotiate their terms or payment, or you may discover that you need to increase the rent to match current market rates. A property management company can help you navigate these difficult conversations with confidence.
- Managing move-outs or evictions. If your resident wants to terminate their lease, or an eviction is required, the move-out process begins. Instead of juggling multiple tasks while trying to find a new resident, work with a property management company to oversee these processes for you.
Entrusting your valuable investment property to someone else may cause some anxiety initially, but once you understand the scope of services that a professional property management company like Real Property Management can provide, all while saving you time, stress, and money, you might wonder why you didn’t hire a property management company sooner. Contact your local Real Property Management office today and discover the REAL difference in property management services.