If you have a rental property, one of the first decisions you'll need to make is whether you want to manage it yourself or have a company handle it for you. While some investors are very hands-on with their properties, many of them decide to reach out to the best property management companies Delaware County offers and choose someone to manage their rentals for them.
Is this the right idea? Should you hire a company to manage and maintain your rental properties instead of doing it on your own?
Here are a few of the biggest reasons you shouldn't manage your own properties. Turning everything over to a property management company is the right choice to enjoy more revenue and create more peace of mind!
Reduce the Chances of Bad Tenants
If you don't have strong tenant screening policies and proper enforcement for all the terms of the lease, you can quickly discover that you have tenants that don't follow the rules in your rental properties. It's vital that you know who's renting from you and whether they can pay the rent you're charging.
Property managers can help you find quality tenants and ensure they don't have prior evictions or other problems with past landlords that could lead to problems in your property. Property management experts also ensure tenants understand and agree to the lease terms they signed with you.
By using a property management company, you have someone familiar with these rules and processes who can take care of it for you, so you don't have to worry about it.
Keep Up With Maintenance Requests
Maintenance and repair requests typically need a quick response so tenants aren't living in unsafe conditions and don't have to deal with appliances or systems in the rental space not working correctly. What happens when you're far away and a request comes in? It's better if you have a company handling it for you.
Then you don't have to worry about 3 AM phone calls saying the water heater isn't working or the toilet is leaking. Letting a management company take those requests can also save you money because property managers already have connections with service people and vendors. They have the resources needed to resolve a broken water heater after hours.
Handle Late Rent Issues Quickly
Property owners need tenants who always pay on time. However, consistently managing on-time rent payments can be challenging when you're managing everything yourself. Additionally, if you have to collect late rent, you want to be sure you have the appropriate wording in the lease to protect your interests.
Still, pursuing a tenant for late rent can take time and effort. Rather than deal with the frustration that can bring, consider working with a property management company to make rent collection a faster, easier, and more efficient process.
Shorten Vacancy Times
If you have a tenant who moves out, you want to get another one to move in as quickly as possible. That way, you don't have long vacancy times, which can be costly for rental property owners.
However, it isn't always easy to find new tenants without good marketing, but the best property management companies Delaware County offers will market your property to find new tenants fast.
Even if you have a beautiful property available for a good price, you might see long vacancy times if you're not getting that property in front of people who want to rent it. Property management companies have experience and processes for marketing rentals, and they know what to say and where to advertise for the best results.
See More Revenue Coming In
From thorough tenant screening practices to better on-time rent collection and other best practices, property owners can generally see more revenue from their rental properties when they work with a property management company. Not only do you see stronger revenue, but you also reduce the hassle of taking care of the properties on your own.
That's especially true for investors who own multiple properties but can be helpful even for those who only have one rental property, too. The goal of investing in rental properties is typically to bring in revenue, and that's easier with the help of professional property management services. Hiring one can be well worth it!
Leave Rent Collection and Tenant Selection to the Professionals
With good management, screening, and maintenance, you can see your revenue numbers begin to climb. Working with Rentwell is a great way to move your property management goals and efforts forward and get expert property management you can rely on.
Contact us today for help with tenant screening, collecting the rent, and other aspects of managing your investment properties. We're here to help you get the support and information you need, so you can continue to invest in rental properties with confidence.