One of the smartest moves you can make as a property owner is to hire a property management company. A lot of property owners who avoid hiring this type of company do so because they don’t understand how it can increase their revenue potentials. Instead, they only view hiring a property management company as an added expense. What they fail to realize is property management companies can increase revenue potentials. Most importantly, they remove much of the headache involved in owning rental units.
A property management company can serve as a foundation of support to property owners. Let’s take a quick look at the top five ways a property management company can alleviate the headache of owning rental properties and increase your revenue potential.
Fill Empty Rentals Quickly
There’s nothing worse than empty rental units. Each day that passes by when a unit is vacant is eating into your cash flow. Unless you have the time and resources to market your property correctly, a unit can go empty for weeks at a time, sometimes even months.
Property management companies don’t get paid unless a unit has a tenant. They work to keep all units rented at all times. They have one or more individuals on their team who focus solely on marketing empty units and screening tenants, which ensures that not only will your units be rented promptly, but also to reliable tenants, which is key to shortening vacancy cycles.
Filling one unit is difficult enough. Imagine three of your tenants moving out in the same month due to life changes, such as job switches or the loss of a loved one. Do you have the resources it takes to market three units and screen a handful of tenants? With a property management company in your corner, you don’t have to concern yourself with marketing or screening.
Have a Formal Facade
The more professional your rental company appears, the more you can charge for your units. A property management company can help you achieve the formal facade you’re going after. Think about prospective tenants coming to look at one of your units and the property maintenance technician is in a uniform; this increases the professionalism of your rental company. It shows that you are serious about taking care of your properties, and this is key to securing high rental rates.
When you hire a property management company, you also gain the advantage of tapping into the services of an entity that is covered by liability insurance, which protects the day-to-day operations of the company.
Property management companies take on a lot of high-risk responsibilities, particularly those related to tenant screening and collecting rent. If an issue was to arise, the property management company is covered, which provides coverage to you, as well.
Fleet and Equipment
There’s a lot that goes into managing rental properties. The more units you have, the more equipment and resources you will need to ensure each unit is adequately taken care of.
A property management company has a full team of service providers who attend to all aspects of managing your properties. From marketing to tenant screening to property maintenance, you get to tap into a whole fleet of professionals and equipment to ensure your properties are always rented and well taken care of.
It can be challenging to take care of each unit the same. If you have one property with only one unit and another with five units, it’s easy to fall into the routine of providing the multiple-unit property with more attention. With a property management company, you can rest easy knowing each unit is receiving the care and attention it deserves.
Property management companies can help you create a consistent policy that applies to all of your rental units, which not only enhances your professionalism as a property owner, but it also ensures no unit goes overlooked. An extensive assessment performed by the property management company will help you create a policy that meets all of your property ownership needs.
Contact Green River Property Management Today!
You may ask yourself, "Is hiring a property manager the best option?" You need a form of support to lean on as a property owner. Trying to take care of all the tasks involved in managing properties can quickly become overwhelming. With a property management company in your corner, you get to tap into first-class services that ensure your properties and tenants are taken care of at all times.
If you are self-managing your portfolio, download our free Make-Ready Checklist to help you prepare your properties for tenants. You can also contact us for help at any time.