Roughly 40% of households in Phoenix are renting, and demand for rental housing is forecast to increase over the coming years. This demand is primarily driven by a growing population of millennials who prefer renting to owning a home.
As a landlord in Phoenix, this is music to your ears. Good rental demand means your properties have a good chance of maintaining a high occupancy rate.
However, a thriving rental market isn't enough to make you a successful landlord. Hiring a property management company to handle your landlord functions has a big impact.
If you're on the fence about hiring a manager, keep reading to learn the benefits you'll enjoy.
1. Property Marketing
Even in a location with strong rental demand, a rental property can remain vacant for several months if no one knows about it. You need an effective property marketing strategy to get the word out.
On the surface, marketing might look simple. What's so hard about making an online listing anyway?
Well, it's not that easy.
Effective real estate marketing requires you to know your target audience and find suitable marketing channels. Property management companies have experienced marketers on staff. They'll market your rental, ensuring it finds a tenant quickly when it becomes vacant.
2. Tenant Screening
Most renters are law-abiding citizens who won't give you any trouble. However, you might have come across one of the few bad ones who made your life miserable. Maybe they weren't paying rent on time -- or at all. Or they used to play loud music in the dead of the night, causing disturbances to other tenants.
Tenant screening is the only way to catch bad renters and keep them away from your property.
When you're a DIY landlord, you might not have the time or expertise to do a proper screening. That's how you'll end up with tenants from hell.
Hiring a Phoenix property management company is the best way to approach tenant screening. These companies do a thorough job, including checking a renter's credit history, employment record, rental history, and criminal background.
3. Good for Managing Landlord Stress
Being a landlord can bring unending chaos and stress into your life. From chasing late rent payments to dealing with tenant complaints, you may start regretting the day you bought the rental property.
Landlord stress is part of the job, unfortunately. You just need to know how to manage it.
Savvy landlords have realized that outsourcing their duties to property managers is an effective way to avoid stress. Save for tasks such as paying for rental property repairs and scrutinizing owner disbursement reports, you won't have much else to do as far as the property's affairs are concerned.
Find a Property Management Company That Delivers
Hiring a property management company is the right move, no doubt. However, these companies aren't created equal. It's your responsibility to find a company that will do a good job.
In Phoenix, AZ, that company is Real Property Management Phoenix Valley. Our mission is to remove the burden of being a landlord off your shoulders and keep your tenants happy!
Contact us to learn more about our services.
