Real estate can be a great source of income if you take the right approach.
As you grow your portfolio, it will become more difficult to stay on top of everything. You may quickly find that you can't keep up with all of your responsibilities.
Working with a property management company can be very helpful here. They can handle the daily operations of your properties to ensure everything is taken care of.
Let's take a closer look at the role of property managers.
Rental Property Marketing
In a tough market, it can be very difficult to attract tenants. When there are plenty of properties available, you need to make yours stand out.
A property manager can market your properties to make them more appealing to renters. This includes hiring professional photographers to take quality photos and creating engaging, detailed listings. This might all seem simple, but there's a skill to it that many investors don't have.
Tenant Screening
After attracting renters, you need to decide who you're going to accept. This is important, as bad tenants can lead to various problems.
A property manager will screen potential tenants to help you find the most desirable ones. This involves looking for red flags like a history of late rent payments or property damage.
Quality tenants will cause fewer problems, making your life much easier. They're also more likely to want to stay for longer, so they will be more interested in renewing their lease rather than leaving at the end of it.
Maintenance
As a landlord, you have a legal obligation to make sure occupied properties are suitable for people to live in. When problems arise, you need to handle them quickly. This can be very difficult if you have a larger property portfolio.
A property management company can organize and oversee any maintenance and repair work. They typically have extensive networks, so will be able to easily find a suitable company for any work that's needed. They may even be able to get better deals to help you save money.
Legal Assistance
There are various state and federal laws in place that landlords need to follow. Those who aren't up to date with these laws can unintentionally breach them. If you do this, you may end up with a lawsuit on your hands.
Property managers have a much more in-depth knowledge of property law. As such, they can help ensure you don't find yourself in a bad legal situation. If anything does arise, they can give you quality guidance on how to best handle the situation.
This can also be helpful if you have difficult tenants. If it gets to the point where you need to evict anyone, your property manager can take care of things.
Working With a Professional Property Management Company
Managing one property isn't easy, and things only get more challenging as you expand your portfolio. A property manager can help by finding tenants, maintaining your properties, and offering legal guidance when needed.
Real Property Management Phoenix Valley is a leading real estate management company that's been helping clients in the Phoenix area for over 25 years. Take a look at our property management page to see more about how we can help you.
