There are approximately 43 million renter-occupied housing units in the United States. That statistic sheds light on the fact that more Americans are opting to rent every year and that property owners stand to benefit big time! Owning a rental property can be a tremendous investment. As we’re sure you know though, there’s a lot more that goes into buying to rent than collecting checks.
As a property owner, you need to take care of maintenance requests, screen tenants, and much more. All of those responsibilities can dissuade many that are thinking of investing in rental properties. Fortunately, professional property management can help! A property management team can take care of the day-to-day things involved in renting and leave you to enjoy the benefits.
Our Los Angeles team at Westside Property Management has put together this post to educate you on 7 benefits hiring a management company can provide!
1) Ensure That Your Rent Gets Collected on Time
Collecting rent is the best part of owning a property. It can however also present headaches. Staying on top of tenants to ensure timely payment and dealing with the possibility of bounced checks and other issues can take a lot of time out of your week. With a professional property management team, you don’t have to think about it! A property manager will work directly with your tenants to make sure rents get paid. They will also assess late fees for delayed payments. All you have to do is sit back and wait for your rental income to be deposited in your bank account.
2) Finding The Perfect Tenants
Not all tenants are created equal. Some will hold up their end of the renter/landlord bargain well, taking care of your property and making timely payments. Others can represent a severe liability. Professional property management companies are skilled in the ways of weeding out bad tenants. Credit checks are run, references are checked, income is verified and more to make sure that your investment property stays lucrative and well kept.
3) Staying Abreast on the Laws
Federal, state and city ordinances are changing constantly in rearguard to rental properties. Keeping up can be a job in itself and not keeping up can mean serious consequences. If you own a home that you’re renting and are not maintaining your property or managing your relationship with your tenant in a way that’s up to code, it could equal grounds in which rent can be withheld. Withholding of rent can be troublesome by itself. If the issue is serious, you may even need to show up to court. To avoid legal issues, professional property management companies review regulations constantly to make sure you’re never in violation.
4) Managing Day to Day Activities
When you own a property it’s to be expected that you’ll need to perform routine activities to keep things running smoothly. Things like responding to maintenance requests, running routine inspections and more. If you’re doing this by yourself it could mean needing to field requests from renters and dealing with contractors on a weekly basis. With a professional property management team, they take that work off your hands.
5) Marketing and Advertising
Your rental property only makes money if there is someone in it. That can be a real challenge in today’s competitive housing market. Finding quality tenants can mean launching full-scale marketing efforts locally and online. If the idea of putting up listings, running ads in papers and getting “for rent” signs printed seems daunting to you, leave that task to a property management company.
Property management companies are uniquely versed in marketing efforts that work best in their particular area. You can be sure that they will employ marketing tactics that are appropriate to catch a wide group of potential renters.
6) Setting the Right Rental Rates
Real-estate markets are constantly shifting. Not staying up to date on the changes could mean having a hard time finding a renter or signing a renter to a lease that undervalues your investment. A professional property management team has their fingers on the pulse of the local market. They look at comparable rental properties to figure out a price range you can reasonably get. They then zone in on the perfect price to maximize your income. If eyeballing the ebbs and flows of real estate sounds like a chore to you, leave it to the professionals and hire a property management company.
Every advantage to hiring a property manager listed above will add thousands of hours of free time to your life. Time is the only commodity that is finite for all people and because of that you need to ask yourself – Why did you buy to rent in the first place? For most, it was to provide a reliable income stream so you could maximize the enjoyment of your life. Purchasing a property and needing to actively manage it can be counter-intuitive to that end. For the nominal cost a property management company charges in relation to the value they give, hiring one is a no-brainer.
Wrapping Up Professional Property Management Benefits
Owning a rental property can be an excellent investment. It also means a lot of responsibility. If you’re more interested in collecting rent checks than managing your property day in and day out, a professional property management company is the solution you need. And if you’re in the Los Angeles Area, there is no better property management choice than Westside Property Management.
Westside Property Management has been helping property owners lucratively rent their spaces for years. Our family-owned operation takes your investment as seriously as you do. We hope you’ll give us the opportunity to maximize your investment’s value today!
Contact us for a free property management quote!
For more general property information, read more on our blog.