Individual investors own 14.3 million (71.6%) of the 20 million rental properties in the US. Are you now one of them? If you're a new landlord, congratulations!
There's a lot you'll need to know to ensure your success. Otherwise, you may struggle to fill vacancies and generate rental income. You may need landlord rescue services in Modesto, CA to avoid losing money.
Not sure if you need help? Read on for the signs it's time to call a property management company today!
1. You Have a Full-Time Job
If you recently inherited property, you're likely balancing property management and a full-time job. There aren't enough hours in the day to get everything done. You could neglect important responsibilities if your focus is split.
Instead of dropping the ball and neglecting your property or tenants, outsource. Hiring an experienced property management company will save you time. They can keep up with your rental properties while you focus on other responsibilities.
Choose a full-service property management company. They can handle everything from tenant screening to rent collection.
Determine if they use property management software and automation tools. Automation can save you valuable time by simplifying repetitive tasks.
2. Distance
How far is your new investment property from your home? You'll waste time driving across the country (or even across the state). If there's a distance between you and your rental property, hire a property manager.
They can manage your property whether you're nearby or states away. Their local expertise can give you a competitive advantage.
They'll know of local housing laws and regulations to ensure you remain compliant. Leveraging their expertise will help you avoid fines and legal trouble.
3. No Tenant Screening
Without a tenant screening process, you could select unreliable renters. They may pay rent late or damage your rental property. About 16% of American renters are behind on payments.
The best property management companies collect comprehensive reports. They'll consider each applicant's:
- Rental history
- Eviction history
- Employment verification
- References
- Criminal backgrounds
Gathering this information can take time. If you choose the DIY route, you could neglect to gather important reports. Outsourcing will ensure you choose tenants you can trust.
4. The Rental Property is Vacant
The longer your rental property sits vacant, the less rental income you'll generate. Choose a property management company that offers marketing services.
They'll use the latest real estate marketing trends to ensure your listings stand out. They'll attract renters to maximize your earning potential. They can even maximize lease renewals.
5. Overwhelming Requests
Renters will get frustrated if you don't complete maintenance requests quickly. Allow your property manager to schedule these projects.
They can use a tenant portal to accept and streamline requests. You can use the portal to keep track of each project's progress.
Find Reliable Landlord Rescue Services
Managing a rental property alone can get tedious. Instead, request landlord rescue services from an experienced property management company. Their landlord tips will save you time and money while maximizing your earnings.
Look no further for help! Our team at PMI Central Valley is committed to excellence. Depend on our 20 years of industry experience and state-of-the-art resources.
We can increase the value of your assets while making property management more manageable. Contact us today for a rescue!
