If there’s one sector of the real estate industry that’s moving a lot especially in this ongoing COVID-19 pandemic, it’s the rental sector. According to Forbes.com, the pandemic and the resulting economic downturn have led to a seesaw effect – rent prices in more expensive cities are becoming cheaper while these said prices are rising in the more affordable cities. This phenomenon is largely due to more Americans moving to cheaper residences where they can work from home.
his spells good news for those planning to get into multi-family real estate investment in the areas of Cincinnati and the Tri-State area. With the promise of new tenants from other states coming in, everything will become a blur in the frenzy to market rentals and facilitate the moving-in process for qualified renters.
This is where a good property management company can come in. If you’re grabbing the opportunity of building an investment portfolio from rentals, a property management team of experts can be your best ally in making this plan fly.
Here are several the reasons why hiring a property management company for your rental investments like Sundance Property Management is a great idea:
They attend to the finer details
We get it. You can’t visit your rental property all the time. Perhaps you live quite far from your rental. Or you’re too busy with other matters. Or you have more than one rental property to attend to. Or you’re just interested in the bottom line of your investment, not the day-to-day dealings of managing the property.
Your chosen property management company can see to all these and more. They will go beyond simply following a standard rental property management guide and will assure a well-maintained rental, happy tenants, and continued income for you minus the stress.
They effectively market your rental
A property management company employs experts who are not only good with people relations but are also adept at the marketing aspects of rental real estate. These professionals can help you in bringing potential tenants to your property through the use of time-tested marketing strategies like rental ads and online listings.
And since social distancing remains the order of the day in these times, most property managers have become more online-savvy to cope with the new normal in real estate transactions. Open houses are still limited to those genuinely interested to rent – the more effective platforms for marketing properties these days are social media and virtual tours. Your property management firm will be able to maximize these tools and ensure that your property will never be vacant.
They handle tenant concerns
Eventually, a faucet will leak or a heater will break down. Or perhaps the neighbors are noisy or their trash is all over the place. Your property management team can be the focal persons for all these tenant complaints and concerns from the mundane irate tenant rants to the structural defects. They can offer both a listening ear and a network of connections among trustworthy maintenance and repair people to address these concerns on your behalf.
If the tenant sees how interactive and communicative your property management team is in seeing to their concerns, you’ll see lesser turnovers. That’s because your tenants are happy with the living conditions in your property.
They are on top of rent payment schedules
Depending on your agreement with your property management company, an estimated 5% to 10% of revenues from collected rents are paid to them. This is their motivation to be on top of your tenants’ rent payment schedules.
Basing their actions on their company’s property management guide and existing lease policies, they’ll know what to do in case a tenant has been habitually unable to pay their monthly dues. At most, they can hand out eviction notices on your behalf.
They know how to choose reliable tenants
One of the tasks that you as a property owner may not want to handle is telling a problem tenant that they have to vacate their unit. Luckily, even before that happens, your hired property management team can strike down tenant applications with possible red flags. They can also recommend those who, based on their screening, will be responsible enough to take care of the property and pay their rent promptly. Considering the wealth of experience that they have in going through volumes of tenant applications, your team of property management experts will increase your chances of getting reliable tenants.
They ensure regular maintenance and repair
One of the advantages of having a property management team working for you is that they have an entire army of service providers backing them to ensure regular preventive maintenance on your property. When everything is kept at their optimal functioning levels, the need for costly emergency repairs is lesser and you save on housekeeping bills.
If you’re looking for the best property group to work with for your rental investment, Sundance Property Management is the team to call. We can guide you in making all the right moves in rental property management so you can reap winning profits from this endeavor. Click here to start!