Landlords, have you ever had someone call you panicked on a weekend about a leaking ceiling?
Or have you had to cut a vacation short to deal with a tenant’s plumbing emergency?
If so, then chances are, you could greatly benefit from the services of a property management company.
Owning investment property is a great way to bring in extra income or even make a living. But being a landlord definitely comes with its drawbacks. And dealing with careless tenants and maintenance emergencies around the clock are just two of them.
Luckily, there is a way to make sure your investment properties turn a profit without any of the headaches. That’s through enlisting the services of a property management company.
A great property manager will ensure that your property operates smoothly. This includes showing vacant units, screening tenants, and keeping up with essential maintenance needs.
Ready to reduce stress and save money? Keep reading for how a property management company can simplify your life and maximize your rental income.
Higher Quality Tenants with Property Management
Anyone who has rented out a property before knows that there are two main types of tenants out there.
The first are those who pay their rent on time. They respect your property, report any major issues, and are otherwise off your radar.
The second are those who are always late with payments and make incessant complaints.
For inexperienced landlords, it can be difficult to know which one you’re dealing with before signing a lease. During the first property visits, a potential tenant may appear clean-cut, friendly and responsible. Only after they move in do you find out who you’re really dealing with.
For experienced property managers, however, there are certain ‘tells’ that can help you determine early on what kind of tenant a person will be. If you know this before signing, you can save yourself a lot of money and hassle in the long run.
That’s why, unless you have been in this industry for a long time, it’s a good idea to solicit support in screening and choosing tenants through a property management company.
A good property manager will have plenty of experience in spotting a great tenant before they even fill out an application.
Great tenants rent for longer periods, meaning a more consistent stream of income. They are also people who will maintain your property, so that small issues don’t turn into big ones, and you won’t need to spend months mitigating damage in between renters.
Shorter Vacancy Cycles
The ideal tenant is one who pays their rent on time and is generally easy to work with. Most of all, they are ones who stay for longer periods of time. This is key to higher returns because you lose less money during vacant months and in paying out commissions to find new tenants.
To find these types of tenants the first step, as mentioned above, is to properly vet candidates. But the second step is to make sure that your apartment appeals to long-term renters.
A key part of this is in renovation and upkeep. An experienced property manager will know what updates or renovations are worth making to a unit. As well as which will attract long-term tenants.
This knowledge will ensure that you get tenants who stick around year after year and pay what your property is worth.
A property manager can also be essential in marketing your property and negotiating the best price for a unit. As experts who spend A LOT of time renting property, property managers know what renters are looking for and how to get the best price for a property.
And what does all of this mean? More money back in your pocket.
Management of Tenants – So You Don’t Have to
If you haven’t picked up on it by now, tenants are one of the biggest variables when it comes to owning an investment property.
Luckily, though, anyone who uses a reputable property management company don’t have to worry about this side of this business.
From finding and screening tenants to collecting rent and handling complaints, property managers take care of all of this. With a good property manager at the helm, all you’ll need to do is deposit your rent checks.
Doesn’t sound half bad, does it?
Handle Maintenance and Repairs
Any experienced landlord knows that maintenance requests from tenants tend to come at the least convenient time possible. It’s a clogged toilet during your daughter’s birthday party or a gas leak while you’re halfway across the country.
There’s no way to prevent these sorts of maintenance emergencies from happening, but there is a way to prevent them from reaching your cell phone.
A great property management company will not only field all of these issues so that you don’t have to but they will also ensure that repairs are done by trustworthy repairment and at a fair price.
Instead of having to call the nearest plumber who’s likely to charge you an arm and a leg to fix your burst pipe on a Sunday, your property management company will know of a reputable plumber for the job who they’ve likely worked with for years.
Add Value to Your Property with Property Management
In time, all apartments show a bit of wear and tear or end up needing maintenance work. While it might be easy to ignore these small projects as a landlord, a property manager is acutely aware of the status of each of your units and what work they’re likely to need. Over many years, this awareness is going to add value to your property.
Replacing the boiler before it’s too late, updating the bathrooms, or making sure your apartment’s paint job is fresh will add value to your property over time. As preventative maintenance increases the value of your property, your investment is more and more likely to pay for itself.
Personal Advantages of Property Management
One of our favorite reasons to hire a property management company? It increases your quality of life as a landlord!
Owning a rental property can be stressful, but with an experienced property management company, that stress disappears as they handle everything for you. This means that you have plenty more free time on your hands, and as investors know, time is money.
In addition to saving you time, money, and stress, a property management company is able to give you back your freedom. Owning an investment property can be an amazing opportunity to earn income. With that, though, is a sense of responsibility that can feel a little suffocating.
With a property management company, though, you can know that any potential problems will be taken care of. You can be anywhere around the world and the only reminder of your properties will be the monthly deposit in your bank account.
Starting to think that hiring a property management company sounds like a good idea? Look no further. Panama Equity is bringing our real estate expertise to the property management market.
If you’re interested then contact us now to get set up with a property manager who will take care of all the dirty work so that you can enjoy all the perks of being a landlord without any of the hassles.