With the rise of apartment buildings and vacation rentals, it is something that more and more people are considering getting into the business of renting property. There are a lot of people who do this on a small scale in America. There are over 14 million individual investors in rental properties who own just 1-4 units. However, some people may feel overwhelmed by the idea of managing a rental property. They may not even know where to begin with that. Luckily, you do have the option of looking into rental management services.
How can that make your life easier? How does that service make it more justifiable to own a rental property?
These are 10 ways that they can make your life easier.
1. Creating a Vacation Rental
If you have a property in an area where people like to go on vacation, one way for rental management services to help you is to turn it into a vacation rental.
This is rising in popularity with 64% of travelers stating that they prefer to use vacation rentals over hotels. Right now, there are about three million hosts worldwide that make vacation rental properties available on websites like Airbnb.
Considering that there are over seven billion people in the world, this can make it a good market to get into and you would have the guidance of a professional company that has been in this field before.
2. Determining Proper Rent Price
The next benefit of hiring a professional rental management service is that they can provide you with more accurate data about what you should be charging in rent.
Think about it. This is a company that likely studies the analytics of rental properties constantly and has most likely put a lot more research into the average rent price for similar properties than you have.
Do not be afraid to ask them if they think that you have an appropriate rent price. You may come to find out that they can help you put more money in your pocket.
3. More Effective Tenant Screenings
One of the worst things for a landlord to deal with is a bad tenant. If you are not careful, you may have a hard time getting those people to leave peacefully.
This is where tenant screenings come in. They can give you an idea of if a tenant is likely to be a good fit for your building or not. Professional property management companies may notice little red flags from possible tenants that you may overlook.
Hiring a rental property management company can improve your chances of landing good tenants.
4. Promoting Your Property
Another benefit to this service is having the company promote your property online for you. They can post pictures of your property on social media, apartment websites, or short-term rental websites.
These companies are professional and experienced, so they know what to call your property and what picture angles to take of your property to get people’s eyes on your rental.
5. Handling Daily Needs
A tenant usually expects problems to be handled promptly in an apartment building. However, unless you live in the building, you may not always be able to address their problems right away.
Having a rental property management service can get these problems addressed immediately. It allows the tenants to have nearly constant access to someone that can address a problem versus just having the landlord available.
6. Connecting You With Reliable Vendors
The next thing that you would need for your apartment building would be vendors that can come in and fix any potential maintenance issues in the apartment. Rental property management services can speed up this process and give you a list of reliable people that you can trust.
Examples of this can be connecting you with a good electrician, plumber, locksmith, construction worker, and more. Things are going to come up and you need to be able to count on people that can fix these issues promptly and effectively.
7. Keeping You Legally Protected
A professional property management company has to stay up-to-date on the laws when it comes to landlord rights and tenant rights. As a new landlord, you may be blindsided by some of these laws, or even accidentally violate one.
With a property management service, they are going to know those laws inside and out. That will help you not only be aware of what these laws even are, but also make sure that your unit is up to code.
8. Helping With Lease Agreements
Another way that a rental property management company can help you is by offering you advice on what to include in a lease agreement. This can state what the rules are for tenants in advance, along with what your responsibilities are, what the rent is, and how long a tenant can stay there.
9. Give You More Free Time
If you are adamant about getting into the rental property business, this service can give you a lot more free time. Managing a rental property by yourself may require all of your free time to handle daily needs and ongoing issues.
This allows you to take a step back to enjoy a night out with friends, a family outing, or even a vacation.
10. Makes Investing Remotely Possible
Finally, having somebody to manage your property on the ground gives you a lot more geographical freedom. If you had to be there, you would always have to live within a certain amount of miles of the rental property.
With a property management service, they can take that need away from you and make it possible to own a unit in Lake Tahoe when you live in New Jersey.
Use Rental Management Services
These are 10 of the best reasons why you should use rental management services. They can make your life easier by promoting the property to get new tenants, getting rid of problem tenants before they begin, giving you more free time, increasing investment opportunities, and more.
Are you ready to work with a professional property management service? Message us to get started.