It's not uncommon for most first-time landlords to be torn between self-managing their properties and hiring a full-service property management company.
DIY management is an attractive prospect because it gives you full control of your property and can save you money. However, as every experienced rental property investor will tell you, outsourcing landlord functions to a property manager is a smarter decision.
You're probably wondering why that's the case. This article shares some of the profound benefits of letting a professional look after your property.
Read on!
1. Maximizing Rental Profits
You're in the rental property business to earn a tidy profit. Unfortunately, not all landlords are maximizing the income from their properties.
You might sit pretty because your property is fully occupied, earning you a steady rental income, but what if the asset is underperforming? Increasing its revenue generation isn't just about slapping your tenants with higher rents. In fact, the move can backfire, resulting in many tenants failing to renew their leases.
Finding the best ways to maximize rental income takes great expertise, which the average landlord lacks. A property manager has the experience and know-how to implement changes that will see your property generate more revenue while keeping operating expenses low.
2. Tenant Quality Management
Tenants can make your rental property management experience hassle-free or a living hell. It all depends on the kind of tenants you have.
Imagine having tenants who don't pay rent on time - if at all -, vandalize your property at will, and disturb the peace of the community. Evicting them is always an option, but it's a legal process that can take a couple of months.
To prevent all that, landlords must invest in comprehensive tenant screening. However, checking a renter's credit history and criminal background and verifying their income information isn't an easy task. It can be tedious if you're dealing with several rental applications.
If you don't want to take shortcuts with tenant screening, the easy solution is to hire a company that offers comprehensive property services. These companies have the resources to scrutinize every rental applicant and gather all the information needed to separate bad tenants from the good ones.
3. Invest in Your Peace of Mind
Beginner landlords are eager to hit the ground running, thinking the job is a walk in the park. It might be if you have the time and are willing to learn on the job, but the truth is property management is a hard, full-time job.
Landlord rescue services exist because of landlords who think the job is easy only to learn the hard way when it's almost too late. Hiring a real estate management company is an investment in your time, health, and peace of mind.
By taking a hands-off approach to being a landlord, you're not only giving property the best shot at success but also doing your best to protect your mental health.
Get the Best Full-Service Property Management in Richmond
It's a no-brainer that hiring a full-service property management company is the way to go. You get a full suite of services, including marketing, tenant screening, accounting, and property maintenance solutions.
In Richmond, look no further than Renters Warehouse; a residential property management company that has been perfecting the art of property management since 2015.
Get in touch to learn more about our services.
