About 70% of all rental properties in the US are owned by individual investors. Unfortunately, residential real estate investors face challenges daily. You need to develop a plan to protect your investment property.
With help from a property management company, you don't have to struggle.
How can local property managers protect your investment? Read on to find out!
Set Rent Prices
Experienced property managers understand the local rental market. They'll compare your listing to similar ones in the area. Using the data they collect, they can help you set the best rent prices.
If you set prices too high, you could risk scaring potential renters. When the price is too low, you won't maximize revenue from your investment. Different types of properties also require different strategies.
Working with an experienced property management company will ensure you're not leaving money on the table.
Your property manager can help you make appropriate property improvements. Making improvements will help you appeal to higher-quality tenants. You can add value to your investment and charge a higher rent fee.
You'll improve your rental yield as a result.
Reach Renters
About 36% of American households currently rent their homes. Without a marketing strategy, you won't reach renters in Dothan. An experienced property manager can maximize your reach.
They'll even screen tenants to choose renters who will treat your property well.
Screening tenants can help you find individuals who pay rent on time. You can ensure consistent cash flow.
Keeping your renters happy can help you retain renters for long-term leases. You can reduce vacancy rates to avoid a changeover period.
Neglecting to screen renters could put your property at risk.
Maintain Units
The best property managers know of the best contractors in Dothan. They'll choose reliable vendors who will complete maintenance requests in a timely manner. If you don't fulfill requests quickly, tenants can get frustrated.
You'll also struggle to maintain your investment properties, which could scare away future tenants.
Your property managers can conduct regular inspections. They'll ensure your investment property is being taken care of properly. They'll address maintenance, health, or safety issues as needed.
Keep Accurate Records
Reviewing your real estate portfolio and financial records can help you maximize each property's tax effectiveness. Your property managers can create documents that feature:
- Accounting records
- Ongoing services on each property
- Tax documentation for each property
- Depreciation schedules
You'll have peace of mind knowing your financial records are in order.
Understand Laws
Neglecting local landlord-tenant laws could lead to hefty fines in the future. Your property managers can help you comply with local state and regional legislations. They can keep you informed regarding new laws and changes.
Remaining compliant will help you avoid stressful situations in the future.
Protect Your Investment Property Today
Protecting your investment property doesn't have to feel stressful. Instead, hire a property management company. They'll help you protect and add value to your properties.
Searching for local management companies? We're here to help you strengthen your real estate portfolio.
Contact our team at PMI Wiregrass to learn how we can help.
