Owning a rental property can be a game changer for building wealth. You generate extra income each month and take advantage of property appreciation as a real estate investor.
But owning a rental isn't all hands-off. It requires work to find tenants, manage issues, and deal with property issues. Many landlords underestimate the work it takes to run an investment property. That's why less than 50% of landlords manage their own properties.
Do you want to know why? Here is how a property management company can help protect your investment.
Find Great Tenants
Having great tenants is one of the key parts of owning Orlando real estate. You rely on your tenants to care for your property and pay rent on time. If neither of those happens, you may be out of money.
A property management company has in-depth tenant screening processes to find qualified tenants. They will remove bad applicants from the applicant pool to avoid them causing problems with your property.
Handle Maintenance and Repairs
As your property investments grow, you'll find yourself getting more calls about problems and needing to handle repairs. Since there's no way to automate these tasks, it means spending time on the phone coordinating between tenants and maintenance.
Outsourcing tasks like this is something property management companies can handle. They will handle phone calls about problems and ensure everything in your property stays in great shape.
Maintain Legal Compliance
When renting it to tenants, you can't do anything you want with a property. Many local laws govern what you can require of tenants and how you maintain a property.
Working with experienced property management companies will help you maintain compliance. They have experience with many types of properties and understand how to handle each one.
Quick Response to Issues
You may not want to be glued to your phone all day if you're an individual landlord. Unfortunately, that may leave tenants hanging if they face an emergency.
Many management services have 24/7 service to respond to issues. This means tenants can get a timely response to problems instead of getting frustrated while waiting.
Fill Vacancies Faster
You can't afford extended vacancies as a property owner. Every month without a tenant is lost income.
Many property management companies are great marketers. They know how to write rental ads, attract quality tenants, and get vacancies filled quickly. As a result, you can expect minimum time with vacant rentals.
Get Rent on Time
Rent collection is one of the most challenging parts of being a landlord for some people. You have to stay on top of some tenants to ensure they pay on time.
Property management companies can handle this for you. They will promptly collect rent, pay you what you're owed, and handle problem tenants who don't pay.
Use Property Management for Your Investment Property
It's easy to get overwhelmed when starting with real estate. You buy property expecting passive income, only to discover that there's much more work than you expected.
The good news is that property management companies are available to help you manage your investment property. At PMI Prime Home, we offer several services to help landlords manage their portfolios easily and efficiently.
Get in touch today to learn more about how we can help!
