On the off chance that you have a rental property, the odds are that at some point, you’ve contemplated hiring a property management company. And it’s a good consideration. While some rental property owners think twice to pay someone else to care for their investment, for others, there is no substitute for the professionalism and expertise that a great property management company can offer. But even more than that, when you hire a professional property management company, you have access to benefits and expertise most do-it-yourself landlords don’t have. If you are still undecided on whether to hire a property management company, here are six great reasons why professional Lakeland property management might be the best decision you ever make.
1. Lower Maintenance and Repair Costs.
Maintenance and repairs can be a challenging aspect of rental property ownership, especially if you are new to being a landlord or don’t have a lot of time to do the work yourself. But more than that, it can be hard to know who to call when disaster strikes. Knowing when a job requires a licensed contractor is, at times, tricky to figure out. The last thing you should do is choose a service provider at random because you need someone as soon as possible – that is a good way to wind up paying far too much for lower quality service.
A professional property management company, on the other hand, can help you carry out preventive maintenance and repairs that will help avoid expensive emergencies. What is more, the best Lakeland property managers have contacts with contractors who have proven themselves to be trustworthy service providers. These relationships with contractors can help reduce maintenance and repair costs while keeping your property in good condition.
2. Trusted Vendors.
Your rental property is a valuable investment. So it makes sense to use only experienced and trusted vendors for all necessary services. But if you’ve never dealt with vendors or negotiated service contracts, you may end up getting charged far more than a professional property management company would. One great benefit of hiring a professional property management company is that they have done all the legwork to vet all home service vendors, taking all the guesswork out of hiring the people you need. Plus, a professional property management company often has far more leverage than an individual property owner, frequently leading to preferential pricing and lower service costs passed on to you.
3. Accurate Rental Market Data.
If you are new to rental property ownership, chances are you don’t have a lot of experience assessing your local rental market. Unfortunately, too often, this leads to landlords who don’t know how to accurately research and find comparable properties and therefore calculate a reliable, fair market rent. If you don’t feel confident in your ability to comp the market, a professional property management company can be a big help. As experts in the local rental market, great property management companies like Real Property Management Lakeside will do all the research for you. Providing you with local, comparable properties and a fair market rental rate that you can feel confident charging your renters.
4. Maximize Monthly Income.
Setting a correct rental rate is a big part of making sure your monthly rental income is as high as it can be. If you’re not doing so, you’re leaving money on the table, or worse, you may price the investment property too low, resulting in a longer vacancy as prospective renters wonder what is wrong with the property. But there are many other ways that a professional property management company can help you maximize your monthly income.
At Real Property Management Lakeside, we often work with rental property owners to make small but impactful upgrades to their rental homes that allow them to charge a higher rent. By knowing where to put each investment dollar, our rental property owners not only increase the monthly return on their investment but often see increases in overall property values as well.
5. Professional Tenant Relations.
One concern that often holds rental property owners back from hiring a professional property management company is a fear of angering a current tenant. It’s not an unreasonable fear: tenant relations can be a very challenging aspect of rental property management. It takes time and effort to establish good communication with a tenant and respond promptly to their questions and requests. But the risk of upsetting your tenant is small when compared to the advantages of saving all that time by handing your property management over to a trusted professional property management company. A professional property manager may even be able to offer more ease and convenience to your tenant, something many tenants find they like a lot.
6. Property Management Pays for Itself!
Many do-it-yourself landlords think that handling their own property management is the cheaper way to go. But the reality is that owning a rental property is a long-term investment best entrusted to the professionals. Ultimately, hiring a professional property management company quickly pays for itself through convenience, time saved, and maximized profits. After you hire a trusted professional like us, you may wonder how you ever got along without a property manager!
To learn more about our Lakeland property management services, contact us online today!
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