Investing in real estate can be one of the most lucrative endeavors. Renting a property out to lease is a great way to create a passive income. However, it can be a large undertaking to do on your own.
Many landlords may want to take a DIY approach and manage their properties on their own. This can often feel like a second job and remove the passive aspect that is a draw for many people.
Hiring a property manager can prevent you from devoting hours to landlord tasks and allow your property to make money for you without a major time commitment. Here's why you should consider a property management team.
Help Set Rental Rates
Charging the right rental rate is one of the most essential rental property strategies. The right rental rates will ensure you have tenants interested in the property.
A property management company can do the research to see what other properties are listed. This way your property can be competitive while also bringing in the maximum monthly income with a low vacancy rate.
Market and Advertize the Property
Marketing your property is the key to bringing in new tenants. An efficient property management service will handle the marketing and advertizing for all of your properties.
This includes creating the marketing content and knowing where to place the advertising materials. This can be a great advantage as it prevents your property from being vacant for long periods of time.
Collect and Deposit Payments
Securing payment can sometimes be a difficult process. A property management company can aid in landlord efficiency by streamlining the process.
A professional company will have the tools to collect payments from tenants in a secure and consistent way. They can also enforce rules to collect payments on time and deposit money into bank accounts.
Aid in the Tenant Selection
Choosing the right tenant is essential, but it can also be a challenge. Professional management companies have property management tools that can aid in tenant selection.
These tools can run background checks and screen tenants when they apply.T This way, you will know about criminal history, credit reports, and employment verification before allowing them to move in.
Maintain Compliance and Regulations
When managing a rental property, it's essential that it is up to code. Professional property managers can ensure your property is up to the local and state building codes.
A company can keep you informed about property laws and regulations that will keep your property compliant. As laws change, a company will also inform you of these to help you avoid lawsuits.
You Can Benefit From a Property Management Team
Leasing out a property can bring in a guaranteed passive income every month. However, being a landlord can often be a full-time job. Managing the property and handling tasks can have you devoting hours of time and effort.
Hiring a property management team can help make the process more passive. A professional team can help landlords and make the process easier for them.
With over 30 years in the residential property management and full-service real estate industries, SJC Management is the ideal partner for landlords. Contact us today to inquire about services!
