So you're a new landlord who's discovered that property investment isn't as easy as people made it look online. Now what? Is it time to throw in the towel?
It doesn't have to be. While being a landlord is more work than you may have thought, there's one thing you can do to make it easier. As a matter of fact, you can outsource almost the entire job.
All you have to do is hire a property management company.
Not sure if it's worth it? Let's talk about it. Read on to learn more.
1. Tenant Screening and Management
Property management companies have screening processes in place to identify responsible tenants. This can help reduce the chances of issues related to non-payment, property damage, or lease violations. In other words, they can help you get tenants who you'll love to have.
Property managers can also enforce lease agreements, handle lease violations, and initiate eviction proceedings. They're also lease negotiation experts.
If you want better tenants and lower vacancy rates, hire a property manager!
2. Legal Expertise and Know-How
Property management companies are knowledgeable about local, state, and federal housing laws. The average property owner may not have this information on hand. This can get landlords in legal hot water.
Property managers help property owners avoid legal pitfalls and ensure that their property management practices are legal.
In the unfortunate event of an eviction, property managers can guide property owners through the legal process. Evictions are tricky, and landlords need to be compliant.
3. Marketing Expertise
Marketing is tricky! However, if you want low vacancy rates, you need to be a savvy marketer.
Property managers have a deep understanding of local real estate markets and can help set competitive rental prices. This will help you attract tenants while still making a profit.
Property management companies use various marketing channels (such as social media and their own websites) to promote vacancies. This will make your property visible to a wide audience.
4. Maintenance and Repairs
Property managers can often help landlords conduct regular inspections to identify maintenance issues early. This can help you prevent more significant (and expensive) problems down the line.
These companies tend to have a strong network of reliable contractors and service providers (or in-house maintenance professionals on their own teams). This can lead to some significant cost savings and ensures that maintenance and repairs are handled professionally as soon as possible
5. Peace of Mind
Property management companies handle the day-to-day operations of being a landlord. They communicate with tenants, handle marketing, and so much more.
This frees up property owners' time and reduces the stress associated with managing these tasks. Landlords can sit back and have peace of mind, which may be the most valuable benefit.
It's Time to Hire a Property Management Company
If you want to make your life as a landlord easier, it's time to consider hiring a property management company. From tenant screening to rent collection, they can help with all of your day-to-day tasks.
If you're a landlord in Kansas City, Kansas, SCUDO can help. Our team of property management experts will help you make the most of your investment.
Get a quote for property management services today.