Many of the world's wealthiest people started in real estate, but it's not an easy way to make money.
Being a landlord is hard work. As a property owner, you need to maintain your property, manage your tenants, and keep track of all the paperwork involved.
Fortunately, there's an easier way to earn passive income from your investment property. Read on to discover how a property management team can help you save time and money.
Effective Rental Property Marketing
A lot of hard work goes into attracting the right tenants to your property, and a property management firm does it all for you.
They conduct an extensive rental analysis to determine an attractive rental for your vacant property. This involves using rental comps in the area to determine a fair yet lucrative rental price for the home.
If your home doesn't measure up to the competition, they can advise you on cost-effective, value-adding improvements to increase its appeal.
When the work is done, they arrange professional photographs and compose appealing listings to market your rental property most effectively. They publish these advertisements on top-performing platforms to attract the best tenants.
Tenant Screening Services Protect Your Investment
Protecting your property from damage is imperative for preserving its value. Bad tenants may cause extensive damage to your home, resulting in unexpected repair costs.
To help you avoid this scenario, a property management company screens every rental application.
They conduct thorough, legally compliant background checks on prospective tenants. These serve to confirm the following:
- Identity verification
- Eviction history
- Criminal history
- Employment confirmation
These investigations increase the chances that you'll end up with good tenants who pay rent on time and take good care of your home.
Property Management Safeguards Your Money
Placing bad tenants in your rental home is a costly mistake. It can end up in expensive eviction proceedings and result in a loss of earnings due to vacancies.
A property manager can help you avoid these costs with regular property inspections to ensure lease compliance.
They ensure prompt rent collection and carry out routine maintenance. Staying up-to-date with these ongoing tasks means small fixes don't become unnecessary or expensive repairs and replacements.
Thanks to their industry connections, property managers ensure you get the best prices and service for maintenance and repairs, too.
Property Management Limits Vacancies
Professional property managers employ the latest technologies. This software helps them:
- Communicate effectively with tenants
- Streamline rent collection
- Take care of maintenance requests promptly
All the above factors add up to keep your tenants happy and encourage them to renew their leases.
If a good tenant moves on, your property manager will quickly find a new one thanks to their expert marketing and tenant screening skills.
Work With San Josè's Property Management Experts
Choosing the right property management company helps you maximize your investment property. They help you attract good tenants and limit vacancies.
PMI San Josè offers a full range of property management services for property investors. Get in touch to find out how we can help your investment property work for you.