Benefits of Using a Property Management Company
Partnering with a professional property management company can be invaluable to all types of real estate investors. Here are the benefits of hiring a The Property Pros, a full-service property management company, in Wichita, Kansas.
#1: Screen out problem tenants
One of the biggest benefits of property management is that the property manager will handle tenant screening. Experienced property managers see hundreds of applications, so their trained eyes are more likely to notice potential red flags when reviewing an applicant’s paperwork. They’re quickly able to spot good tenant qualities, such as paying rent on time, taking care of the property and more. Letting them manage the tenant screening process can improve your chances of landing a reliable renter.
More on this this subject at the Property Pros blog, 5 Ways The Property Pros Can Help Find Quality Tenants
#2: Save you money on maintenance and repair costs
Using a property management company may also come with discounts for maintenance services if the property managers work with a regular service provider or employ an in-house maintenance staff. They can perform regular inspections and find issues before they turn into bigger problems, which will reduce the number of emergency repair bills.
The number of rental owners without a property manager who selected maintenance as a top stressor was 7% higher than those who do have a property manager to help them maintain their properties and address emergency repairs. This isn’t a surprise, since one of the biggest ways property managers save investors money is through their ability to negotiate better contracts with various trade professionals. Additionally, property managers bring those contractors more work than just one property. Because of this, property management companies are able to negotiate lower rates than the typical landlord or investor can. This saves everyone money over time.
#3: Avoid potential legal issues
Of course, property management companies are not legal professionals, but they do have experience with legal issues that your typical real estate investor does not, especially if the investor is not a local to Wichita. Through years of industry expertise, property managers likely have a deep understanding of local laws and may offer valuable feedback which may help avoiding common costly pitfalls and the legal fees.
Property managers understand landlord-tenant laws and fair housing laws, which can help you avoid potential lawsuits and save time, money and energy in the long run. They will also typically take care of any lawyer fees associated with evictions or property damage issues. If you’re not comfortable handling things like evictions, signing and terminating leases and handling rent and security deposits, you may need property management company expertise.
Rental owners with a property manager are less stressed about legal issues than those who run their properties without an expert’s assistance by a difference of 12 percentage points—the largest difference on our list, illustrating the peace of mind that hiring a professional who’s well-versed in property management laws provides to owners.
#4: Better Technology & Marketing
Property managers are skilled at rental marketing, including writing rental ads, taking high-quality photos and hosting open houses. They also have local real estate knowledge and will be able to help you set a competitive rent price. PM’s have the technology already in place to make it easy for tenants to pay rent, file maintenance work orders, and submit requests online.
Additionally, property management software typically allows for rental listings to be posted to 12-plus common and popular rental websites along with professional on-site marketing, like yard signs. The additional exposure attracts a larger pool of potential applicants. to ensure residents that are the right fit and keeping them renting for longer a much easier process.
#5: Better Quality Contractors
In addition to negotiating more affordable contracts, most property management companies also have access to better-quality contractors. They’ve already done the leg work of vetting contractors and building relationships. They have more connections and access to better workers that ultimately provide more cost-effective, higher quality, and longer-lasting results.
#6: a Local Expert & Trusted advisor
If you’re looking for good real estate investment opportunities, you may venture outside your market to get in on a booming area. Partnering with a local property manager gives you an on-the-ground expert. Then you enjoy the freedom to build your real estate investments from wherever you live.
In addition to gaining a local expert, a property manager can act as a trusted advisor when looking to expand your real estate portfolio. If you’re taking a growth-focused, profit-driven, or long-distance approach to real estate investment, bringing a trusted advisor into the equation is extremely beneficial. Being presented all the details before purchase allows real estate investors fully understand the business case and make timely decisions on what properties are right for their portfolio.
#7: Reduce your rental headaches
Property managers take the stress and day-to-day-management off your plate. Owning property can be a lot of things : exciting, profitable, rewarding. But it can also be stressful. The everyday responsibilities that come with renting out your home can sometimes seem daunting for hey busy homeowner. Screening tenants, scheduling maintenance request, scheduling move-ins and move-outs, handling tenant complaints, handling taxes and legalities, and collecting rent can be a full-time job. Owning property can be a very profitable investment, it does come with its own unique challenges.
When done correctly, renting out your home can be a smart and profitable investment. But it does come with work. Landlords who are interested in learning the regular income associated with the rental property, but not so interested in all of the work that it takes to maintain it, usually find stress relief in hiring a property management company, such as, The Property Pros located in Wichita, Kansas.
Having the Property Pros on your team, can help you navigate the rental process and take on a majority of the responsibilities, can help reduce stress and make the landlord experience an enjoyable one. If you are a property owner or interesting in buying real estate as an investment, contact The Property Pros today!
The Property Pros Realty Group
