Did you know that in the United States, 70% of rental properties are owned by individual investors?
If you are someone that has considered investing in real estate, this can be a reassuring stat for you to know because it shows you that you can do it. However, you may not know how to manage the property.
This is where leasing management comes in. A leasing management company can help you with the day-to-day operations of your property along with the success of it.
How do lease management companies do this? Here are three reasons to hire them.
1. Keeping Up With the Law
The first reason why you may want a lease management company by your side is that they are more likely to know all of the rules and regulations than you are.
For example, they will know things like how much you can increase your rent by, how long before you can evict someone, what grounds you have to do so, zoning requirements for your property, and more. You would have to spend a lot of time reading and researching all of the laws in your area.
The worst part of this is that since every city and state is different, you would have to read up on a new set of laws for every place you want to invest. A lease management company cuts that out.
2. Proper Rent
The next reason why you want a lease management company by your side is that they have done market research on your area already. They know what you should be charging per month when it comes to renting.
Let's use Utah as an example. The state average is $623 per month in 2021 for a studio apartment. However, if you were to charge that in Salt Lake City, where the average rent is higher, you could be costing yourself money.
Companies like this prevent you from making those mistakes and do the proper research on what rent to charge.
3. Invest From Afar
Finally, having a lease management company by your side gives you more flexible options when it comes to investing in rental property. It gives you someone that can take care of every problem that arises on the ground while you can check on it from afar.
For example, say you are from Los Angeles and want to invest in a rental property near Bryce Canyon National Park. If you were on your own, you would likely have to live near the area to keep up with any issues with the property.
With a leasing manager, you can go back to Los Angeles with peace of mind.
Hire Leasing Management
These are just three of the reasons that you should consider hiring leasing management. This can be a great option for you to get more familiar with the laws around your property, and the proper rent to charge, giving you more flexibility in investing.
Are you ready to get started? See our packages offered here.