How much time do you spend working? Now compare that to the amount of money you earn without taking time out of your week.
Research reveals that passive income seems to rise with wealth. So, to do better financially, you should find ways to stream in money without working.
Turn your rental properties into a passive income by bringing on professionals to help you manage them. Read on to learn the five amazing benefits of hiring a property management company!
1. Minimized Vacancy
Every day your property sits vacant, it costs you money. You pay the mortgage, taxes, and utilities even when nobody lives there.
The opportunity cost for additional income adds up too. A property manager will minimize the time it sits vacant by optimizing marketing strategies.
When they take over, you can focus on other things. It will feel as if the property is renting out itself!
2. Excellent Tenants
Finding good tenants takes time. It requires:
- A background check to make sure they do not pose a threat
- Credit check to review their bill-paying history
- Rent history to ensure that they take care of their living space
- An interview so you know who will live on your property
Skipping through the process can land you in a nightmare. You may end up dealing with missed payments, damaged property, or worse.
Hiring the best property management company means landing excellent tenants without putting in hours of work. They will go through each step of the process with every prospective renter and weed through to place the top candidate in your rental.
3. Consistent Payments
During a time where 20 percent of tenants across America cannot keep up with rent payments, you want a team helping to manage this. To get rent, landlords often send reminders and then subsequent memos if they do not receive payment on time.
This can turn into a game of cat and mouse that takes up time and causes frustration. Some tenants may even manipulate you by playing on your heartstrings one too many times.
A property manager stays on top of this process. They deal with each tenant, so you do not need to feel bad about insisting on payment. This helps you get consistent payments without the stress.
4. A Well Kept Property
Rental properties, like any home, require consistent upkeep. As a landlord, you become responsible for many of the things you may take care of at your own home.
Between general maintenance, broken appliances, and other things needing attention, this can eat up a ton of time. Property managers stay on top of this with inspections. This also makes sure that a little break does not get let go to the point that it becomes an expensive problem.
Thank goodness for technology! Your property management team offers portal systems that will make everything easier for both you and your tenants.
Payment portals allow for easy automatic rent payments. Data storage makes it easy for them to access important paperwork without needing your assistance. This saves time, paper, and money!
Hire Your Property Management Company
Don't keep taking care of business on your own. Hire a property management company so you can focus on building elsewhere while this investment makes money.
We want to help! Contact us to get started.