As the average cost of newly listed homes has risen 13.5% since March 2021, renting continues to grow in popularity.
Real estate investors are expanding their portfolios, and they realize the value in full-service property management now more than ever.
Consider the cost of hiring a full-service property management company as an investment. A property manager won't only make your job easier, but they could increase the chances of growing your bottom line.
Not convinced? Keep reading as we discuss the critical services a good property management company can add to your rental portfolio.
What Is Full-Service Property Management?
Property management companies can handle the daily operations of your real estate assets. They will market properties for rent, find and screen tenants, manage property maintenance and collect rent. They also deal with any concerns or questions raised by tenants.
A property management company manages several property types, including single-family homes and condos and vacation rentals. They can also handle mobile home communities, apartments, and retail and office spaces.
Sourcing Tenants
If you have a property sitting empty, it's imperative to find a tenant as soon as possible. A property management company can bring a lot of expertise to the table. This is important when marketing to tenants, screening prospects, and showing units.
Routine Property Maintenance
Managing property is time-consuming, especially when dealing with maintenance requests from tenants.
A property manager can alleviate this burden by triaging and managing tenant requests. They will call for routine maintenance and inspections as needed, which streamlines the process for all involved.
Rent Collection
In some markets, it's a challenge to reel in rent payments from tenants every month. A property management firm can handle rent collection for you. Sometimes they even offer online portals that are more convenient for your tenants, allowing them to pay online when rent is due.
Bookkeeping
With multiple properties and tenants, bookkeeping quickly becomes one of the most challenging aspects of property management.
A property management company can track your management financials. Then, they can provide detailed reports so you can keep tabs on your investments.
Do You Need a Property Management Company?
If you're a real estate investor or own property you'd like to rent, you'll benefit from the services of a property management company. Consider hiring a property management company if you:
- Don't want to manage your real estate property actively
- Have limited time to dedicate to property management
- Can afford the added cost of a property manager
- Don't live within close proximity of your real estate asset
- Own (or plan on acquiring) several rental properties
- Have a rental property that's in an affordable housing program
If any of the above statements are true, you could benefit from having a property management company. They can save you many headaches and free up time for you to invest resources in other areas.
Let Us Manage Your Miami Rental Property
A property management company's job is to take the stress of managing a property off of your plate. Property managers exist to create an effective buffer between you and your investment. With this buffer, you can provide a better experience for your tenants.
When working with HomeRiver Group Miami, you get full-service property management. We also provide access to state-of-the-art technology, standardized systems, and best practices.
Explores our services today to learn more.
