Investing in real estate is a lucrative business. Just ask this 25-year-old raking in serious cash. While it may be attractive as passive income, it can also be a lot of work.
If you’re not familiar with your local market, or if you don’t have the time to manage your property yourself, it may be wise to hire a rental property management company.
These companies can take care of all the daily tasks that go along with rental properties, from finding tenants to handling repairs and maintenance. So, if you’re thinking about investing in Memphis real estate, be sure to consider hiring a rental property manager. Read on to learn 5 clear advantages of doing so.
1. Find the Best Tenants
A rental property management company will find the best tenants for your property. They will screen potential tenants and select those who are most likely to pay rent on time and take care of your property.
Hiring a rental property management company will also protect you from bad tenants. They will perform background and credit checks on all potential tenants and will reject those who look like they may cause problems.
This saves you time and money, in the long run, avoiding expensive damages and evictions.
2. Handle Legal Issues
The property manager is intimately familiar with the ins and outs of local regulations and laws. He or she knows which permits are required for any given project, and how to work with the relevant officials to get those permits in a timely manner. This allows the property manager to keep projects on track and avoid any delays.
A property manager will have a good working knowledge of the law, and they can provide impartial mediation between tenants and landlords. They can also offer advice on how to avoid future disputes, and they can help to develop a set of policies that will foster a positive living environment for all involved. As a result, a property manager can help to minimize the stress and hassle of being a landlord.
3. Collect Rent
Rent collection can be a challenge when you own and operate a rental property. In fact, it’s one of the most difficult aspects of being a landlord. Not only do you have to keep track of when rent is due, but you also have to chase down tenants who are late in paying.
This can be time-consuming and frustrating.
One way to ease the burden of rent collection is to hire a rental property management company. A property manager will handle all aspects of rent collection for you, from sending out monthly statements to following up with late-paying tenants. This can take a lot of the stress out of being a landlord.
4. Improves the Value of Your Property
If you own rental property, you understand the importance of keeping your property well-maintained. After all, a well-cared-for rental will not only attract high-quality tenants but will also fetch a higher rental rate.
While you may be tempted to save money by managing the property yourself, this is often not the smartest choice. A professional property management company helps to increase the value of your rental over time.
They have the experience and knowledge necessary to keep your rental in tip-top shape. As a result, you can rest assured knowing that your rental is in good hands – and that its value is being maximized. After all, the more money you make, so do they, so it’s in their best interest to make sure your property keeps increasing in value.
5. They’ll Keep Detailed Records
Any landlord knows that one of the most important aspects of managing rental properties is keeping meticulous records. From tracking rent payments to documenting repair requests, accurate recordkeeping is essential for maintaining a well-run rental business.
This is where a rental property management company can be a lifesaver. The best property management companies will keep detailed records on all aspects of your rental business, from marketing and advertising to financial reports and maintenance logs.
This comprehensive approach to recordkeeping ensures that you always have access to the information you need to make informed decisions about your rental properties.
What to Look For in a Rental Property Management Company
Memphis is a great city to invest in real estate, and hiring a rental property management company can help you make the most of your investment. With a property manager on your side, you can enjoy the many benefits of owning rental property without all the hassle. This way, you can enjoy the returns that Memphis has to offer without even living in the city.
When you’re considering hiring a rental property management company, there are a few key things to look for. First, you’ll want to make sure that the company is licensed and insured. This protects you from any liability in the event that something goes wrong.
Next, you’ll want to read reviews from other landlords. This will give you a good sense of the quality of the company’s services.
Finally, you’ll want to get a detailed quote from the company. This will help you to understand the full scope of their services and what you can expect to pay.
Checking these boxes will ensure you get all the benefits of a rental property management company and none of the hassles.
Hire the Best Rental Property Management Company Today
Leave the day-to-day tasks such as finding tenants, collecting rent, and maintaining the property to us. We’re a rental property management company that will allow you to maximize profits while having peace of mind knowing your turnkey property is in good hands.
We’ve managed over 2400 properties in the last 12 years so you know you’re getting expertise along with a proven track record.
Browse our available inventory and contact us today to get started on your journey of enjoying the benefits of property management.