Whether you own a small collection of homes or a complex, running the day-to-day business can be incredibly time-consuming, especially if this isn’t your only professional responsibility. You may not have the time in your schedule to market and maintain your properties, which can lead to potentially lost income. But you don’t have to do this alone.
While working with a property management company might seem like an added cost, their help can ensure you get the most out of your rental properties. Regardless of the rental properties you own, having a management team on your side is the best investment you can make. If you’re considering hiring a property management company, keep reading to learn more about how their help pays off.
What Does a Property Management Company Do?
When considering hiring a property management company to support your day-to-day business operations, it is important to understand what they can do for you and your properties. Some of the most common responsibilities taken on by a management company include:
- Rent Collection
- Tenant Screenings
- Maintenance Requests
- Property Marketing
- Inspection and Evictions
When you hire a management company, they take care of a variety of everyday administrative responsibilities you may not have the time or training to do yourself. With their professional support, you can ensure shorter vacancies and increased income throughout the year.
Do You Own Enough Properties to Hire a Management Company?
One common question property owners ask themselves is whether they own enough property to hire a management company to support day-to-day operations. If you only own one or two homes, you may not need the added support provided by a property management company to maintain tenant satisfaction.
However, as you add more properties to your portfolio, doing this on your own becomes increasingly difficult. Often, it is in your best interest to consider hiring a property management company to help you care for and market your properties if you have more than five properties in your portfolio.
With their support, you can ensure that every property receives the care it deserves without diverting your time from other professional responsibilities. Additionally, if you’re new to property management, hiring a team of trained professionals to help with this task may be best, even if you only own one property.
How Can They Help You Maximize Your Rental Income?
A professional property management company can be valuable in helping you maximize your rental income. With their market expertise, they ensure your property is priced competitively while optimizing revenue. They also handle marketing, utilizing proven strategies and listing platforms to minimize vacancy periods and maintain consistent occupancy of your property.
Some ways property management companies help you increase your income include:
- Strategic Pricing: Your management company will analyze market trends to ensure your property is listed for the appropriate rental rate.
- Effective Marketing: The team will take professional photos, ensure it is listed for the best visibility, and help you reduce vacancy rates.
- Thorough Screenings: They will thoroughly screen potential tenants to ensure you have the best tenant living in your property.
- Timely Rent Collection: In addition to ensuring the tenants are a good fit for your property, your property manager will also ensure that the rent is collected on time.
- Regulatory Compliance: Property managers stay current on laws and ensure your properties always follow appropriate guidelines.
With professional oversight, your rental property is protected, compliant, and financially productive. By streamlining operations and taking on day-to-day responsibilities, a property management company allows you to earn more while reducing stress and minimizing costly mistakes.
What To Look For In a Property Management Company
While hiring a property management company for your properties is incredibly important, you shouldn’t just settle for the first company you find on the internet. There are a few things you should look for in your management company to ensure you get the most out of their professional support, including:
- Experience: When selecting a management company for your properties, consider a team with years of experience or one that has managed properties similar to yours, ensuring they’re well-equipped for the job.
- Services Offered: In addition to a team with plenty of experience, you want to choose a company that offers all the services you need. Whether you’re looking for rent collection, inspections, or maintenance, ensure they can meet your needs.
- Fees: If you believe you’ve found the right property management company for your properties, you also want to ensure their fees align with what you expect to pay and that you won’t lose money every month.
- Licenses: Before signing with a property management company, ensure they meet the proper licensing requirements. The team should have a real estate broker license or a property management license, and should be able to verify this for you.
- Communication: The final step in selecting the right management company for your properties is discussing your preferred communication methods. Their preferred communication method should align with yours, to ensure you’re always in the know.
Managing Properties Across the Wasatch Front
Although you might not realize it, working with a property management company is a great way to ensure you get the most out of your rental potential. However, it is equally important that you choose a team with extensive experience in the industry. If you’re looking for a reliable property management company in Northern Utah, turn to our team at Premier Utah Real Estate.
Since the 1990s, our team has helped homeowners, buyers, and property owners across the Wasatch Front find and care for their homes. Whether you need a team to help with monthly rent collection, inspections, or maintenance, we have the training and tools to do it all with ease, ensuring long-term tenant satisfaction.
When you’re ready to learn more about our property management services, contact our team for support.
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