A recent survey showed that 34% of Americans think real estate is the best long-term investment. It tops the list but has declined 11% since last year.
Cost is the most common barrier, but managing properties is also incredibly stressful. The duties of a landlord include screening tenants, handling paperwork, completing maintenance requests, and more. It can feel like a full-time job that's almost impossible to handle if you already have another one.
Read on to learn how full-service property management can help you.
Better Property Marketing
A full-service property manager will use every avenue available, including social media, to get your property noticed. They also have access to more listing sites.
They can perform a full market analysis to determine what's considered a fair rental rate. That alone may bring in more tenants.
Comprehensive Tenant Screening
Marketing to tenants is only the beginning. Scheduling showings and interviews is essential, but only to the right ones.
Protecting yourself from dangerous delinquent tenants means extensive screening and background checks. This means looking into their:
- Criminal record
- Credit score
- Rental history
- Employment history
- Previous evictions
Full-service management can handle all of this for you. It's more efficient thanks to their experience and specialized tools such as screening software.
Full Legal Compliance
A local rental property management company will understand the unique local and state laws in your area. These include but are not limited to regulations on:
- Evictions
- Repairs
- Appearances standards
- Code enforcement
There are also tenant laws you need to follow, and full-service property management covers them all.
They start with handling rental leasing. They can write up the necessary documents while keeping them comprehensive and legal.
The legal help continues if problems arise later. They'll cover rent collection and evictions for you. You'll get the money you're owed and remove problem tenants without being taken to court for being discriminatory under the Fair Housing Act.
Easier Property Maintenance
Maintenance is one of the more time-consuming parts of property management. Even coming in to fix a broken lightbulb can put a wrench in your daily plans.
Full-service management includes full-service maintenance. These companies will handle any tenant complaints. They'll do so more effectively because they have a team of plumbers, technicians, janitors, and other professionals ready to help at any time.
Making More Money
Property managers charge an average of 4-7% of the rental income. Full-service management companies offer more services and thus charge more, but think of it as an investment. You'll make more income off of your property over time.
Time is money, and you're not getting paid for the time you spend on management. You can use that time in a more productive way instead. They'll get you more tenants who'll pay more in rent in the meantime.
Choosing a Full-Service Property Management Company
Landlords have to handle so many tasks at once that it can become a full-time job. Hiring a full-service property management company takes it all off your plate.
It helps market your property to prospective tenants, screen their history, and handle their maintenance requests while maintaining legal compliance. You'll be less stressed and earn more money from your property.
Get started with a free rental analysis from Ashburn Property Management today.
