Owning real estate investments can be incredibly rewarding, and at the same time they can be a huge time-suck.
Here are 3 ways that hiring a property manager can help you grow your real estate investments.
1) Property Managers Set The Right Rental Rates
Rental rates are determined by 3 things:
- Competing Rental Prices in the area
If your rental rate is too low then you will lose money. If your rental rate is too high then you won’t be able to rent it. You want to find the happy medium when setting the rental rate.
Property managers are seasoned veterans when it comes to setting rental rates. They conduct a thorough market analysis of your property and cross-examine your property with other properties in their database.
If you want to get the highest rates possible then a property manager is the way to go.
2) Property Managers Lower Your Vacancy Rates
If your property is vacant then you are losing money.
You could try advertising your property online, using newspaper ads, posting to facebook, or even asking your friends if they know someone who needs a place to rent. But doing all of this yourself is time consuming and gets expensive.
Property managers have systems in place to advertise your property on dozens of online channels (including their website) with only the click of a button.
Remember this the next time you try to advertise a property yourself.
3) Property Managers Find Long-Term Tenants that Protect Your Property
Property managers have tenant-screening processes to separate the wheat from the chaff.
Your ideal tenant is a low-maintenance tenant that will help take care of the property and rent the property for a long time. (You don’t want to be losing money on leasing fees and renovations!)
When it comes to finding the best tenant for your property, it is probably best to let the property managers handle it.
Want to know more? Click the link to learn more about how property managers can help you grow your real estate investments.