Investing in rental property can be a great source of passive income, but it can also be a lot of work. After all, everything that comes along with managing tenants and maintaining the property can be very stressful and time-consuming. If the intent was to free up time while still making money, it isn’t likely to happen without help.
Taking advantage of the right resources can improve the rental experience from every angle. This article explores the benefits of professional property management.
High-Quality Tenants
When you turn the keys over to a new tenant, you are putting your investment property into someone else’s hands. You want to be able to trust that this person – or family – will treat your property with the utmost care.
Unfortunately, choosing the wrong tenant can lead to extensive damage, legal issues, and financial loss.
With a professional property management team, you can feel confident that their tenant screening tools and expertise will land you high-quality tenants who will care for your property, abide by the lease, and pay their rent on time.
Knowing what to look for and how to spot scams is key. And this is what property managers do.
Increased Rental Income
When you have reliable tenants, you also have reliable rental income.
Property managers find ways to streamline rent collection, ensuring efficient processing so that you get your money promptly.
What’s more, high vacancy rates are never a good thing as it means you still have expenses on the property while not bringing in any income. With a property management team, you can expect low vacancy rates. New tenants will be found when needed and rental income will continue quickly.
Improved Property Value
You can count on your property management team to physically take care of your rental property, including performing preventative maintenance and regular inspections. By being proactive in this manner, you minimize your risk of requiring costly repairs in the future.
Further, improvements and upgrades can be addressed and plans can be made so that your property is always attracting the top tenants at solid rental rates.
Time Savings
Something most rental property investors don’t consider is how much time they will have to put into being a landlord — especially if there are multiple properties involved.
There are so many things that require time, such as getting the property ready to rent, marketing it, showing it, screening tenants, being on call 24/7 for maintenance issues, and collecting rent. That doesn’t even include the preparation of the lease, managing documents, handling evictions, and so forth.
Being a landlord comes with a lot of responsibility alongside its rewards. With an experienced property management team, you’d simply enjoy the extra income while they handle everything else for you.
Less Paperwork
Finally, your rental property requires paperwork. You have to properly prepare a lease, making sure that it has all of the necessary parts to protect your rights, as well as the rights of the tenant. You also need to make sure it complies with housing laws. Once signed, you will need to maintain this, as well as any other move-in/out paperwork.
Tracking income and expenses is also a vital part, including maintaining repair receipts and records of payments.
While having an organized system can make this a bit easier, it is still a time-consuming situation — something best left to professionals.
Property management teams and the benefits they bring make it easy to have peace of mind knowing that your rentals are in good hands.
Virginia Property Management Group is a team of licensed realtors with industry-leading flat-fee pricing and world-class technology and service. They offer property management services in Northern Virginia, such as tenant screening, maintenance, rent collection, and more. Visit www.virginiapropertymanagementgroup.com or call (571) 749-2622.
