Owning a rental property is hugely profitable, but the real benefit comes from making this a passive income source. This is where hiring property management experts is vital.
Ensuring your rental home is making money takes a lot of time and effort, and it can be stressful to handle this by yourself. By working with industry specialists, you can sit back and relax while they take care of the hard work.
Find out why outsourcing your rental house responsibilities is the best option.
Expert Knowledge
One of the main benefits of outsourcing services in the rental property industry is that you gain expert knowledge. A local property manager knows precisely how much your investment home is worth, and they can find responsible tenants who can afford to pay the rent.
When you outsource marketing of your property, this means you also save money. Your property manager will ensure your home is occupied in a short timeframe, reducing what could otherwise be expensive advertising costs.
Fast and Affordable Maintenance Services
Many landlords focus on how much they can charge when leasing their properties. While this is understandable, you also need to remember there will be costs for repairs and general maintenance.
This is a critical part of being a landlord, as you need to provide a safe environment for your tenants. In addition, if your rental house is in first-rate condition, you can charge higher rental prices.
However, you can't outsource tasks for maintenance to any local company as they may not produce a suitable standard of work. Some firms may even overcharge, reducing your profit margins.
A property management company will have a list of vetted and reputable maintenance companies. They'll often have agreements that repairs can also be carried out at short notice. This can give both landlords and tenants peace of mind.
Time Savings and Stress Reduction
You shouldn't overlook the value of time savings and stress reduction when considering the benefits of outsourcing. Although handling issues yourself may seem simple, this is usually far from the case.
For example, tenants may complain about cold air coming through a gap in a window. This means you have to make time to inspect the property. If you disagree with the tenant, this can lead to a stressful dispute.
If you do agree to fix the issue, you then have to find and pay a tradesperson. This can take many phone calls and could require being on-site to let a company into the property.
This is just one example, and many landlords find that repeating this type of process many times over the course of a year isn't worth the hassle.
Contact PMI East Bay for Your Property Management Needs
As a full-service real estate asset management company, PMI Eastbay is here to help. We combine modern technology with that all-important personal touch, ensuring you get the greatest benefit from your rental property.
Our professional approach means your property is in good hands and you receive a passive income each month.
Take the first step and contact us to learn how we can help with your property management needs.
