There are over 19.95 million rental properties in the US. 70% of them are owned by individual investors.
Most use them as a source of passive income, but they never become fully passive without a rental property management company. They help handle the day-to-day business of keeping properties profitable.
Read on to learn the benefits of rental property management in Lehi, Utah.
Property managers know how to get the word out about your building. Their methods include:
- Writing online and offline ads
- Taking quality photos
- Hosting open houses
They know which platforms to use to get the best engagement. Their experience can help them negotiate cheaper rates. They'll also know when to close and how to negotiate for a better deal.
Finding Quality Tenants
Managing your vacancy rates means attracting quality tenants. You'll need to find ones that pay rent on time and don't cause damage or issues with other residents.
A property management company can take over the screening process for you. It will include extensive background checks. Once they find you a quality tenant, they'll do everything to convince them to stay.
There are several types of rental property management services. Over 70% of managers handle inspections, leases, and advertising. One of their most underrated forms of assistance is legal help.
A local Lehi rental property management company will be familiar with the laws in your area. This can protect you from liabilities and lawsuits from issues surrounding:
- Wrongful evictions
- Security deposits
- Property damage
- Signing and terminating leases
- Fair Housing Discrimination
- Unit inspections
Competitive Rent Rates and More On-Time Payments
A rental property management company takes a percentage of your rental money each month. You'll soon notice that, with their help, your rental income begins to climb.
They stay up-to-date on real estate and rent trends. This helps them set a fair, competitive rent rate at all times and know when to increase or decrease it.
15% of Americans, or 6 million households, are behind on rent. A property manager knows what to say in difficult situations with delinquent tenants.
Rely on property management for rental property maintenance instead of attempting to do it yourself. They already have a network of licensed professionals to handle any issues. They'll also perform inspections to prevent them.
These connections give them lower rates. Those savings then get passed on to you.
Time savings are another benefit. They'll know who to call and when so that maintenance issues get solved quickly.
The value of the property also increases. Renters will be willing to pay more when it's well-maintained, and so will buyers.
Where to Get Rental Property Management
Hiring a rental property management company gives you a leg up on the competition and makes owning rental properties less stressful.
Property managers can handle marketing, vet all prospective tenants, and come up with competitive rental rates. They're an affordable form of legal help to prevent lawsuits and liability. They also make maintaining your properties cheaper and more efficient.
Contact us for rental property management in Lehi, Utah today.