A rental property owner's success is often dependent on the skill and expertise of their property management company. An excellent rental management company keeps landlords from making the same mistakes. They can also help with everything from collecting rent to maintaining the property.
Whether you have a few properties or a significant portfolio, there are many ways rental property companies can help rental owners generate tremendous cash flow. Our Detroit property managers tell you about five ways the best professionals support property owners.
1. Reduced Vacancy Times in a Detroit Rental Property
There are few things more frustrating (and costly) than empty rental apartments. Each day that a property is unoccupied reduces the revenue that goes to your bottom line. A unit may be vacant for weeks, even months, if you don't have the time or resources to attract potential renters with an effective rental property listing, then move them into your rental right away.
A residential property management company works tirelessly to keep every rental property leased throughout the year. A property manager also knows the right strategies for marketing vacant rental properties and screening potential renters, ensuring that your properties will be rented promptly and to trustworthy tenants. Finding quality renters faster is critical to reducing vacancy times!
While it can be hard enough to fill one rental property, you could experience several tenants moving out simultaneously at the end of their leases if you own multiple rentals. If you don't have the means to market three vacant properties, and screen multiple renters, you'll lose money from multiple rental units at the same time. With a Detroit property management company working on your behalf, you have experts to place more than one quality resident to end multiple vacancies.
2. A Professional Front for Your Investment Business
The more professional your real estate investment business appears, the more attractive your properties become to renters. A property management firm delivers a formal appearance that helps prospective tenants trust that their rental home is in capable hands.
When a property maintenance crew member is in a uniform when it's time to handle preventive maintenance tasks, your residents feel safer and confident that professionals have everything under control. In addition, this level of professionalism demonstrates that you care about your properties and deliver excellent services to residents.
3. The Best Residential Property Management Companies Have Liability Insurance
When you use the best property management Detroit, MI offers, you also gain the security of knowing they are covered by liability insurance. Have you ever been sued by a contractor working in one of your rental properties? Most reputable property management companies don't put their employees or your properties and income at risk by working without proper insurance coverage. By operating this way, property managers help protect investors!
4. A Professional Maintenance Team
Whether it's routine maintenance or a significant repair, property owners must be careful about who they let work in their properties. When a tenant calls with a maintenance issue, someone needs to respond promptly, usually within 24 to 48 hours. Without a property management company there to provide 24/7 availability, property owners must answer those middle-of-the-night calls and try to find an after-hours repair service.
However, with a property management company to handle day-to-day maintenance tasks or weekend emergencies, you won't have to worry about being an expert at plumbing and HVAC repair. Property management maintenance crews also perform periodic inspections to watch for any issues that might pop up over time.
5. Well-Establish Procedures in Place
It can be difficult to care for each of your rental properties and tenants with consistency in your operations without expert help. Whether you have one property or five, it's too easy to give more attention to one over the others. With a property management company, you can rest easy knowing each rental property (and renter) is getting exactly what it needs.
Residential Property managers already have proven processes in place to handle everything investors need to maximize returns. Their experience also ensures that property marketing and tenant screening complies with local, state, and federal. A property management company can also help a property owner grow! Because they have established processes, adding more residential properties to your portfolio and generating income is easy.
Partner With the Best Detroit Property Management Company
The best property management firms offer a wide range of services to real estate investors who might not have time or experience to care for their properties with the strategies to meet their goals. While there are plenty of property management companies out there, make sure you find one that's right for you!
Our local expertise is what sets Own It Detroit apart from other property management companies. Reach out to set up an appointment to speak to one of our seasoned real estate experts!
Learn more about how property managers support investors! Download our free "Guide to Finding the Best Detroit Property Management Company."