Did you know? Hiring a Detroit property management company is the best way to protect your real estate investments. A property manager takes over the day-to-day operations of your investment property and follows federal, state, and local regulations, and will help you save time and money while boosting your return on investment (ROI) faster and more efficiently!
In this article, we will discuss how a property manager protects your investment and why it's one of the best decisions you can make for your Detroit investment in real estate!
They are Area Experts
Working with a property management company means landlords do not need experience or a local presence to invest in a property. Suppose you want to invest in a property in Detroit, but you don't live here. In that case, a local property management company is your best resource to find good properties, avoid legal issues, get expert advice, and connect you with credible local resources.
Even if you're local to the metro area, the right property managers can give you an inside scoop on which neighborhoods are likely to increase your ROI versus areas that could attract poor-quality tenants and fail to deliver the returns you need.
When Crisis Happens
Are you prepared for the unexpected? It's smart to hire a property manager to protect yourself and your rentals before a crisis happens. Experienced experts already have crisis management plans to put into action when something goes wrong. Whether it's a pandemic like we've recently experienced or something like a fire, storm damage, or tenant-caused flooding, your rental management team wastes no time assessing the situation and working with tenants, insurance companies, and contractors to minimize your financial loss.
Residential rental managers also take a proactive approach to communication during a crisis. Keeping residents informed and adjusting processes to meet tenant needs while mitigating income loss for investors is part of the standard operating procedure for the right experts!
Managing Difficult Renters
Not every renter pays the rent on time and takes good care of your rentals. A property manager knows how to handle tenants that don't pay rent and enforce penalties in the lease for residents who break the rules.
If necessary, your property management company knows how to legally evict tenants who fail to pay the rent or follow the lease. Evicting a tenant is a lengthy legal process that requires following local, state, and federal laws. A property manager works with your legal team to navigate this process for you, but they always save it as a last resort. The right rental management company works to enforce the lease and encourage renters to pay the rent before the last option of eviction.
Protection Through Tenant Screening
A property management company also protects your Detroit investment from unruly tenants with consistent lease enforcement and tenant screening. The laws and regulations can vary by state, so working with a property management company that is familiar with the Detroit area is a smart way to ensure your rental properties are safe with quality tenants in every unit.
During the screening process, your rental manager checks the tenant's background, credit, employment, rental history, criminal records, and more. Property management professionals also take control over other screenings that could be necessary depending on the lease agreement that some landlords may not think of, such as pet screening.
Peace of Mind Before, During, and After a Crisis
Working with a property manager protects your rental investments before, during, and after a crisis! Real estate investors can have better peace of mind with the right management company handling everything from maintenance, repairs, marketing, and lease agreements. With the best local experts, investors can also expand their portfolios, generate tremendous cash flow, and maximize returns.
During a crisis, maintaining cash flow and minimizing income loss is critical for your long-term financial success. If your property suffers damage, you need expert help to take care of residents and get your property repaired and ready for residents (and rental income) again. When choosing a property manager to protect your investments (through good times and bad), make sure you choose the best-seasoned professionals with local Detroit experience and industry expertise!
Protect Your Investments With Detroit Property Management Today!
If you struggle to maintain cash flow when something goes wrong, you need a better solution to reach your long-term goals! A property manager helps protect your rentals and bottom line—before, during, and after a crisis.
Own it Detroit has the best team of transparent, seasoned, and experienced real estate investment professionals! We have the infrastructure and skills investors need to grow (and protect) Detroit investment portfolios of all sizes. If you think your rentals or income are at risk, let's talk about how we can help!
Learn more about protecting your rentals with our free resource, "Protecting Your Investment Property: A Guide!"