What does a property management company do? Property managers are experts at finding new rentals, helping investors estimate expenses and income, and taking care of rentals and tenants on behalf of the rental owner. Detroit property management companies provide you with the services you need to grow your rental portfolio—without any extra work on your part.
Why is it important to hire a property manager? Keep reading to find out!
"I Don't Need To Pay for a Property Manager."
We hear this a lot: "I don't need to pay for a property manager." While that can be true for a rental property owner with only one rental to manage, an investor with multiple properties can quickly lose money without the right expert help!
If you've chosen to invest in this city, you've made a smart decision! The Metro Detroit area is a thriving residential rental market. Many investors start with one or two properties in the area, then add more as they begin experiencing significant passive income from their properties. However, to keep that income "passive," a growing portfolio requires the best property management Detroit offers!
Looking for a Good Rental Property Requires Experienced Insight
One of the best things a property manager can do for you is to help you find rentals with good potential—and avoid properties that won't pay off. A property management expert has access to rental market data to analyze a property, potential costs, and estimated income. If a property shows positive returns, your rental manager can show you the numbers, then help you get the property on the market and generating rental income. However, if a property doesn't deliver good numbers that contribute to a positive ROI for your portfolio, the right management team will advise you against a bad investment.
In many cases, that valuable insight is worth the cost of property management fees! However, your property management team does much more for your bottom line beyond helping you make good investments.
Buying an Investment Property Is Different Than a Home
Analyzing the numbers is only part of the strategy to find profitable rental properties. A property manager helps you focus on buying an investment property vs. a home that you might want to live in.
What renters look for in a Detroit rental home is often different from what you might need or want in your private residence. A property management team has insight into properties that attract quality renters and can command a competitive monthly rental rate.
Your Metro Detroit property manager also advises you about appropriate property upgrades and helps you avoid expensive renovations that might never pay off. High-end countertops or floors might be perfect for your home—but renters might not want to pay a high price for luxury amenities they don't need.
Professional Property Management Services Are Worth It
After buying a new property, some property owners don't take advantage of a property management team's expertise for the daily hands-off care of rentals and tenants. However, without expert management, you could leave money on the table and fall short of your long-term income goals.
Buying a good property is only part of what you need for success! After closing on a new investment, investors experience better returns when partnering with a Detroit property manager that applies the best property management services to every property in their portfolios.
The right property management companies are well-rounded experts that deliver:
- Professional marketing to reduce vacancy times
- Thorough tenant screening to place quality residents
- On-time rent collection
- Professional maintenance services for routine care and all repairs
- Lease enforcement (including eviction, if necessary)
- 24/7 availability
- Budget management and financial reporting
The best property management Detroit, MI, offers also stays up-to-date on all landlord-tenant laws. This is a powerful insight that helps investors operate with thorough and compliant lease agreements and avoid lawsuits. One legal mistake could lead to costly legal problems or shut down your rental properties.
To build a more significant real estate investment portfolio and create tremendous cash flow, investors need the right property management experts to maximize ROIs. When looking for the ideal property manager, choose seasoned specialists with local Metro Detroit experience and the expertise to manage any type of property added to your portfolio, including condos, single-family homes, and other multi-family investments.
Partner With the Best Detroit Property Management Company for Growth
Partnering with the right Metro Detroit property management company isn't about "paying" for services you don't think you need. Owning rental properties can be a great way to build wealth and diversify your income. However, to make it work well, you need the right property managers by your side who know how to find good deals on real estate investments and manage them well.
The team at Own It Detroit knows exactly what they’re doing when it comes to building successful investment portfolios. From analyzing potential properties to applying our experience to maximize returns from every property in your portfolio, we're here to help you meet your long-term investment goals! Reach out soon if you're ready to grow.
What can a property management company do for you? Find out when you download a free copy of our guide to finding the best Detroit property management!