As a property owner, one of the most significant decisions you will have to make is hiring a Metro Detroit property manager or managing properties yourself. Landlords that self-manage rentals often do so with the goal of saving money. However, they could be missing out on critical benefits that come with professional property management!
One key benefit is expert marketing for vacant rental properties. The right marketing strategy reduces vacancies and helps real estate investors make more money! What could marketing benefits could you be missing without a property manager? Here's what rental owners need to know.
The best property management company frequently screens new renters for multiple property owners and vacant properties. This means they have a ready-to-rent database of potential tenants that could be a good fit for your property! When a renter isn't quite the right fit for one rental, property managers keep screened (and qualified) potential residents on file to reach out to when another property (like yours) becomes available).
This type of resource means you experience less downtime or vacancies at the end of a lease term because your property manager has a list of good prospects that have already been screened and could move into your rental quickly. Without a property management company, real estate owners don't have access to that type of resource. They can experience long vacancy times while going through the application and screening process for a new renter.
Rental property listings remain the best way to showcase a property and attract new tenants. However, poor-quality listings won't stand out from the competition or generate enough attention to rent your property quickly.
A key benefit of hiring a property manager is their experience in producing better and more professional listings. An experienced Detroit management expert knows what it takes to write a listing that will sell effectively. Every listing includes critical details about your rental, the surrounding area, schools, nearby amenities, and more.
A residential property management expert will also know how to take high-quality listing photos that capture the attention of potential tenants. With today's Detroit renters scrolling through hundreds of online listings to find rental homes, eye-catching photos are a critical aspect of stopping their scroll and encouraging potential new residents to fill out an application.
If you're dealing with long vacancy times and low interest in your Detroit rentals, it's time to consider hiring a Metro Detroit property management team to boost your listings to rent properties faster.
As it pertains to most business activities, including marketing, big businesses have a significant advantage over small ones. One of the advantages is economies of scale, which refers to the economic benefits of dealing with a large scale.
Another property marketing benefit that a Detroit property manager can offer property owners is the scale of their marketing efforts (and the lower pricing that comes with the economies of scale). A good manager markets multiple rentals for real estate investors throughout the Metro Detroit area. They also have access to resources that stand-alone landlords won't have, like posting listings on the MLS.
Property management companies can get more value for your marketing budget due to placing higher volumes of listings per month. You benefit from lower marketing costs to enhance your returns (and find renters more quickly).
Marketing your property is not only about attracting the attention of potential tenants. It is also about getting high-quality tenants to your property.
A professional rental management expert knows how to market your rentals to attract quality renters. From setting the ideal monthly rental rate to targeting marketing efforts to reach the best prospective renters, a property management expert maximizes marketing efforts to reduce the potential of bad tenants.
When rental applications start coming in, your property management expert also conducts a thorough tenant screening process to evaluate various tenants. Tenant screening includes background and credit checks that reveal in-depth information about prospective tenants. A comprehensive (and legal) screening process is essential to ensuring that you get reliable tenants in your property.
Good tenants pay the rent on time, don't damage the property, and often renew their leases!
You know that a Metro Detroit property management company collects the rent and takes care of maintenance issues, but don't overlook the marketing perks that come with expert management! Ready to experience shorter vacancy times, longer tenancies, reduced marketing costs, and better tenants? It's time to take advantage of the marketing benefits of professional property management services!
Own It Detroit knows the market and how to attract quality residents to your rentals. Whether you need help with a few properties (or many investment homes), we're here to help real estate investors maximize returns!
Learn more about how property managers benefit landlords. Download "The Guide to Finding the Best Detroit Property Management Company!"