When people take their first steps into becoming a landlord, they often expect that it will be a simple way to make a passive income. The dream is clear: find a tenant, put them in your property, then sit back and relax as the rental payments come in.
The reality is not that simple. Landlords have certain legal responsibilities. In addition, not all tenants will pay their rent on time, and chasing payments or pursuing evictions is a time-consuming process. Property management companies save landlords time and stress by handling those jobs.
Property Management Benefits for Landlords
Property management is big business, accounting for $88 billion in revenue every year in the United States. Property managers provide a valuable service for landlords:
- Increasing revenue by finding new tenants and reducing vacancy rates
- Increasing tenant satisfaction and reducing tenant turnover
- Collecting rents and reducing lost revenue by reducing arrears and the need for evictions
- Pursuing evictions, in accordance with the law, when required
- Managing repairs and maintenance
- Keeping records for legal compliance
- Handle day-to-day grounds maintenance
- Saving time by handling tenant complaints and inquiries
Experienced property managers know the law and will always follow due process. Many novice landlords are unaware of the law and the rights that their tenants have. This is particularly true of people who have inherited a property or have just purchased their first rental property.
A property manager has the contacts and expertise required to meet a landlord’s day-to-day responsibilities in a cost-effective and time-efficient way. When your overheads are lower, your property returns increase.
Novice landlords are often reluctant to hire a property manager because of the cost. However, as they expand their portfolio they may find that the time demands of servicing their rental properties are too great. Property managers save landlords time and money, allowing the landlord to scale their operations and make more money in the long term.
Keep Your Tenants Happy
A good property manager serves as a buffer between the landlord and the tenants, dealing with issues on both sides. Finding high-quality tenants who look after their home, pay their bills on time, and are happy where they live is a dream for many landlords. A good property manager can help you find those ideal tenants and keep them happy.
At Keyrenter Property Management we offer property management solutions for real estate investors, homeowners, and landlords in Richmond. We take care of single-family homes, condos, duplexes, and fourplexes. Whether you are simply looking for help with leasing a property or want someone to shoulder the burden of managing a bigger portfolio, we have a property management solution that will help you.
Call us today to learn how the team of real estate experts at Keyrenter Richmond can help you maximize the returns on your property portfolio.