Imagine what your lifestyle could become if you retired early. Establishing passive income is an amazing way to achieve financial freedom, and having a steady stream of rental income can help you get started on the right track. However, not everyone understands the best way to optimize this form of passive income.
Working with a property management company in Maple Valley, Washington, can aid with responsibilities like rent collection. We've created a brief guide to help you understand what they're capable of. Let's explore the key information you need to know.
Maintaining a Low Vacancy Rate
Even a single month of vacancy is catastrophic for your monthly income. For instance, let's assume you own three properties with an average mortgage of $2,500.
If all three of these are vacant one month, that's $7,500 you'll need to pay out of pocket. For many landlords, this is impossible to accommodate.
Tenant Relations
A professional property management company can help you maintain warm tenant relations. This will create the greatest chance of them renewing their lease. It will also help you become a better landlord, such as understanding when and how to respond to tenant questions/concerns.
Rent Collection
Most people find rent collection to be an unpleasant process. It's not uncommon for landlords to have to ask their tenants to pay rent each month.
Many landlords also don't have policies that dictate what occurs after late/missed payments. Fortunately, your property management company will handle these obligations. They'll implement an online portal that allows your tenants to easily pay their rent via various payment methods.
Property Marketing
It's unlikely that you'll have abundance of potential tenants applying to your property without marketing. Developing a marketing strategy can be time-consuming and expensive, and it also requires specialized knowledge.
To clarify, running online ads involves many nuances aside from spending money on ad space. By hiring a professional, you can ensure you handle this responsibility appropriately.
Finding a Property Manager
When looking for the right property management company, check online for more info on their past reputation. This will offer valuable insight into what you can expect from them. You should also look into their pricing structure.
The last thing you want is to encounter financial surprises. Do they have a robust customer support policy?
Handling issues on your own can be complicated and sometimes even impossible. With enough due diligence, you shouldn't have an issue getting the right results.
Don't Overlook Property Management
When leveraged correctly, working with the right property manager can streamline tenant acquisition and rent collection. This can help you take your performance to the next level and avoid issues you may have otherwise dealt with. Just be sure to research the company you hire.
PMI Puget Sound is a full-service real estate asset management company in Maple Valley, Washington. We offer both commercial and residential property owners high-quality property management services.
We've been in the industry for over 20 years and strive to exceed all expectations. You can learn more about how we can help when you schedule a free rental analysis.
