Are you in the process of scaling your real estate portfolio?
You don't want to take this important step without a property management company by your side.
Even better, you don't have to handle any management tasks whatsoever, leaving more time to focus on acquiring more properties.
However, you don't want to leave this responsibility to just any property manager.
Learn why you should outsource all of your tasks to a full-service company in Maple Valley.
Less Risk
If you're deciding whether outsourcing your property management is the right investment, consider the risk factor.
For example, undergoing tenant placement yourself will likely result in a higher tenant turnover rate. There are many details involved, including criminal background checks, reviewing credit history, and calling references.
More tasks include:
- Employment verification
- Verifying government ID
- Reviewing past tenant-landlord history
- Checking past addresses
- Confirming contact information
If you outsource this task, you don't have to worry about using online background check services that aren't reliable. A property manager will use only official national databases to retrieve information. They'll also contact application references and conduct in-person interviews to find the right tenant.
Property managers also consider applicants with long-term potential. This factor will save you the time (and money) it takes to market your properties.
Lease Contracts
Another factor that can attract excellent long-term tenants is the right leasing contracts.
Lease contracts should be clear in their terms. Outline monthly rent payments, pet deposits, and maintenance protocols clearly. They should also include clear terms of evictions and necessary legal processes like arbitration.
Never write lease contracts yourself. Instead, outsource this task to a property management company with an experienced legal team. These contracts should be written and reviewed by licensed attorneys.
A good leasing contract also sets the stage for lease renewal strategies.
An experienced property manager can customize contracts to include incentives for excellent long-term tenants. These incentives could include rent discounts, new appliances, or kitchen upgrades.
Digital Tools For Property Management
Handling your own property management also means missing out on digital tools for success.
For example, offering a tenant portal can streamline communication between renters and landlords. Tenants can leave maintenance requests online and follow the status of their requests. Property managers can also post important information about inspections or ask for tenant experience feedback.
Property management companies also offer landlords their own online portals. Landlords enjoy more avenues of communication with their property managers. They have access to owner resources like best practices for upgrades and lease contract renewals.
Property Marketing
Remember, the longer your properties sit on rental sites the more you pay. Filling vacancies quickly is a top priority for property managers. This isn't possible without the right marketing strategy.
These tasks take time, and you don't want to spend your budget on the wrong channels.
Property managers know exactly how to stage your rentals for viewings. They also clean up curb appeal to attract interest from potential renters on foot or via car.
Discover the Benefits Of Outsourcing
Don't risk your real estate portfolio on DIY management. Consider the benefits of outsourcing your property management to a reputable company like PMI Puget Sound.
Contact us today to book a consultation.
