Income from rentals can be an incredibly profitable way to earn passive income. People who have amassed real estate portfolios enjoy healthy returns on their investments for long periods. Some have even been able to retire from their regular jobs while earning from the rental from their properties. What some people don’t realize about real estate investments is that while it does earn passive income, there is still a lot of active work involved.
It is one thing to own real estate, managing it is another. As an owner, it is your responsibility to ensure the place is livable, that the basic utilities are working, and the common areas like lobbies and gardens are well clean and well-kept. If you own multiple real estate units, hiring a property management company to take care of these day-to-day concerns can be an excellent way to conserve valuable time and money.
It sounds counterintuitive to spend on something to save money. Even so, the benefits of hiring a property manager may improve your profitability, especially if you don’t have the time and attention to attend to all the needs of your tenants and properties. If you want to know how you can preserve your profit margins, here are five ways an expert property manager can help:
They will keep your units occupied
Any property that remains vacant is a drain on your resources. Each month without a tenant means having no income to cover your amortization and taxes. Property managers usually have a team of leasing agents that can plug this gap by conducting promotional activities, source leads for prospective tenants, and conduct tours and viewings. They can leverage their network of realtors to find clients quickly and efficiently to minimize vacancies so you can maximize your revenue.
They will attend to repairs
Any home will need periodic repairs, whether it is water leaks, busted light bulbs, or broken floorboards. These incidents can happen at any time of day or night, which means you can get a call from a desperate client at all hours of the day. If you’re attending to several concerns at a time, it can be time-consuming and exhausting to have to coordinate repairs and supervise them as well. An experienced property manager will have a repair crew on hand, ready to address any situation.
They can implement maintenance schedules
One of the best ways to save money is to conduct regular preventive maintenance of your building equipment, such as HVAC systems, water heaters, and back up power generators. If you have substantial equipment like lifts and escalators, these should be periodically maintained as well. It will prolong their useful life and keep building facilities running smoothly.
With a property manager on board, they can perform routine inspections and prevent unexpected breakdowns. You can also request your management service to ensure regular pest control, landscaping work, and pool maintenance is carried out, so you don’t need to worry about falling behind on these critical items.
They can enforce house rules
Nothing can be more time consuming for property owners than to have to make sure tenants are not violating your guidelines. Checking in on tenants can be especially challenging in multi-apartment complexes that sharing large common areas. You can hire a third party to mediate on these matters so you can focus on more important endeavors, like finding more properties to invest in.
They can ensure timely rental collections
The best thing that property owners can look forward to is the rental collections at the start or end of each month. While some lessees diligently pay ahead of time or on the due dates, some tenants will make the process more difficult for you for one reason or another. A property management service can take care of this for you, or even use digital platforms to facilitate faster payments.
Additionally, a well-managed property will ensure that the tenants will have no reason not to make their rental payments on time.
Being a good landlord is not just about offering space for lease, but it also about providing your clients with services that enhance the experience of living in your property. Happy tenants pay their rentals on time and renew their leases. By securing the services of a property management company, you can satisfy all the concerns of your occupants while having more time and money to do with whatever you please.
Do you need expert property management service in Indianapolis? We have a team of professionals who can take care of your leasing, operations, and rental collection needs. Contact us today and find out how we can help you.