Those who are relatively new to residential real estate investing may be unknowingly jeopardizing their potential for success. One of the most common ways in which this happens is when a new investor tries to carve out time to research new property opportunities while also trying to provide all the services and duties involved in finding tenants, moving them in, and keeping them satisfied during their lease periods.
This can lead to situations where important tasks get neglected and profitable opportunities are lost due to time constraints and inattention. Investors must always strive for success, but they must also realize that they cannot operate successfully without reliable, efficient help. If you have begun to realize that you cannot continue to do everything your business requires by yourself, here are three great reasons why you should partner with and rely on the property management services offered by a great real estate professional.
1. They are great marketers
Real estate agents must be good marketers to thrive in the competitive world of residential real estate. This marketing prowess can also be used to attract prospective tenants who have already proven their ability to pay rent in a timely manner and treat their rental home with care and respect.
2. Screening efficiency
Once good quality tenants have been located and applications have been filled out, property management professionals can use their skills to carefully screen each one to make sure that the employment, rental payment history, and other critical details provided by each applicant is correct. This process helps to ensure that tenants who have a history of failing to meet rental obligations satisfactorily can be dismissed before they can cause damage to your units or rental profits.
3. Management scope
While attracting and screening tenants is very necessary and important, residential real estate investors will see even more noticeable benefits from relying on the professional property management skills of a real estate professional by understanding the scope of the services they can provide that will free up the investor's time. These can include:
- fielding tenant calls, both emergency and non-emergency
- collecting rental payments and handling deposits and disbursements
- keeping detailed records
- helping to ensure compliance with rental housing laws
- scheduling maintenance services, repairs, and other needs
Excellent property management is a feature that great tenants look for when searching for their next rental home. If you own one or more residential real estate investment properties and would like to find out more about the benefits of using a real estate management company to provide this type of service, take time to interview several productive, experienced real estate professionals in the area in which your properties are located to find the right one.