When you’re considering investing in rental property, you’ll be inundated with nuggets of advice at every turn. And for the most part, much of what you’ll be advised to do will make some degree of sense. But not all good-intentioned advice is going to be good for you. And you’ll have to be sensible about what ideas you implement and what “investment pointers” you should avoid altogether. One of the suggestions you might hear first is to work with a property management company.
Starting out, you might be enthusiastic and confident that you can handle everything that comes with managing real estate and residents of your rental property. But don't discount the property management benefits just yet.
No matter what real estate advice you hear out there, you can take solace in these two facts. One, property investment is a smart investment, so you're on the right path. And two, hiring a property management company will change everything about your property ownership experience.
Here’s why every Lehigh Valley investor should hire a property management partner.
Because You Don’t Have to Collect Rent
One of the first headaches rental property investors face is the sometimes-tedious tasks of collecting and staying on top of rent payments. Even after you’ve done the work to set up various payment channels, and even after you’ve put gentle reminders in place, there will still be late payers. And at that point, you’re hoping it was a minor oversight, easily forgiven. But after a few days, you’re going to have to impose late fees, start making calls, and maybe even begin steps to warn against eviction.
When you hire a property management partner, however, you don’t have to do any of those things. You can delegate your processes and steps to a professional who can handle all the duties associated with collecting, raising, and enforcing rent payments. They can adhere to timelines you establish and processes you deem necessary in every instance for consistency. And they’re masters at handling difficult conversations empathetically and professionally, ensuring you maintain the best resident relationships.
Because You Don’t Have to Pre-Screen Potential Residents
If you’re looking for another reason to hire a property management partner, consider your lengthy and often time-consuming resident pre-screening process. Evaluating applicants can be tedious, especially when you’re calling past references, verifying employment, and hosting property walk-throughs. If those tasks are becoming too burdensome, delegate them to a professional property manager!
When you have a dedicated professional in charge of your resident pre-screening process, you know that every candidate will be evaluated fairly and in line with your guidelines. Additionally, because property managers are experts in managing residents and real estate, they’re masters at spotting red flags and avoiding poor-resident placements. Imagine just how much free time you’ll have when your property manager is in charge of all those calls and vetting steps!
Because You Don’t Have to Take Repair Calls
One of the aspects of rental property ownership you despise most are those late-night calls for repairs or weekend texts about residents who accidentally locked themselves out of the space. If you’re spending too much of your free time responding to waves of inconvenient communications, you’ll appreciate having a property manager as the first line of defense for solving these issues.
You won’t always be available to respond immediately to your residents in such situations. And delays could lead to poor resident relationships over time. Alleviate the stress of having to drop what you’re doing to handle a leaking toilet or failing AC unit at your property by hiring a property manager who can jump on those issues right away and handle repairs. You'll appreciate having some help with responses. Your residents will appreciate the quick turnaround. And your investment bottom line will thank you, too.
Because You Don’t Have to Coordinate Maintenance Vendors
Just when you think everything about your rental property is running smoothly, without incident, you get the self-reminder that it’s time to schedule the seasonal HVAC appointment or have the gutters cleaned. Your work as a rental investor is never done. And coordinating vendors isn’t always a challenge until you start running into inconsistent contractors, over-charging services, or poor workmanship.
Instead of handling these contractor schedules, billing, and relationships yourself, delegate the vendor management processes to your trusted property management partner. You can rely on the local expertise of a property manager to maintain the condition of your property ongoing, preserving its value and ensuring such services add to the resident experience in a positive way. Let someone else negotiate the best contractor rates and schedule visits that are convenient for your residents. Let someone else manage the oversight for quality control and preventive maintenance. And you'll have peace of mind your Lehigh Valley property is always in its best and most marketable conditions.
Because You Don’t Have to Write Vacancy Ads or Handle Marketing
Depending on your own direct personal and professional experience, you might not be as savvy about marketing strategies, advertising best practices, and networking efforts in support of your investment property. And considering how today’s digital marketing changes frequently, it can be challenging to know how to stay on top of online engagement, SEO, and vacancy posting strategies. How comfortable are you with creating videos, drafting ad copy, or promoting your property in all the right places online?
Hire a property management company and have all the marketing answers and technology resources at your disposal! Your designated property manager will leverage all the best insights for proper vacancy listings, advertising, networking, and marketing efforts. And you’ll be relieved to let someone else handle all those listing sites, along with responsibilities associated with taking great photos of your property and creating engaging walk-through videos, too.
Because You Don’t Have to Guess About Buying or Selling
Today’s real estate market, especially within the Lehigh Valley, is ever-changing. And when you own one rental property, you might start wondering about growing your portfolio. Challenges can arise if you’re not sure which types of properties to consider buying. Then there are other metrics to evaluate, too, like profitability margins, cash flow projections, and potential for growing NOI. In addition to growing your portfolio, you might also have questions about the best way to go about selling a property.
When you hire a property management company, you’ll have a team of experts in your corner to help you really evaluate your current investments and plan for the best way to improve your bottom lines over time. Minimize your risks and take all the NOI guesswork out of buying or selling real estate with a trusted Lehigh Valley advisor who can help you make the best-fit decisions for you.
So, why would you hire a property manager? Why not?
You may have wondered what benefits or advantages would come with hiring a rental property management partner. But after reviewing these reasons, the question might be, why not? There are incredible incentives for today’s property investors to work with trusted property managers, including all these listed here. When you’re ready to explore your partnership options and take the next step, let Axel Property Management be your guide and take your investment to the next level of success! Contact the Axel Property Management team today!