Real estate remains one of the best investments you can make, and owning rental properties is still one of the most profitable areas of the industry. This type of venture takes a lot of work though, which can completely consume your work and personal life.
For that reason, as well as others, many people turn to a property management company. They can handle logistics and leverage tools and experience for many tasks. These include finding and screening tenants, managing rent collection, and maintaining buildings.
If you own residential real estate in Livermore, there are many advantages to hiring a management company. Below are several to consider. Keep reading to find out how they can eliminate the hassle associated with rental properties and save you money as well.
Setting Rental Rates
Management companies will have their finger on the pulse of rental trends. They will help you determine the sweet spot for rates, even if your property is completely distinct from others in the area. This can help you get the most out of your rentals without scaring prospective tenants away with overpriced rates.
You only make money from your rental property if units are leased. A management company can help you market your property to ensure this is the case as much as possible. They will know the best ways to advertise your particular rentals to make sure they stay filled.
Marketing companies also can help identify qualified tenants. They can conduct background and credit checks, which are not only costly but can take a great deal of time. You will no longer have to spend time calling references or verifying employment.
Also, management companies will make sure you are within all local, state, and federal regulations. This includes compliance with fair housing standards laid out to prevent discriminatory practices. This is good for tenants and you, as it will help protect against lawsuits for failing to meet these criteria.
Another major advantage to hiring a property management company is rent collection. You can spend a lot of time setting up automatic drafts or otherwise collecting payments, which are vital to your cash flow. A rental company can take care of this for you so that you can have the confidence that payments will be made on time.
Besides dealing with tenants, a property manager can address all aspects of property maintenance. These include dealing with contractors or routine maintenance.
Management companies can also handle accounting and reporting. This can help improve your decision-making regarding the investment property.
Management companies can handle evictions, should they become necessary. They will understand the necessary steps to take and when to take them.
This will ensure a successful eviction within the letter of the law. It also allows you to forgo the headache of dealing with this process.
Find a Livermore Property Management Company
Now that you understand the advantages of hiring a property management company, you can determine if it is right for you. It can help alleviate the stress and time needed to manage your investment property, so you can focus your attention on more important endeavors.
PMI Alameda County is a full-service property management firm. We pride ourselves on offering a range of services, as well as knowledgeable personnel and state-of-the-art technology. Reach out to us today to schedule a free consultation.