The U.S. property management industry was worth an estimated $114.9 billion in 2023. As more and more landlords realize the benefits of using a management company, the industry continues to grow at a CAGR of 1.0% as it has over the past five years.
A property manager can take landlord responsibilities like advertising vacancies, tenant screening, maintenance issues, rent collection, and more off your hands.
A property management service can make life much easier for example by taking care of owner statements. Keep reading to learn the other benefits of professional property management.
Tenant Screening
Getting the right tenants in your rental is one of a landlord's top priorities. A tenant who might stick around for a while, pays rent on time, and doesn't cause problems is gold!
A property management company will take on the job of screening potential tenants. The good ones have a tried and true screening process.
Management companies go through thousands of tenant applications. They know how to identify red flags and recognize good tenants.
Advertising Your Rental Property
Management companies handle the marketing aspect of filling vacancies in your rental property. They have a lot of experience and know the right avenues to use to reach the right potential tenants.
Some use social media apps like TikTok or Facebook. Marketing teams are pros at making your property look its best.
Producing Owner Statements
Owner statements are reports that give the owner a summary of the income, expenses, and net cash flow of a property over a specific period. They keep owners aware of the financial health of a property.
A property management company keeps accurate records to keep their clients informed on how the property is performing. The property manager can see what is going right and what expenses may be unnecessary.
Fewer Legal Problems
Protecting yourself from potential lawsuits starts with filling your vacancies with good tenants. A good property management company starts there with tenant screening.
They will also handle rent collection, unit inspections, leases, and security deposits. They know the law regarding rentals and will protect you from lawsuits and vulnerabilities.
Handling Maintenance and Repairs
Have you ever been disturbed during a vacation because a tenant's air conditioner isn't working? When you own rental properties, you are the one responsible for anything that needs fixing.
Hiring a property management company puts that burden on them. They have a team of professionals that they know and trust to handle maintenance and repair requests.
This saves you time and money because requests are handled quickly and professionally. It also keeps tenants happy.
Looking for a Property Manager?
Now that you know the benefits of hiring a property management service, are you ready to sign with one? Put your trust in a property management company and you'll notice a boost in your rental income.
Who can prepare your owner statements and leave you with less stress and more free time? We at PMI Arrico Realty & Property Management Lakeland are a full-service property management company in Polk County, FL.
Learn more about us through our website or by calling 863.606.1094 to discuss how we can help you achieve your real estate goals.
