In 2021, the full service property management market size reached $17.69 billion. Market research shows that this industry will grow at a compound annual growth rate of 9.8% to reach $37.25 billion in 2029.
You must consider various factors before you hire your property manager. For instance, find out about the reputation of your prospective property management services. You should also look at the level of experience of your property management company.
As an investor, you should hire a property manager for many reasons. Read on to learn seven benefits of full service property management.
1. You Get High-Quality Tenants
With a full service property manager, you can be sure of a thorough tenant screening process. Your property manager will use their industry experience to find facts about your potential tenants.
That way, you get tenants who will pay rent on time, stay longer, and ensure maximum care of your rental property.
2. Shorten Your Vacancy Cycles
A property manager will advise you on cosmetic improvements that will improve and prepare your rental property for rent.
You also get help in determining the best rental rate. It'd take ages to get tenants if you set very high rates. Lower rent rates will also make you lose money every month.
3. Better Tenant Retention
Your property management company should provide a time-tested tenant retention policy. This policy will ensure tenants stay happy in your rental property.
In this policy, your property manager ensures thorough cleaning of your property. Other activities that will boost your customer retention include freshly painting the walls, installing new carpet, and handling small repairs.
4. Handle Tenant Evictions
There are times when your tenants may fail to pay their rent due to various reasons. So, you may need to go through the eviction process.
Unfortunately, this process can consume a lot of your time and resources, especially when court processes are involved. Hiring a property manager will handle such processes, hence saving you stress.
5. Timely Rent Collection
Rent collection on your own can be overwhelming. A good property manager will ensure rent gets collected on time.
If any of your tenants fall behind in paying rent, your property manager will impose a charge for late fees when needed. The company will also make arrangements with the tenants on how to finish paying their arrears.
6. Prepare Units
When a tenant vacates, your property management company will prepare the unit for the next tenant. The company will list all the repairs and work needed and complete it.
Your property manager will also handle your tenants' complaints, issues, and problems. This saves you the stress and allows you peace of mind to concentrate on your other businesses.
7. Handle Maintenance
Your rental property will require routine maintenance from time to time. You can be sure of regular property maintenance with a property management company.
This helps your building stay nicer and attractive to high-quality tenants.
Full Service Property Management
Owning a rental property can be a great investment and a reliable source of additional income. Still, it comes along with various responsibilities like tenant screening and property repairs.
As mentioned above, you enjoy many benefits when hiring a full service property management company. Before hiring, discuss the payment rates and commission percentages with your property manager.
Contact us for all your property management services.