There are now over 310,000 property management companies in the US. The industry is continuing to grow as more property owners rely on property managers. A professional property manager can add value to your rental property investments while saving you time and money.
On the fence about choosing property management services for your property in Tennessee? Read on to discover the benefits of hiring a property manager first.
After reading this guide, you can make an informed choice!
Tenant Selection
Tenant screenings can feel like a long, grueling, complex process, especially for those who lack experience in the real estate industry. If you end up selecting a bad tenant, you could experience unnecessary stress for the duration of their lease.
An experienced property management company can find high-quality tenants on your behalf. They have a reliable, verified screening process already in place to save you time. With their help, you can select tenants who will:
- Pay rent on time
- Pay rent long-term
- Cause few problems
- Minimize property damage
Look for an experienced property manager who has selected thousands of tenants over the years. They’ll help you gain a better understanding of your potential tenants. With their help, you can spot red flags before selecting tenants for your property.
They’ll also ensure you don’t have to deal with discrimination lawsuits, which can become time-consuming and exhausting.
Fill Vacancies
Rental vacancy rates could decline by 3.5%, reaching 5.8% in 2023, as more people move away from rental properties to purchase houses instead. If you’re struggling to find renters, consider hiring a property manager. A property management company can help you avoid long periods of vacancy.
For example, they can prepare your property for rent. They’ll ensure all necessary cosmetic improvements are completed in a timely manner. These improvements can maximize your revenue.
Your property manager will also determine the optimal rental rate based on current real estate market trends. They can find data on similar units. They also have access to professional rental rate tools you’re likely lacking.
If you set the rent too high, you could scare potential tenants away. If you set it too low, you’ll lose money every month. Your property manager will help you find ideal pricing that allows you to attract, rather than deter, buyers.
In fact, your property manager can also help you find long-term tenants. Finding long-term tenants can help you avoid:
- Cleaning the property
- Changing the locks
- Repainting walls
- Making small repairs
- Replacing carpets
- Finding new tenants
This process takes time and can become expensive. Making sure your current tenants are happy can help you retain them long-term.
Experienced property managers already have tenant retention policies in place. With their help, you can retain tenants to avoid unnecessary, repetitive costs.
Maintenance Requests
Owning property comes with a long list of tasks and stresses, including completing maintenance requests. If you’re not responding to maintenance requests in a timely manner, you could struggle to retain tenants. You won’t preserve the value of your rental property, either.
Your property manager will have access to a vetted, reliable network of bonded, insured, and licensed contractors. They’ll ensure the contractors arrive on time to complete quality work.
Relying on this network can save you time and money. Meanwhile, you’ll have peace of mind knowing your rental property is in the best possible hands.
Tenant Interactions
Taking care of your tenants is essential if you want your rental property to operate as an asset. Their happiness can ensure your success as a property owner.
An experienced property management company will handle all tenant relations on your behalf. They’ll make sure your tenants are well cared for.
Meanwhile, your property manager will make difficult business decisions based on best practices, not emotion. They’ll help by representing you and your interests with the utmost professionalism.
Legal Compliance
Relying on a property manager can help you avoid legal problems in the long run.
One bad tenant could cause legal headaches and financial stress. An experienced management company can protect you from lawsuits and vulnerabilities. They can help you better understand laws related to:
- Property safety and conditions
- Screening tenants
- Tenant evictions
- Signing and terminating leases
- Collecting/handling rent and security deposits
- Unit inspections
Even avoiding one lawsuit could save you money better spent hiring a property management company. With their help, you can make better use of your investment funds.
Accounting
Your property management company can handle accounting activities. Their specialist can track expenses and income related to your property. For example, they can:
- Calculate expenses
- Collect rent
- Collect necessary fees
Each month, you’ll receive a comprehensive statement outlining your financial responsibilities and performance.
For example, your property management company can help improve your rent collection process. With their help, you can ensure consistent, reliable cash flow. They’ll ensure rent is collected on time each month to help you avoid financial stress.
Your property manager will act as a buffer between you and the tenants. You won’t have to be the bad cop who collects rent and handles evictions.
Less Stress
One of the top benefits of hiring a management company for your property in Tennessee is the stress you can avoid. You won’t have to worry about chasing down rent, evictions, emergencies, or other stressful tasks.
Instead, you’ll have more freedom. You can travel the world and rest assured knowing a professional team is managing your properties. With someone else taking care of your property, you’ll have more free time to spend on more enjoyable activities.
Choose Management Services for Your Property in Tennessee
You don’t have to handle the daily responsibilities of managing a property in Tennessee alone. Instead, consider hiring a property management company this year. With their help, you can save time, avoid stress, and make the most of your investment.
Want to start experiencing these benefits firsthand? We’re here to help.
Contact our team today to learn more about working with a property management company.
