Have you ever wondered if realty property management is worth it for your Memphis investment properties?
Investing in real estate can be lucrative, but managing properties can be time-consuming and stressful. This is where a realty property manager can make a significant difference.
A professional property manager can provide numerous benefits, from finding high-quality tenants to handling maintenance issues and lease enforcement. These benefits can increase the return on your investment.
In this article, we will explore eight compelling reasons why hiring a realty property manager is an intelligent decision for property owners. Keep reading to learn the benefits.
1. Better Quality Tenants
A realty property manager can help you find better-quality tenants. They have the expertise to screen potential tenants thoroughly. This includes:
- Running background checks
- Verifying employment history
- Verifying rental history
- Assessing creditworthiness
A property manager can significantly reduce the risk of property damage. They can ensure that only reliable and responsible tenants are placed in your properties. This can help minimize late payments and evictions.
2. Competitive Rental Rates
Memphis property managers deeply understand the local real estate market. This is how they can conduct comprehensive rental market analyses.
This action helps determine the optimal rental rates for your properties. Setting competitive rental rates helps minimize vacancy periods. This reduces the loss of rental income.
After all, when rental rates are too high, potential tenants may look for more affordable options. This could leave your property vacant.
3. Avoid Costly Lawsuits
Navigating landlord-tenant laws can be complex. A single misstep can result in costly legal issues. Fortunately, realty property managers are well-versed in landlord-tenant laws.
They can ensure that all aspects of property management comply with these regulations. Property managers help protect property owners from lawsuits and liabilities. They do this by staying up-to-date with legal requirements.
Property managers can represent property owners in court if a lawsuit does arise. This can save property owners the time and expense of hiring an attorney.
Furthermore, tenant disputes are a common occurrence. Property managers can help owners resolve disputes quickly and efficiently, avoiding costly litigation.
Property managers can help owners create and implement fair housing policies and procedures. Fair housing laws prohibit discrimination against tenants based on the following:
- Race
- Color
- Religion
- Sex
- National origin
- Familial status
- Disability
4. Effective Property Marketing
Effective property marketing is a crucial aspect of successful property management. Property managers play a vital role in marketing rental properties.
A well-crafted online listing is essential to capture the attention of potential tenants. It also ensures a steady stream of rental income. Property managers employ various strategies to showcase the properties they manage and reach a wider audience.
For instance, property managers leverage online platforms to list rental properties. These platforms include:
- Popular real estate websites
- Rental listing portals
- The manager’s own website
It’s also essential to provide a comprehensive view of the property. In their listings, property managers include:
- Detailed descriptions
- High-quality images
- Interactive features (i.e., virtual tours)
Social media is a powerful tool for property marketing. To engage with potential tenants and build brand awareness, property managers utilize popular platforms like:
- X (formally Twitter)
5. Fewer Restrictions on Where to Purchase
Hiring a property manager expands your investment options beyond your local area. This allows you to tap into potentially more profitable markets.
A realty property management company can handle the day-to-day management of your properties. They can do this no matter where you are located.
Additionally, if you relocate, having a property manager can be beneficial. It allows you to continue managing your investment properties.
This means you don’t have to be physically present. By hiring property management services, you can save expenses associated with visiting and managing them yourself.
6. Smooth Rent Collection
For many Memphis landlords, rent collection is a tenuous issue. However, property managers have streamlined rent collection processes. These processes make it easier for tenants to pay rent promptly.
Furthermore, they enforce lease agreements. Property managers ensure that rent is collected on time. They also handle any late payments or issues that may arise. This consistent cash flow can significantly benefit property owners.
Property management companies typically have tenant portals. These portals offer a plethora of conveniences. They allow landlords and tenants to:
- Submit maintenance requests
- Communicate
- Access important documents (i.e., lease agreement) 24/7
- Pay rent
- Renew their lease
7. Lower Maintenance Costs
Hiring a realty property manager can help with maintenance coordination. This can help reduce maintenance costs. They often have access to a network of trusted:
- Contractors
- Maintenance personnel
- Vendors
This network allows them to secure quality services at competitive prices. This can significantly reduce property owners’ maintenance and repair costs.
A Property manager also conducts regular inspections to address maintenance issues proactively. This helps prevent minor problems from escalating into costly repairs.
8. Lease Enforcement
Property managers are well-equipped to handle lease enforcement professionally and efficiently. They possess the necessary knowledge of the following:
- Law
- Lease agreement
- Tenants’ and landlords’ rights and responsibilities
Property managers use this knowledge to communicate effectively with tenants. It also allows them to address lease violations promptly and ensure that the tenant complies with the lease agreement. Common lease violations include issues such as:
- Late rent payments
- Unauthorized occupants
- Unauthorized pets
- Noise complaints
- Property damage
A property manager handles these violations by following a process involving documentation, communication, and legal action if necessary. They first document the violation, including the date, time, and details.
They then communicate with the tenant. They provide a written notice of the violation and outline non-compliance consequences.
Property managers may take further action if the tenant does not rectify the breach within the specified timeframe. Property managers may:
- Issue a fine
- Terminate the lease
- File an eviction lawsuit
Hire the Best Realty Property Management in the Business
Realty property management can yield numerous benefits for property owners. It can minimize legal risks and ensure smooth operations to maximize rental income and property value. The expertise and resources that property managers bring to the table can ultimately enhance the overall success of your investment properties.
Unlock the potential of your Memphis property investments with Reedy & Company’s premier real estate management services. We have over 3,500 properties under our management.
Our expertise and local knowledge empower investors like you to make informed, lucrative decisions. Contact us now to experience the difference of best-in-class property management.
