Investing in real estate can be a fantastic way to build wealth and enjoy a steady stream of passive income—how exciting is that? However, managing a rental property comes with a whole host of responsibilities! From finding great residents and conducting property inspections to handling resident concerns and enforcing lease terms, there’s a lot to juggle.
This can become quite stressful and time-consuming, especially if you’re a first-time landlord, managing multiple properties, or just have a busy schedule. But here’s the good news: you don’t have to shoulder the burden alone! Hiring a property management company can be a game-changer. They’ll handle all the day-to-day tasks so you can focus on what really matters to you.
Plus, with their expertise in the industry, they can help you maximize your return on investment. Ready to explore why savvy real estate investors choose to partner with property management companies? Let’s dive in!
8 Reasons to Partner with a Property Management Company
1. Renting to Quality Residents
To minimize stress and maximize the return on investment, renting to quality residents is key. It’ll be in your best interests to rent to a quality resident who will pay rent on time, care for the premises, and notify you of issues on time. An experienced property manager can help you do just that.
An experienced property manager goes beyond just looking at prospective residents’ income. They will screen all applicants based on a wide range of criteria. Including, their employment status, creditworthiness, and criminal background. They will also call the current and prior landlords to ascertain the resident’s suitability.
Additionally, they will ensure the resident screening process is consistent and fail, following all relevant fair housing laws.
2. Marketing Vacant Properties
Vacancies can be costly, especially in the long term. This is because certain expenses are still constant even when there is no occupant. For example, mortgage payments, property taxes, insurance premiums, maintenance and repairs, and utilities.
But with a property manager, you can rest assured that your property will have low occupancy rates. Why? Quality property managers have a robust knowledge when it comes to finding residents.
They will go above and beyond to ensure your vacant property is rented as quickly as possible. They will draft a proper rental ad and syndicate it to as many platforms as possible. In turn, this will help attract a large prospective resident pool from which they will be able to choose a quality resident.
3. Collecting Rent
Rent is one of the more basic aspects of owning a rental property, but collecting it can sometimes feel like a challenge—especially if you find yourself dealing with a difficult resident. That’s where partnering with a property management expert comes in handy!
A thorough resident screening process ensures you find quality tenants who understand their responsibilities, including timely rent payments. Plus, a skilled property manager will provide a solid lease that clearly outlines all the important details, like the cost of rent, due dates, acceptable payment methods, and any late fees.
With their help, you can say goodbye to the stress of chasing down missed payments and hello to a smoother rental experience!
4. Maintaining and Caring for Your Property
Successful real estate investing also requires the landlord to be proactive with repairs and maintenance. This helps keep a resident happy and comfortable, leading to lower vacancy rates.
What’s more, it ensures that the property stays legally compliant with the state’s warranty of habitability. The warranty requires that landlords rent out livable homes that meet the local safety, health, and building codes. A good property manager will go above and beyond to ensure your property not only meets these codes, but is also desirable to prospective residents.
As a real estate investor, partnering with a good property management company can also save you money on repairs and maintenance. This is because they will often have established professional relationships with reliable contractors and vendors. And due to the volume of work they transact with these professionals, they can get discounted rates, which they will pass over to you as well.
5. Keeping Your Property and Policies Legally Compliant
Keeping up with tenancy laws can be overwhelming. These range from the local level, all the way to the federal level, including laws about fair housing, security deposits, evictions, habitability, and more!
As a rental property owner, all of these laws will apply to you, whether you know them or not. Violating any of these laws could be potentially very expensive. That’s why successful real estate investors choose to partner with professional property management companies.
Stonelink Property Management is always staying up-to-date with the latest changes in local laws and regulations, like the recent updates to Rhode Island lead paint laws. We know this is often one of the most complicated aspects for self-managing landlords, which is why we prioritize continuing education so we’re informed on everything going on in the states we serve.
6. Saving You Valuable Time
Landlording can be time-intensive. Having to find new residents, conduct resident screening, and respond to maintenance issues, just to name a few, can be a full-time job.
Luckily for you, a property manager will handle everything for you so you can focus on other aspects of your life. This is especially true if you are an out-of-town investor, are a first-time landlord, or have a sizeable investment portfolio. They can save you stress and valuable time so you can focus on growing your investment portfolio.
7. Maximizing the Return on Investment
This is the ultimate goal in real estate investing. A property manager can help keep your expenses low and your returns on investment optimal. They are usually able to achieve a high ROI because of, among other things:
- Renting to quality residents who take their responsibilities seriously.
- Caring for the investment property through regular repairs and maintenance.
- Abiding by all relevant laws.
- Enforcing the terms of the lease diligently.
8. Expanding Your Portfolio
Property managers can provide a whole host of invaluable information on the local real estate market and properties available in the area. At Stonelink Property Management, we ensure that your existing rental properties are running smoothly so you can focus on your next investment.
This is a company built by investors, for investors. We know what it takes to set your property up for success and give you the freedom to pursue your next opportunity. We always have your best interests in mind and pride ourselves on our ability to offer guidance and insight tailored to each individual investor’s needs.
Bottom Line
As a real estate investor, partnering with a professional property management company is the key to success. They can help simplify the landlording experience for you so you can enjoy minimal stress and maximum return on investment.
Stonelink Property Management is the top property management company in Rhode Island and Southern Massachusetts. We can provide you with full-service property management services for your single-family home, multi-family property, or commercial property. Get in touch to get started!
