Did you know that landlords' average monthly earnings are 45% higher than the median national average in the US? Apart from gold, real estate is the oldest and most reliable investment. Real estate is better than gold because rental properties can generate cash flow for you while also accruing value.
However, a rental property's cash flow often depends on the owner's position as a landlord or manager. Many people don't have the time to manage their properties personally.
If you're one of these people, then you can outsource property management to a professional company. Check out this handy guide to learn more about the benefits of finding and hiring a property management service.
Property Managers Make You More Money
Around 44.21 million households in the United States rent their homes. Every year there are new people looking to renew their leases or find a rental that better suits their family. Property management companies have direct contact with these people.
If you were managing your property alone, you might lose rental income to the gaps between tenants. A property management company will be able to quickly find new tenants. Though property management services do charge a fee, they earn that back for you in the long run by closing those gaps.
Property Management Companies Have Standardized Policies
Property managers will have the same approach to each investor, tenant, and property. The main benefit of this is that monthly collections will be handled in the same way. This significantly cuts down on your personal admin, especially when you have multiple tenants and properties.
A property management company will have similar requirements for tenants. These requirements act as quality control to protect owners from renters who cause damage or fail to pay.
Maintenance and other common concerns are also handled the same way in every case. You get to review and agree to these terms upfront before you sign your contract.
Property Management Companies Know the Law
There are many state and federal laws for landlords and tenants. On the state side, security deposits are limited in some states. In Utah, there's no limit, but in California and other states, there are limits.
Property managers can also protect you from a discrimination lawsuit. They will screen tenants within the boundaries of discrimination laws. There are also laws that regulate how evictions should be handled.
A property management service will know how to go through legal processes as efficiently as possible. This can save you thousands of dollars in potential lawsuits.
Talk to Experts in Property Management Today
If you own a property but are unsure about your skills as a landlord or the time management to be an effective landlord, why not contact property management professionals? You stand to earn more rental income in the long run and you'll be kept safe by a transparent contract. You're also kept safe through tenant screening that won't cause legal trouble.
At Wheeler and Associates, we provide affordable and professional property management for rentals throughout Utah. Check our pricing and services page for more information on our competitive fee structure.
