Smart investors know that working with a professional property manager is a good way to keep rental income high and property expenses low. If you feel like you’re not earning as much as you should, or you’ve noticed that maintenance and vacancy costs are too high, you will likely benefit from professional help.
You’ll find that professional property management more than pays for itself. Not only do you access experience, resources, and local expertise, you also save money on a day-to-day and long term basis.
Here’s how a property manager can save you money.
Higher Rental Values
Property managers may help you earn more rent.
Maybe you’re pricing your rental home at below market values, leaving money on the table. Or, maybe you’ve had a good tenant in place for a few years and you haven’t raised the rent because you didn’t want to lose them. Perhaps you’re overpricing your property and losing money every day on vacancy.
The right rental value influences cash flow, ROI, and how quickly you’re able to find and place a good tenant.
When you work with a property manager, you get access to data that allows for accurate and profitable pricing. There’s less guesswork, and a lower risk that you’ll underprice or overprice your home.
Save Money by Avoiding Bad Tenants
Property managers also save you money by placing better tenants.
Unqualified tenants are expensive. There’s a risk that rent will be late or even unpaid. You may find property damage during inspections or after move-out. You don’t want to pay for evictions and you don’t want to waste your time and resources enforcing your lease agreement when bad tenants are taking advantage of you.
Your property management partner will have fair, consistent, and legally compliant screening systems, marketing strategies, and lease documents. Leverage a property manager’s experience with on-time rent collection and lease enforcement. You’ll save money by placing better-quality tenants.
Less Vacancy and Fewer Turnovers
One of the largest expenses you’ll face as a rental property owner is vacancy. When your property is unoccupied, you’re not earning any rent. Property managers can rent your home faster than you can as an independent landlord. This is due to:
- Professional-grade marketing photos.
- Online listing syndication, putting your home in front of a larger pool of potential tenants.
- Self-showing technology that eliminates scheduling difficulties and moves the application along more efficiently.
- Fair, rigorous, and fast tenant screening systems.
You won’t have to wait to place a great tenant. Your property manager has a leasing process in place that reduces vacancy.
Turnover is even more expensive than vacancy. You’re not earning any rent, and you’re also paying out of pocket for utilities, landscaping, marketing, cleaning, and security. You may have to pay for wear and tear repairs, cosmetic upgrades, and maintenance.
With property managers, you’ll enjoy better tenant retention, which saves you money. A good property manager will develop and maintain positive and professional relationships with your residents. We’ll also provide an exceptional rental experience, ensuring your tenants are happy to stay in place and renew their lease agreements.
If you’re hesitating to hire a property manager, let us tell you more about how we can help you save money and earn more on your investment property. Contact us at Real Estate Gladiators. We serve owners and investors in Monroe, Issaquah, Bellevue, Everett, Lake Stevens, Kirkland and other cities in and around King and Snohomish counties in Washington State.
