Investing in real estate can be risky, time-consuming, and stressful. Especially when you have to locate potential tenants, screen potential tenants, determine the rental price, collect payments, handle maintenance requests, etc. While it is possible to adopt a do-it-yourself method for your investment, it’s usually not the savviest way to manage your investment property. For those looking to capitalize on their property investment and continue making investments down the road, there are tremendous benefits to hiring a property management company to handle all of the responsibilities associated with being a landlord. Not only are property managers experts in what they do, but they also make your life easier, less stressful and make an investment property less of a time commitment for you. All making your Austin property a great investment, and hopefully greater profit down the road!
What are the benefits of hiring a property management company to take care of your Austin-area investment? Here are just a couple of the benefits, take a look:
Marketing Your Austin Property
From utilizing social media to posting your rental on Trulia or your local Austin craigslist, marketing your property can be a lot of work. Consider reducing your workload and the stress by hiring a property management company. Not only is a property manager a trained professional in real estate, they also have an extensive database of resources and connections within the real estate industry. Cutting the time and stress of marketing your property while also using the resources and connections of a property management company can reduce the possibility of not having your property rented out for a month to several months.
Screen Potential Clients
Locating the right tenant can be one of the trickiest parts of owning an investment property. As a landlord, you want to be sure that you are renting out your property to a responsible individual who will pay the rent on time and respect your property. In addition, it is time-consuming to take care of all of the screening details of potential tenants. From background checks to security checks to running credit reports and verifying income, a property management company will take care of everything! All you need to do is approve the tenant!
Competitive Rental Price in Austin
While it is possible to compare your property to others in the Austin area and set a rental price yourself, chances are you will think your property is worth more than it actually is. Pricing your property too high can lead to a high vacancy rate, meaning less profit for you. A property management company will complete a full market analysis and price your property at a competitive rate to maximize your income and maintain a low vacancy rate.
Collecting Payment
Asking for and collecting payments is one of the most difficult and awkward responsibilities of owning an investment property. How can you avoid this? A property management company will handle everything from collecting the rent check to issuing late fees to depositing the check into your bank account!
Maintenance Requests
While you may be handy when it comes to fixing things around the home, no landlord wants to handle a maintenance call in the middle of the night. A property management company will do everything, from taking the calls in the middle of the night to scheduling a repairman to come out to fix the problem – you won’t have to worry about a thing!
Compliance with Property Law and Regulations
A property management company has extensive knowledge of the laws and regulations associated with owning an investment property. Your property manager will make sure you are in regulation with all local, state and federal laws and regulations before renting your property.
Extensive Database of Austin Area Vendors
Utilizing a property management company gets your access to their extensive database of vendors. So, when your tenant has a maintenance request, your property manager will find you the best repairman at the best price!
Investment Property in Any Location
Maybe you’ve always wanted a mountain or beach rental property? Since a property management team handles everything, hiring one allows that dream to become a reality.
This isn’t all; a property management company does everything! Hiring one will allow you to enjoy your investment and maximize your monthly income.
Did you know TALK Property Management offers all of these things and more to your Austin-area investments? Interested in learning more? Reach out anytime!
Resources:
https://www.biggerpockets.com/blogs/67/25232-10-important-reasons-to-hire-a-property-management-company
http://www.allpropertymanagement.com/resources/hiring-a-property-manager/10-reasons-to-hire-a-property-manager-a6.html
http://www.managemyproperty.com/articles/what-are-the-benefits-of-using-a-property-management-company-9
