Rental properties are a great way to build long-term wealth. Not only do they generate passive income, but they also appreciate over time, giving you a double win. That said, if you really want to make your rental income as hands-off as possible, figuring out the right property management strategy is the first step.
Property maintenance and tenant management can be a lot of work. Landlords are responsible for finding good tenants, managing lease terms, and making necessary repairs. Multiply these responsibilities across all of your properties, and it’s easy to see how quickly the work can add up. Real estate investors who see the most success in Volusia County trust a property management firm to help run day-to-day operations.
The Importance Of A Good Property Management Company
Working as a landlord can be a big job. Lease agreements, maintenance, finding tenants, touring units, and managing listings is a lot of work. After acquiring a few rental properties, the job often becomes more than a single person can manage. A property manager can take on a lot of the heavy lifting. Here are a few of the many things a property management firm can help with:
- Finding and managing tenants
- Coordinating lease agreements
- Setting competitive rental pricing
- Communicating with tenants
- Maintenance and property upgrades
- Turning over units
How To Find The Right Property Management Company
Partnering with the right property management firm is the key to long-term success, but if you’re just getting started with rental properties, you might not be sure where to start. Below, we’ll share some key things to look for when searching for the right partner:
1. Consider Their Experience
When it comes to managing tenants, you want a partner who has seen it all. There is no substitute for experience in this industry. Because finding quality tenants and managing unique situations is so important to your long-term success, you need a property manager who knows what to look for. There are so many different problems that could arise when managing properties and tenants.
An experienced property manager is not only better equipped to identify good tenants, but they’re more than capable of dealing with unexpected problems and helping to mitigate your risk.
2. Check Their Reputation
The reputation of your property manager is important for two reasons. First, good tenants are more likely to trust a well-known name in the industry, which will make it easier to keep your units filled. Second, good property managers have a wide network that can benefit you, too. From contractors to lawyers, respected firms have strong relationships across the industry. If you need a repair or a new lease agreement, or you’re looking to learn from other real estate experts, you can rely on your property manager’s network for support.
3. They Have The Ability To Find The Right Tenants
As a rental property owner, finding good tenants is one of the most important things you can do to drive a long-term ROI. The longer your properties sit empty, the less revenue you’re earning. Keeping units filled with responsible tenants who pay rent and take care of the property is essential. However, the process is much easier said than done. Finding good tenants is both an art and a science. Not only do you have to be able to market your listing, but you also need to have the right screening tools and experience to identify the best tenants.
The longer a property management company has been around, the more likely they’ll be able to land you the right tenants. Good tenants seeking new properties often go to well-known management firms for available listings, and established firms also have tried and true processes for identifying and screening good tenants.
4. The Offer Convenient Tools For Tenants And Landlords
Good tenants want convenient ways to find listings, submit applications, pay rent, and make deposits. Nobody wants to mail checks or manually fill out paperwork. Good property managers have online portals that allow these actions to be taken digitally. Easy-to-use tools can save everyone a lot of time.
Keeping these characteristics in mind when searching for a property management company can increase your chances of success. If you’re ready to start searching for a Volusia County property management company that has significant experience, is well-respected locally, can source great tenants, and offers convenient tools- look no further than Bee Realty Corp. Our team of REALTORS® andour county-wide network have the experience to streamline your rental property management. Contact us today!
