5 Reasons To Hire a Property Management Company
Tuesday, June 18, 2019, 6:00 AM | Leave Comment
Do you have a vacation home that you are looking to rent out this Summer? If so, you likely know that there is a lot that goes into managing properties.
You need to find renters, organize the schedule, collect payments, deal with maintenance issues, and consistently market the property.
Renting out your vacation home can be a stressful and time consuming thing to do. If you are looking for a relaxing, stress free summer you should consider hiring a property manager to handle your Summer rental homes.
Here are some of the benefits you can enjoy if you choose to hire someone to manage your homes this Summer.
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You Can Relax
Dealing with renters and ensuring that you consistently have renters in your home so that you can make the largest profit is a time-consuming thing. You must constantly be marketing the home, checking emails, answering phone calls, and dealing with the renters.
You must always be on call to answer questions and fix maintenance issues. Recent surveys have shown that homeowners who decide to rent out their homes spend over 8 hours a week dealing with issues related to the home.
Hiring a professional can allow you to relax and enjoy some time with your own friends and family. You can feel free to live in the city or the state and go on your own vacations.
Trusting professional property management in Cincinnati can allow you to have greater peace of mind knowing that your home is being taken care of and that you are generating maximum profits.
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Quick Response Time
Whether you have a nine to five job, live away from your vacation home, or are looking to relax this summer you can count a professional to deliver excellence to your renters.
Hiring a management team is a great idea because it allows there to be a much quicker response time to help your renters in case of an emergency. These companies provide help to their renters 24/7 and are always available to answer questions about the home or to help in case of a maintenance emergency.
Allowing a management company to help manage your home for renters can increase the response time, which ultimately reduces risk to your home and keeps your renters happy. Happy renters will often rent that home again so a quick response time could result in more renters for your home and more profits.
If your renters need help in a maintenance emergency, like a water leak, a quick response time prevents further damage to your home. Rather than letting the water leak for a few hours until you get off work, they can help fix the problem immediately.
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Increased Profits
The main reason we rent our homes is to make money. While many people may think that hiring help to help rent and manage your home can decrease the amount of money you make, this is actually false. Property management companies can take care of all your rental needs. They can market your home, find renters, manage the schedule, collect rent, and fix any issues that may arise.
Since they are experts in handling properties they know exactly how to market homes and how to get the most money for the home. While you will have to pay a percentage of the rental rate to the company it is often worth it because they can typically get a higher rate for the home. They also ensure that your tenants pay!
There is nothing worse than renting a home, taking time out of your day, and then having a renter not pay. Using a property management team can help you avoid these things while maximizing your profits.
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Reduces Risk
Renting your home out to strangers can be a risky business. Since you are not living in the same house as them it is difficult for you to know what is going on inside of your home. While many people try their best to keep a home free of damage when they stay, there is always an exception. Some people may be looking to rent a home just to throw a party. This can leave your home trashed and your belongings destroyed.
Property management companies are equipped to handle these situations and they often have renters sign contracts before moving in to help reduce the amount of risk. They can often require security deposits and damage deposits that they can hold if something was to happen to your home. They have the ability to pursue guests for damages and contact their financial institution, which is something that you would not be able to do on your own. Since they understand the area they likely know the demographic that visit the area. They can use their different marketing strategies to market your home to the demographic you want.
Some companies can also protect you financially by ensuring that they keep the home occupied a certain percentage of the time. This helps ensure that you consistently have money coming in. If they are unable to keep the home occupied they can pay you a percentage of the rent. Each property manager is different so it is important to ask them how they can reduce your risk if you sign contracts with them.
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Better Technology
These management companies have plenty of technology that they can use to make your life and the lives of your tenants easier. The convenience that technology provides you and your renters with makes the entire experience of renting a home better. When renters have an easy time moving in and out they will likely look to stay there again, which can ultimately increase your revenue.
Not only do they have access to the highest quality websites and internet to market your home, but they also have efficient ways to pay. They can collect money from renters in various payment methods to ensure that you are being paid. They also have high-quality lockboxes to ensure the safety of your home. They can use these lockboxes to allow access for guests and cleaners and can change the code frequently to prevent any intrusion of your home. The technology that property management companies can provide you and your guests with makes the entire process of renting a home more pleasurable.
If you are tired of spending countless hours looking after your vacation home you should consider hiring a property management company to help. For a small percentage, they can help you maximize your profits and significantly reduce your stress levels. They can help market your home to the correct demographic, find renters for your home, keep it occupied most of the time, collect payments, and use technology to keep your home safe and make the experience of renting a home simpler.
While some people may think that using a property management company can reduce your profits, they can actually increase your profits. They know what it takes to keep your house occupied, can charge security deposits to ensure your house and belongings are safe, typically get a higher rental price than individuals, and can help better manage the calendar. Renting your vacation home can be challenging but the experts at property management companies can help you relax and enjoy your summer.
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