5 Ways Property Management Can Increase Profit

February 24, 2022

Do you have a property you want to start renting out? A rental property is an excellent way to earn some passive income on the side. However, unless you have a lot of free time in addition to being a marketing guru, handyman and accountant all in one, you may want to consider hiring a property manager. Owning and maintaining a rental property is difficult to do independently, especially if you have other full-time commitments. Although property management companies are an extra expense, a great management company will make the benefits outweigh the costs.

1. Find Quality Tenants and Have a Shorter Turnover Time

In addition to effectively advertising your property in multiple ways, a good property management company will properly screen each applicant to find a good match. Some property management companies might even have a waitlist of pre-screened applicants.

The number of days your property is occupied versus empty days directly correlates to your gross revenue. Property managers will assist with maximizing the number of days tenants inhabit your property and quickly advertise it when needed, thereby increasing your income. For example, here at Windermere Property Management/West Sound, we have an average turnover time of only 11 days for our rental properties.

2. Guarantees Landlord-Tenant Laws are Followed

The legal landscape of real estate is in constant flux. The mix of local, state and federal landlord-tenant laws can be overwhelming. However, property managers will always be knowledgeable about the nuances regarding these laws. They’ll also be consistently up-to-date with any legal changes that may occur.

Having a property management company on your side will save you the headache of studying real estate law. Property managers will prioritize legal red-tape to prevent problems, and avoid lawsuits or fines. Even avoiding one potential lawsuit can outweigh the expense of hiring a property management company.

3. Provides Financial Management

The property manager serves as a liaison between you and your tenant. They will handle everything from market rates to the collection of rent. Property management companies have the resources to analyze market trends in order to set the best rental rates for your properties.

Your property will gain value over time and a property manager will ensure that is reflected in your monthly profit. You can live carefree as your property appreciates, allowing you to focus on other endeavors.

Some companies, like Windermere Property Management, provide online portals with 24/7 access for owners and tenants. Homeowners and tenants can easily access information about the property and look at their records. Additionally, tenants can even set up automatic e-payments, ensuring that rent is collected on time every month.

4. Decreases Property Expenses

In addition to taking care of finances, an experienced property manager will know how to decrease expenses to maximize revenue. If you haven't managed a property before, it may be challenging to understand the costs of renting a property out. Some fees to be aware of are: maintenance and repair, marketing and advertising, property taxes and insurance.

Property management companies are skilled in networking with affordable contractors for repairs, maintenance, cleaning, painting, and so on. Some companies even have contractors on retainer for immediate service when tenants need assistance. This eliminates hassles for you and can potentially save you money since all repairs are left to great, reliable professionals.

5. Offers Reliable Support

With a trusted property management company, you’ll have the resources you need. So, you’ll never have to figure things out on your own or hire a repair service who ends up being a waste of your resources. It really pays off to have the support and expertise of multiple local professionals. At Windermere Property Management, our managers have over three decades of collective experience. You can rest assured that your rental will be in good hands. From advertising to maintenance, our team is here for you.

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