An investment property such as an apartment building, condominium, or rental home can provide substantial supplemental or full-time income. However, maintaining one can also be time-consuming and stressful. Many landlords trust a professional property management team to handle these duties on their behalf. Not only does this shorten their to-do list, but it can also help them save money. Where do these savings come from?
While tenants are responsible for keeping the rental unit clean, major repairs and building maintenance are up to the landlord. Hiring a contractor or technician every time a kitchen appliance, plumbing fixture, or HVAC component breaks down can eat into your bottom line and keep tenants waiting for service. However, many property management teams have in-house maintenance staff to address most common household repairs right away, ensuring everyone is safe, comfortable, and satisfied.
Property management teams have more time to screen for quality tenants. The highly trained staff runs each applicant through a strict vetting process to identify red flags like poor credit, criminal history, or insufficient income. This reduces the likelihood of renting to someone who might damage the property or fall behind on rent. Reliable tenants will make the experience of owning an investment property easier and more enjoyable.
Reduced Vacancy Time
Empty units cost property owners money, so people want to fill their listings as soon as possible. Clean, well-maintained homes are more likely to attract renters, but only if they know where to find you. Property management companies list available units on top real estate and social media platforms to connect prospective tenants with landlords. This saves you the time of writing and promoting listings and helps you reach people quickly. The sooner you find the right people to move into your rental, the less you have to worry about lost earnings.
There are many ways a property management group can save you money. Investment property owners in Minneapolis, MN, trust Twin Cities Home Rental to protect their bottom lines. Backed by more than 10 years of experience and an A+ rating from the Better Business Bureau®, they will never cut corners when handling your property management needs. They offer a free, no-obligation analysis of your rental property to identify the features that will appeal to tenants in your area. Visit their website or call (612) 822-4663 to get started.