Landlords have a choice to make when they own rental property in Phoenix. They can either spend their own time and self-manage, or they can use a professional property management company.
This is an important decision to make. New landlords may feel more inclined to self-manage their newly acquired rental properties to save money on operating costs. However, what they save in dollars, they spend in their valuable time and effort.
Before deciding to use a property management company, many landlords will ask themselves, “Do most property owners use a property manager in Phoenix?”
To ease your mind, we have an answer!
Nationally, 61% of landlords use a property management company to either fully manage or assist them with their rental properties.
Overall, the number of landlords deciding to hire professional property managers has increased over the past several years.
Once you do find a property management company near you that provides the services you need and the customer care you deserve, like Brewer & Stratton Property Management, you’ll never want to go back to self-managing again.
Common Reasons Landlords Use a Property Management Company in Phoenix
With over half of landlords using property management companies, we’re going to break down the reasons they choose to do so.
They Own Out-of-State Rental Property
A whopping 57% of landlords who use a property management company choose to because they don’t live near their real estate assets.
Help with managing out-of-state rental properties is an extremely common reason for real estate investors with rental properties in Arizona to choose to work with a Phoenix property management company.
With our thriving rental property market, real estate investors from all over the country can benefit from the incredible opportunities in the Phoenix area thanks to local property management companies.
They Became Accidental Landlords
When someone becomes an accidental landlord, they may feel overwhelmed and a bit confused about what to do with their new rental property. That’s why 66% of accidental landlords choose to hire a property management company.
They can trust that their property manager will handle everything required to stay in compliance with local laws and manage tenant relationships while they get to pocket a rent check each month.
They Need Tenant Management
A major responsibility of being a landlord is managing your relationship with tenants. You must always be available to answer questions or tend to any maintenance requests or repairs they may need.
Managing tenants on your own can take a lot of time and become frustrating, especially if you are stuck with needy or problematic tenants.
A property management company can relieve the responsibility of acquiring, managing, and checking in on tenants. In fact, property managers prove to increase tenant retention, resulting in a higher ROI for landlords and reduced vacancy rates.
Rental Property Maintenance
47% of landlords using property management companies do so because they need assistance with efficiently handling property maintenance and repairs.
Maintaining the value of your hard-earned investment property in Phoenix is crucial. Working with a property management company can even increase your property’s value thanks to consistent and effective rental property repairs and preventative maintenance.
Property managers are also on call for 24/7 emergency maintenance and repairs. So, landlords can sleep soundly knowing they won’t receive a midnight maintenance request and, if something does happen, their assets will be protected.
Staying Legally Compliant
The real estate industry is heavily regulated by federal, state, and local laws. As a Phoenix landlord, it’s important to know the laws and regulations surrounding your rental property.
If you’re not dedicating all of your time to being a landlord, learning all of the regulations and laws can seem tedious and even impossible. That’s why many landlords depend on property management companies to comply with the law.
You don’t want to be found violating federal laws like the Fair Housing Act or missing the necessary documentation and certificates required to own rental properties in Phoenix.
Maximize ROI and Increase Profits
New landlords often choose to self-manage their rental properties in Phoenix because they do not want to add an extra expense of a property management company each month.
But what if we told you that a property management company could actually reduce operating costs while maximizing ROI and increasing your profits?
Through strategic partnerships with vendors and in-house maintenance teams, property managers can save landlords money on higher-quality repairs.
Plus, with a boost in tenant retention and reduced vacancy rates, consistent rent collection, and better tenant screening, landlords can expect their profits to increase when working with a Phoenix property management company.
They Want to Focus on Growth
Buying a rental property is like getting a tattoo – you can’t just have one!
Many landlords aim to grow their real estate portfolio by investing in several rental properties.
Using a property management company makes this easier because they have more time to search for opportunities and earn higher profits on their existing rental properties.
What Landlords Can Expect from a Property Management Company in Phoenix
Now that we’ve covered why landlords use a property management company, it’s time to dive into what landlords can expect when they work with an experienced Phoenix property manager.
Crystal Clear Communication
Not only can landlords expect clear communication between themselves and the property manager, but they can also expect the property manager to communicate clearly with tenants.
When tenants have a problem, the property manager can answer it. When tenants are late with the rent, the property manager is there to communicate that they must pay it.
Marketing a rental property can be difficult if you don’t have experience. It’s also a lot of work to respond to inquiries and show your property to prospective tenants.
A property manager will take care of all of this for you, and do it much faster.
Plus, with a thorough tenant screening process, landlords can rest assured they have high-quality tenants that will respect their property and pay rent on time.
Full-Service Rental Management Company in Phoenix
From maintenance and repairs to detailed accounting to legal compliance and inspections, landlords can expect high-quality service from property management companies like Brewer & Stratton.
Want to learn other ways to make more money? Then you might be interested in reading 8 Key Components to Long-Term Rental Property Success next!