Investing in a rental property can be a very rewarding and profitable venture. In fact, rental properties can generate enough supplemental income for you to pad your retirement, finally take that dream vacation, or even quit your day job.
But the truth is, self-managing a growing rental portfolio can become quite overwhelming. It takes a lot of time and effort to screen tenants, collect rent, and handle maintenance and repair issues.
And that’s just the beginning.
If you own a rental property and are starting to feel like your dream of generating passive income is slipping away, check out these top reasons to hire a property management company in Phoenix, AZ.
Reasons to Hire a Property Management Company in Phoenix, AZ
1. You Don’t Have the Time
Being a landlord takes up a lot of your time, especially when you’re doing everything alone. And you may find that you don’t want to have to make these time commitments.
That’s where a reliable property management company comes in handy.
By hiring a property manager, you relieve yourself of having to do things like:
- Advertise vacancies, schedule showings, and perform tenant screenings
- Conduct routine property inspections
- Handle maintenance and repair requests
- Perform rent collection and related paperwork
- Deal with tenant complaints
- And so much more
Don’t miss the opportunity to achieve financial freedom because you don’t have the time to manage your rental properties yourself. Instead, hire a property manager to do the hard work for you, while you build up enough wealth to live the life you’ve always wanted.
2. Better Tenant Placement
Property managers know what it takes to place high-quality tenants in your rental property. They also know how to find the best people so you don’t have to worry about non-payment of rent, eviction proceedings, or an abandoned property.
In addition, a good property management company can handle all the details related to tenant screening, including:
- Criminal background checks
- Income and employment verification
- Previous landlord reference checks
- Review of credit reports
Don’t take matters into your own hands and hope you place a good tenant in your property. Hire a property management company in Phoenix, AZ to ensure your rent is paid on time and your property is well cared for.
Remember, a good property management company will have a tenant placement guarantee in place, much like the one we have at Stratton Vantage Property Management.
We’re so convinced that we’ll place a good tenant in your rental property that if they’re evicted within the first 12 months of their lease, we’ll re-lease your property at no extra charge to you.
If you’re looking for a qualified property management company in Phoenix, AZ, contact Stratton Vantage Property Management today and see how we can help you find the best tenant possible to lease from you.
3. Set Competitive Rent Rates
Understanding the rental property market is tough if you don’t know what to look for.
And because of this, you run the risk of doing two things:
- If you ask for too little when it comes to rent, you run the risk of attracting the wrong kind of tenants. You also don’t make as much money as you should.
- If you ask for too much monthly rent, you run the risk of having longer than expected vacancies because no one will want to lease from you.
Finding the perfect balance between undercharging and overcharging rent is better left to the experts. This way you not only maximize your profits, but also keep tenants wanting to renew from you each lease term.
Hire a property management company that takes in to consideration the rental market as a whole, the amenities you provide, what similar properties are going for, and what the location offers prospective tenants.
In addition, it’s helpful to find a property management company like Stratton Vantage Property Management that offers a Free Rental Analysis of your property. This way you know before even hiring them the market value of your property and what you can expect the monthly rent rate to look like.
4. Maintenance and Repair Relief
Rental property maintenance will not only take up a lot of your time, but a lot of your money too. That’s why many people opt to hire a property management company in Phoenix, AZ to take care of maintenance and repair issues for them.
Using a property manager to handle your rental property maintenance will relieve you from having to answer tenant requests 24/7.
Also, you’ll find that with a good property management company:
- Your property manager will have access to reliable and cost-effective contractors
- There will be an on-call maintenance crew to handle minor repairs
- Tenants will be able to quickly and efficiently make maintenance and repair requests
- Minor repairs will be fixed early on, before they turn into costly issues
- Your tenants will be more satisfied because their requests are handled fast
Your property management services might even include in between tenancy maintenance and repairs such as painting, cleaning, changing locks, and general repairs, all of which save you time and money in the long run.
5. Easier Rent Collection
The way to make money as a landlord is to collect a rent payment from your tenants every month.
However, getting your tenants to pay their rent every month can be difficult if you’re self-managing your property and don’t have the right rent collection process in place.
Good property management companies will typically give tenants a few ways to submit their rent payments each month. For instance, face-to-face payments, drop boxes, direct mail, and even bank deposits are some good examples.
That said, one of the most effective rent collection methods is through an online portal.
Tenants can pay rent day or night and even set up automatic payments so they’re never late. Your property manager will also have a secure record of all rent payments so you’ll always know what has been paid and when.
If you want to maintain your cash flow (and have someone to handle non-payment of rent issues) hire a property manager to oversee rent collection for you.
6. Legal Compliance
There are many Arizona federal, state, and local landlord-tenant laws you have to know as a landlord to maintain legal compliance.
And, if a tenant feels you’ve violated one of those laws, you could find yourself in some very serious legal trouble.
Hiring a property manager that knows and understands the rules and regulations as they apply to you and your rental property is the key to never getting into trouble.
And, if by chance you do find yourself facing a tenant in court, you’ll know that you’re on the right side. You’ll also have the knowledge and expertise of your property management company to back you in court.
7. Shorter Vacancies
Vacancies are something all property owners face at one point or another. Yet, it’s in how you handle those vacancies, and how long they last, that’s the key to succeeding as a landlord.
Find a property management company that understands that vacancies are the result of these three things:
- The going rent rate is too high
- The property doesn’t look good, meaning it needs maintenance, repairs, and renovations
- The property isn’t being properly advertised
If you can do that, you can guarantee your vacancies will drop. That’s because you’ll be offering a property to tenants that’s priced competitively and looks good.
And if you hire a company like Stratton Vantage Property Management, there will even be a 3D Virtual Tour of your property so potential tenants can see exactly what your property looks like.
Final Thoughts
In the end, it’s understandable if you’re hesitant to hire a property manager to handle your rental property. After all, it was a major investment and you likely put a lot of time, effort, and money into purchasing a rental that would generate you as much income as possible.
But the truth is, there are lots of reasons why hiring a property management company in Phoenix, AZ is a good idea. And, if you find the right company to work with, you won’t feel worried that your property is in the wrong hands.
Instead, you’ll feel a sense of peace and actually enjoy the free time you have from no longer having to manage all the tiny details related to your property.
Contact us today to see how we can help you command the highest rent for your property, take care of all the maintenance and repair issues, and find the highest quality tenants to lease from you.
But more importantly, see how we can save you time, effort, and money so you can enjoy the investment you’ve made, without all the added stress of having to deal with everything alone.