According to Pew Research, individual investors own about 14.3 million of the 20 million rental properties in the US. However, many of these investors try to manage their properties alone. Without rental property help, you may struggle to remain profitable.
In fact, you may need a landlord rescue to compete with other Ewing, NJ landlords. Unsure if it's time to call a property management company? Read on for these signs you need a rescue.
Vacant Properties
The rental vacancy rate in the US is 6.6%, according to US Census data. The longer your rental properties stay vacant, the more you'll lose in potential earnings. If you're struggling to attract tenants, hire a property management company.
A full-service property management team can provide property marketing services. They may:
- Update the property
- Stage the property
- Hire a real estate photographer
- Update the online listing
- Leverage digital marketing strategies
These services will help you gain more online visibility. As more people find your rental properties, you'll generate more applications. Your tenant pool will open, allowing you to choose between renters.
Working with a property management company will improve your occupancy rate. As you fill more vacancies, your ROI will rise.
Late Rent Payments
For some Ewing, NJ landlords, collecting rent is a daunting task. If you're still requesting rent payments through the mail or in person, request rental property help. Choose a property management company that uses state-of-the-art software to streamline tasks.
They'll direct tenants to an online portal where they can:
- Pay rent
- Review leasing documents
- Ask questions
- Submit maintenance requests
Tenants can automate rent payments, leading to fewer delays. The system can even automate late charges, which may encourage renters to pay on time.
Lacking Tenant Management Solutions
If your renters are causing you unnecessary landlord stress, consider your tenant screening process. Detailed tenant screening reports should include:
- Rental histories
- References
- Eviction histories
- Criminal background checks
- Credit checks
Your property manager can complete this task efficiently. The sooner you screen tenants, the sooner you can fill vacant properties. They'll ensure you find reliable renters worth retaining, leading to a higher occupancy rate and ROI.
Maintenance Delays
Neglecting to complete maintenance tasks in a timely manner can frustrate renters. They may take legal action if the property isn't habitable.
Allow your property manager to schedule and track maintenance projects. They'll hire reliable contractors at competitive rates. With their help, you can protect your investment properties and improve tenant satisfaction rates.
Keeping renters happy can lead to more lease renewals. Your occupancy rate and earning potential will improve. Maintaining your property can also lead to fewer future repairs.
Request a Landlord Rescue Today
Do these stressful situations sound familiar? Consider requesting landlord rescue services. Working with a property management team will help you operate efficiently without unnecessary stress.
Our team at PMI Essential can help you worry less while adding value to your investment property. Trust our commitment to effective communication, integrity, honesty, and accuracy.
We can help maximize your earning potential. Contact us today for a free rental analysis.
