If you only rent one unit, you may be able to handle that on your own. However, there are incredible benefits to hiring a property management company whether you have one unit or 20 units. Property management companies are designed to help you maximize profit while minimizing risk.
Set Appropriate Rental Rates
Property management companies have the resources and experience necessary in setting prices for rental units. It needs to be high enough to maximize your profit, but low enough that there are good tenants interested in staying there. A rental with too high a price will stay vacant for too long. In order to set the right price, the company will consider the size, location, year it was built, interior quality, appliances included, type of heating, and more.
Avoid Costly Legal Issues
Renting property on your own will seem easy until you encounter serious legal trouble. Writing the lease wrong, entering the property without notice, not providing receipt of payment, and so much more can cause huge issues. Do you know how to handle an eviction in court? Most people don’t know how to navigate these sometimes-tricky and potentially costly problems. A management company will be able to handle everything for you in a 100% legal, efficient, and pain-free way.
Find Good Tenants Quickly
Each day your unit is vacant is an unrecoverable cost. Finding good tenants quickly and filling the unit is of utmost importance. After all, you have bills to pay! Property management companies utilize software and applications that allow them to market on many websites and reach thousands of people. This allows them to set higher requirements and find more qualified tenants.
Resolve Maintenance Issues with Ease
Maintenance issues are a common pain point for tenants. Do you know reliable plumbers, electricians, HVAC specialists, and general contractors who can respond promptly to maintenance problems? Property management companies already have a list of dependable workers. This means issues will be resolved quicker and cause less pain for tenants.
Minimize Time and Effort
Some tenants require a lot of work. From constant communications, refusing to pay rent, or demanding maintenance, there are a hundred potential ways that a tenant could take up all your time. Property management companies have the procedures and experience necessary to handle all tasks related to your tenants.
Choose Compass Property Management LLC
Compass Property Management LLC is a full-service management company that offers 3 plans that meet our owners’ varying needs. We manage over 300 units in Lancaster, Chester, and Berks County Pennsylvania. If you’re ready to maximize your profits and minimize your risk, contact us today!