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Are you juggling property inspections, leases, and advertising for your Milwaukee properties alone? You don't have to! Over 70% of property managers handle these tasks.
In fact, only 45% of landlords manage their own properties, while the rest outsource. A property management company can better protect your investment property.
Their services can maximize your earning potential. Not sure how they can help? Read on to learn more!
Avoid Problematic Renters
A property management company can screen applicants to help you find reliable renters. Otherwise, you may select tenants who will damage your beautiful investment property. You could end up spending thousands of dollars on repairs.
Some renters may fail to pay rent on time, affecting your profitability. Others may break your rules or conduct illegal activity.
Choose a property management company with an established tenant screening process in place. Their reports will include:
- Criminal background checks
- Credit scores
- Employment verification
- Eviction histories
- References
- Rental histories
Selecting problematic renters can lead to evictions, which are costly. A high turnover rate can lead to long-term vacancies.
An expert team can help you avoid these property investment mistakes. Instead, they'll help you find renters worth retaining. Keeping reliable renters can boost your occupancy rate and ROI.
Comply With Housing Laws
An experienced property management company will ensure you comply with housing laws and regulations. These include:
- Tenant screening laws
- Safety requirements
- Security requirements
- Fair housing regulations
Neglecting to comply can lead to lawsuits and fines. Relying on a property manager's expertise can help you avoid legal trouble.
Maintain Profitable Property Investments
According to LendingTree, nearly 60% of renters surveyed had landlords they didn't like. One of the top reasons is maintenance issues (68%). If your real estate investments crumble, you could lose tenants.
Property values will plummet, affecting your ability to generate revenue from long-term investments. Before that happens, partner with a property management company. They can protect your investments by scheduling routine inspections and maintenance.
They'll recognize small problems before they worsen. They can even recommend property upgrades to help you remain competitive. Appealing to the latest trends can help you attract future renters.
Maximize Rental Income
Hiring a property management company can help you operate more efficiently. Use their state-of-the-art technology to automate processes. Tenants can use an online portal to:
- Send inquiries
- Submit maintenance requests
- Automate rent payments
- Review leasing documents
This will ensure fewer late payments. You can even automatically apply late fees.
Your property manager can improve your occupancy rate using tenant retention and marketing strategies. They'll also help you set competitive rental rates. Using their proven strategies to reach full occupancy can maximize your earning potential.
Protect Your Investment Property Today
Partnering with an experienced property management company can protect your investment property and bottom line. Leverage their expertise to enhance your long-term investments. With their proven strategies, you can gain a competitive advantage in today's market.
Performance Asset Management is Wisconsin's rapid response manager. We're dedicated to providing rapid solutions while financially outperforming competitors.
Trust our guarantees, intuitive software, and unique approach to maximize your returns. Contact us now for a free rental analysis.
