Did you know that the average landlord owns three separate properties? On top of that, half of all landlords manage them independently. However, the effort it takes to care for all of these properties goes up as you invest in more of them.
Instead of struggling to juggle multiple properties as a landlord, you could always ask for help. Property management companies offer real estate management, tenant services, property maintenance, and more. They can even help you deal with insurance claims.
Read on for four facts about property management you should know in Seal Beach, CA.
1. Handles More Than Rent Collection
The first thing to understand is that property management services offer more than just rent collection or tenant management. They're also essential if you want to take care of your properties, especially if you don't have the time to visit them or schedule maintenance for each one.
You can leave all of the details to your service provider. Let them know what you expect and if there's anything you want to personally handle as a landlord.
2. There's a Focus on Growth
One lesser-known role of real estate management is their focus on growth. It only benefits your management company if you gain more tenants and diversify your investment portfolio.
Some of the ways they attract new tenants are through social media marketing, conducting a market analysis, and offering virtual tours. Trying to do all of this on your own without help could prove difficult, especially if you have multiple properties.
On top of that, utilizing management services means better tenant retention. You won't have to waste time and resources on finding new applicants if your renters stick around.
3. They Don't Have to Work in Your Area
It's not uncommon to own properties outside of your current city or state of residence. In that case, you can operate as an out-of-state landlord.
You don't need to live in the same area that you use property management services. It's possible for you to let your management company take care of your investment while you're away. As long as you establish a clear line of communication, you won't have any issues.
4. Property Management Can Save You Money
Even though it costs money to use a property management company, you'll still end up saving money in the long run. There are a few reasons for this.
First, you avoid lawsuits from your tenants. Second, you provide better maintenance and can avoid expensive repair jobs. Finally, you'll have a more reliable source of income by retaining tenants.
Get Help With Your Investment
Hiring property management services makes sense, whether you're dealing with a few properties or a dozen. They can help keep them in good quality, handle tenant complaints, and keep your overall business out of legal trouble.
PMI Patron offers residential property management across Seal Beach and in surrounding communities. We can help you whether you're an owner or a prospective tenant. Contact us to learn more and check out our ROI calculator online.