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Monday, 03 April 2023 10:05

11 Unexpected Benefits of Using a Property Management Company

Asheville, NC is a renters' city, with 49% of households in the area renting; there is no better time for real estate investors in the area. While you could certainly handle your properties yourself, you may have multiple rental homes across town. It is easy to become overwhelmed by attempting to manage everything. 

Having rental properties should be a source of passive income so you can spend more time enjoying your hometown. Employing a property management firm may let you spend more time away from your properties while they are being properly handled.

If you have considered hiring a property management company but are not sure you want to commit, here are eleven unexpected benefits of using a firm to take care of your rental properties.

11 Surprising Benefits of a Property Management Company

1. Better Tenant Screening

A good property management company has a robust tenant screening process that includes running background checks, verifying employment, and checking references. This can help ensure that you only rent to tenants who are likely to pay rent on time, treat your property well, and be responsible tenants.

The tenant screening process is far more detailed than what a real estate investor has time for. In many cases, a credit check and background check can be performed. As well as following up with references from previous rentals. 

By conducting better tenant screening, a property manager can reduce the risk of renting to unreliable tenants. This process protects landlords' investments and increases profitability.

2. Reduced Vacancy Rates

Keeping tenants in rental properties is key to maximizing your return on investment when it comes to rental properties. The point of a rental property is for it to be perpetually rented. While no property management company is perfect, they typically have systems in place to quickly advertise and fill vacancies. 

Property management companies also work hard to retain existing tenants to reduce turnover. This keeps the cost of acquiring new tenants low and ensures that your property stays occupied and generates income.

3. Professional Maintenance Team

Many property managers will have a network of trusted contractors who can provide professional maintenance services. Well-maintained rentals make it easy to retain or attract tenants. Also, this can help ensure that your property stays in good condition and that any necessary repairs are done promptly.

4. Higher Quality Repairs

Because of the longstanding relationship with those same maintenance contractors, property managers have access to better rates and higher-quality repairs. This can save you money in the long run by preventing the need for frequent repairs or replacements.

5. Legal Expertise

One of the most important benefits of hiring a property management company is the legal expertise that they can provide. Property management companies stay up-to-date on the latest laws and regulations related to rental properties. They can help ensure that you're in compliance with all legal requirements and avoid costly legal disputes.

6. Marketing Services

Property management companies often have entire marketing departments to ensure that your property is effectively marketed. Not only do they create compelling listings, advertise your property on relevant platforms, and handle inquiries and showings, but they also have an extensive network that can get as many eyes on your property as possible. 

7. Tenant Retention Services

Happy tenants are more likely to renew their leases, which can reduce turnover and vacancy rates. Property management companies can help keep tenants satisfied by responding quickly to maintenance requests, addressing concerns, and fostering positive relationships. 

8. Reduced Stress

Managing a rental property can be time-consuming and stressful. By working with a property management company, you can offload many of the day-to-day tasks and responsibilities, reducing your stress and freeing up your time.

9. Improved Tenant Relations

Property management companies have experience dealing with tenant issues and can often help improve communication and relations between landlords and tenants. This can lead to a more positive and productive relationship for both parties.

10. More Free Time

With a property management company handling the day-to-day operations of your rental property, you'll have more free time to focus on other things, whether that's spending time with family, pursuing other investment opportunities, or simply enjoying your hobbies.

11. Increased Profitability

By reducing vacancy rates, maximizing tenant retention, and minimizing repair costs, a property management company can help you increase your rental property's profitability over time. This can lead to higher rental income and a better return on your investment.

If you are a landlord, you know how time-consuming managing your property can be. There is so much to be done on a day-to-day basis, and all of that adds up. 

By working with a property management company, you can be sure that your property is not only well taken care of but also as profitable as possible, all while freeing up your time to focus on other things. 

Asheville Phoenix Properties - Your Choice for Property Management in Asheville NC

If you are a real estate investor looking to reduce stress and free up your time, then Asheville Phoenix Properties is here to help. We recognize how crucial it is to work with a professional rental property management company to look after your investment. We have over 25 years of experience in property management and are committed to taking care of your rental properties.

With the help of our full-service property management solutions, renting out real estate can be simple and profitable. We handle every step of the rental process, from tenant screening to rent collection, freeing you up to focus on growing your investment portfolio.

If you're looking for the top local rental property management company, look no further than Asheville Phoenix Properties. Get in touch with us today to learn more about how we can help you realize your rental property goals.