Buying a new property can be lucrative. But do you have the time to invest in your investment? Skilled property managers can save you time and help you reap the most from your property!
Read on to learn about the five valuable duties of Phoenix property managers!
1. Marketing Your Property
Attracting tenants isn't always easy in a competitive Phoenix market. Plus, it's a significant time investment. You have to gather the stats on your property, create compelling visuals, and find places to post listings.
Property managers can do all that work for you. They can capture video and quality photographs that show off your property's best features. And they'll have the market expertise to help determine competitive rent prices.
2. Screening Tenants
Phoenix property managers can conduct interviews and background checks so you get the best tenants. Screening candidates requires scheduling meetings and sifting through applications. When you let a property management company do the work, you'll be freed up to focus on other responsibilities.
This vetting process can help you avoid tenants without the resources to pay rent. You can also set yourself up to have more responsible tenants who will keep your property in good condition.
3. Serving as Rent Collector
Collecting rent can be a cumbersome responsibility if you own a multi-unit property. And if some tenants are unable to pay rent, that can lead to sticky situations. A property management company can handle all of this for you.
They'll have access to software to make rent payments easier than ever. And in instances where someone is late with rent, the property manager can administer late fees.
Further, you'll want to be attentive to rent increases as a property owner. A skilled manager can guide you toward fair increases that won't turn away existing or potential tenants.
4. Handling Daily Maintenance
With any real estate investment, maintenance is essential. You'll need to keep the structure in good repair and do landscaping so the property is attractive. But you'll also need to be ready for significant repairs and emergencies.
If you don't live in town, you may not know who the most reliable plumbers and HVAC specialists are. A property management company with roots in Phoenix will know which technicians to trust. They may have ongoing business connections with them to ensure prompt responses to pressing needs, like an AC breakdown or burst pipe.
5. Tackling Logistical Matters
Owning an investment property comes with certain legal obligations for landlords. You have to stay current with building safety codes. Plus, you have to pay taxes and abide by laws regulating the landlord-tenant relationship.
That's where property managers can step in to make sure you're complying with the laws. They'll know local and federal laws so you don't find yourself in legal trouble.
Hire the Best Property Managers
Good property managers will do marketing, screen applicants, and collect rent. They'll ensure compliance with legal obligations. And they'll make sure your property looks its best every day.
At LHM Realty, we are a family-owned business with ample experience navigating the Phoenix real estate market. We can help you optimize your rental to get the most for your investment. Contact us today to learn more!
