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The Advantages of Hiring a Property Management Company in Petoskey

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Having a rental property in Petoskey might be a terrific way to supplement your income. However, it also comes with property management obligations, such as upkeep, repairs, and marketing. If you’re wondering whether or not you need a property manager, consider these eight advantages of hiring one in Petoskey. A property manager is responsible for:

1. Eliminate problematic tenants
One of the most significant advantages of property management is that it includes tenant screening. When evaluating an applicant’s papers, experienced property managers who have seen hundreds (or thousands) of applications are more likely to identify any red flags. They can rapidly recognize positive tenant characteristics such as timely rent payment, property maintenance, and more. Allowing them to handle the tenant screening procedure will increase your chances of finding a trustworthy tenant.

2. Serve as a point of contact for tenants’ issues
It’s not always easy or practicable to drive over to the unit to inspect it yourself if something breaks at your property (especially if it’s in another town or state). A property manager can respond to issues at any time of day or night and arrange for a service provider to repair or replace the item. Alternatively, if you have a renter who always has a complaint — whether it’s about noisy neighbors or a dog that pees on the front lawn — you can rest comfortably knowing that the property manager is the point of contact for such calls.

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3. Promote your rental property
Property managers are knowledgeable in rental marketing, including how to write rental ads, take high-quality images, and conduct open houses. They also know the local real estate market and can assist you in setting a competitive rent price. Hiring a property manager with marketing knowledge might help you fill your unoccupied property faster and save money. If you want to market your rental yourself, Zillow Rental Manager makes it easy to post it on a variety of high-traffic websites. According to the Zillow Group Consumer Housing Trends Report 2019, 84 percent of renters utilize online resources when researching a house, so it’s a smart idea to post your rental on the right sites to attract those possible tenants.

4. Reduce the number of vacancies.
Property management companies who do their job well know how to keep their tenants pleased. They are responsive and accessible, and they deal with issues as they arise. Renters who are happy are also less inclined to move and more willing to accept fair rent increases. 50 percent of tenants who choose to stay in their existing lease believe their house is a good value for the money, and 40% say they enjoy their rental.

5. Make that the rent is paid on time.
Property management companies are encouraged to keep payments coming in since their fees are deducted from the monthly rent. Receiving rent payments on time requires consistent rent collection, and utilizing a property management company will assist in enforcing lease terms if payments aren’t received. If renters fail to pay their rent on time (or at all), the property manager will know how to handle the problem, which may include issuing an eviction notice. Payment collection can be a problem – the average renter spends 29 percent of their income on rent, and a huge percentage of renting homes is one large expense away from defaulting.

6. Avoid any legal ramifications
Property managers are familiar with landlord-tenant rules as well as fair housing legislation, which can save you time, money, and effort in the long run. They will usually cover any legal fees incurred as a result of evictions or property damage. If you don’t feel confident handling evictions, signing and terminating leases, or handling rent and security deposits, you may need the help of a property management business.

7. You will save money on maintenance and repairs.
If the property managers work with a regular service provider or employ an in-house maintenance crew, using a property management business may result in maintenance service reductions. They can do routine inspections and identify faults before they become larger concerns, reducing the frequency of emergency repair bills.

8. Lessen your rental stress
You’ll have fewer hassles and responsibilities to worry about if someone else manages your rental property and renters on a daily basis. If having more time and less stress is important to you, hiring a property management company can help.

Property management has these advantages. Investing in a rental property can boost your monthly cash flow and help you develop long-term wealth, but not everyone is cut out for day-to-day property management. Consider all the property management perks you’ll receive for a portion of your rental income if you just want an extra income from rent and don’t want to be responsible for the intricacies of your rental investment.