If you want to generate reliable, recurring income, investing in rental properties can be a great approach. With that in mind, there are some challenges that all Phoenix property owners are likely to face.
Rental property management is no small task, and it can take a lot of time and effort to ensure things run smoothly. A lot of real estate investors turn to property management companies to help them with the day-to-day operations of their rental properties.
So you may be wondering if you need rental property management services for your Phoenix properties. Keep reading this guide to find out.
Do You Have Multiple Properties?
Managing a single property can be hard work, so things only become more difficult as you invest in more. Daily rental operations can take up a lot of your time, so if you own several properties it's very unlikely that you'll be able to keep up.
This will result in issues with some of your properties. If you hire a property manager, they can take on various responsibilities such as rent collection, maintenance, tenant relations, and more.
Do You Know How to Screen Tenants Properly?
Tenant screening is a vital part of property management. It will help you find the best tenants for your property by taking a closer look at those who you're considering.
When done properly, the process will show if an individual has any rental history issues such as property damage or failure to pay rent. This helps ensure you have tenants that you can trust and want to have living in your rental property.
Do You Know How to Market Your Property?
Before vetting tenants, you need to attract them. A property manager can create effective property listings that will appeal to renters in the area.
This isn't as easy as a lot of people think it is, and it can have a huge impact on how many people show an interest. Having more people want to rent your property will give you more options so it will be easier to find ideal tenants.
Are You Prepared to Handle Maintenance
You're responsible for property maintenance, but it's not always easy to deal with. Property managers have plenty of experience with this, so they can take care of things with ease. This includes taking maintenance requests from tenants, finding the right contractors for the job, and overseeing the work to make sure there are no issues.
Do You Have Enough Time?
This is the biggest factor for many people, especially those who own multiple properties. Property management is very involved, so you may end up not having time to do anything else. Leaving things to a property manager will free you up to pursue other interests.
Professional Rental Property Management
It's possible to look after a rental property on your own, but it takes a lot of hard work. Things will be much easier if you hire a rental property management company.
PMI Phoenix Metro is a full-service real estate management company with almost 20 years of experience in Phoenix and the surrounding areas. Take a look at our property management page to see more about what we can do for you.