Are you ready to hire a property management company? Many landlords find that managing their rental properties is not practical or financially rewarding. In fact, taking on the task of managing your rentals can be time-consuming and financially draining. Property management companies can be a tremendous asset to your business by offering a variety of services to help you save time, maximize rental income and grow your equity by protecting your investment property.
Below are ten reasons to hire a property management company. Each of these is a benefit that clients of Red Door Company experience when they work with our professional property management team. If you think you are ready to hire a property manager to take care of your rental properties in Raleigh, Durham and Chapel Hill, North Carolina, please do not hesitate to contact us for your no obligation property management assessment.
Setting Rent Rates
Partnering with a property management company will pay big dividends when it comes to setting the right rental rates. Landlords who go it alone and do not set the right monthly rent amount on their rental properties end up leaving a lot of money on the table and often see their rental home sit vacant for months at a time. Here at Red Door Company, we use our local rental market expertise and thorough market research to set a rental price for your property which will help you maximize monthly rental income and maintain a low vacancy rate.
Don’t Live Nearby to Your Rental Properties?
Landlords who do not live close to their rental units will have a hard time ensuring their tenants are happy and their investment is protected. Hiring a property management company is invaluable for day-to-day operations when you don’t live close to your rental properties.
Red Door Company provides our clients peace of mind by handling issues that are bound to arise. From minor maintenance requests to major emergencies, we can take care of problems that landlords will not be able to manage from afar.
Hiring a property management company allows you to tap into the relationships that they have established with vendors in the area including the best plumbers, contractors, electricians and HVAC professionals. The relationships a property manager develops over the years with these vendors helps landlords get the highest-quality work for the best price. And don’t forget, when you keep your rental property in top condition with maintenance and repairs from the best vendors, you will be able to command top rent for your property.
Expertise in Today’s Rental Marketing Strategies
Today’s rental marketing landscape changes almost daily due to advances in technology. Hiring a property management company will give you the edge over landlords who try to market and advertise using outdated methods. Red Door Company utilizes the latest rental marketing strategies to find qualified tenants for your rental properties in Durham, Raleigh and Chapel Hill, North Carolina. You can rely on us to quickly and efficiently minimize vacancies and maximize your return on investment.
Finding High-Quality Tenants
Landlords, are you sure that your rental marketing and tenant screening methods place the highest-quality tenants in your rental homes? A major benefit of hiring a property management company is the peace of mind that comes with knowing the tenants living on your properties have undergone an intensive tenant screening process. From running criminal backgrounds, security checks and credit reports to verifying employment and collecting previous landlord references, a professional property manager provides a thorough tenant screening process for its landlord clients.
Your Time is Limited
Whether you own one rental home or are a real estate investor with a handful of rental properties, the amount of time you have to devote to your investment property is limited. Hiring a property management company gives you the time to enjoy the rewards of owning real estate investment properties without having to devote all your time to the daily administration of those properties. And if you are a real estate investor who prefers to spend your time growing your business, then the decision to hire a property management company is well worth the investment.
Compliance with Federal, State and Local Laws
Another major reason to hire a property management company is to help you avoid costly missteps and make sure that you fully comply with federal, state and local laws and regulations. The right company will help you prevent discrimination in tenant screening process or the mishandling of private information. They will also ensure that your property is up-to-date and ready for tenants. Don’t roll the dice; hire an experienced property management company to minimize your exposure to liability.
Ability to Invest in Hot Rental Markets
Landlords who manage their properties are limited to local real estate markets when it comes to investing in rental properties. A good relationship with a property management company in another city or state allows you invest in markets which are delivering a higher return on investment than your local market. With our knowledge of the North Carolina real estate market in Raleigh, Durham, and Chapel Hill, Red Door Company helps landlords both grow and protect their rental property portfolio, no matter where they live.
Collecting Rent Payments
Collecting rent on time from your tenants is vital to maximizing your monthly cash flow. Hiring a property management company takes the headache out of rent collection for landlords. And often, as in the case of Red Door Company, property managers have a plan in place to attract tenants and encourage timely payments by offering convenient, online rent payment options. A property management company also keeps track of income and expenses and provides an end of year statement, which comes in handy for tax preparation.
Avoid Headaches of Hands-On Management
Simply put, managing rental properties as an individual can bring with it many hassles and headaches. But if you want to protect your investment and continue to see rental income, landlords cannot ignore or be slow to act when it comes to tenant issues or maintenance problems, no matter how trivial or small they may seem at first. If you want little or nothing to do with the day-to-day management of your properties, then you are the perfect candidate for hiring a property management company.
Here at Red Door Company, we deliver much more than just ten property management benefits to our landlord clients. Our tailored property management services will save you time and money, protect your real estate investment and grow your bottom line. Contact us today and we’ll be glad to show you why working with Red Door Company is The Right Way to Rent®.