Property management companies now manage over 40% of rental properties in the US. The industry is experiencing steady growth as more property owners rely on these services.
A property manager can handle everything from lease enforcement to marketing. Leveraging their experience and expertise can give you an advantage in today's market.
Not sure if you need help from a property management company? Read on to discover how outsourcing tasks can prove beneficial!
Understand the Houston Real Estate Market
The best property managers can give you a better understanding of the Houston real estate market. Their expertise can make completing a rental analysis easier.
A detailed rental analysis will ensure you set competitive rates. Setting the rate too high may scare away potential renters. If it's too low, you'll lose income.
Choose a property manager that understands local, state, and federal laws and regulations. Texas landlord-tenant laws cover:
- Security deposit limits and returns
- Landlord disclosures
- Landlord access to rental properties
- Tenant protections against retaliation
- Tenant rights to withhold rent
- Late fees and rental rules
- Small claims lawsuits
- Termination and eviction rules
Their services can ensure compliance with local regulations. You can reduce your liability by outsourcing tasks to a property management company. Otherwise, you may encounter legal issues, including lawsuits and fines.
Property Marketing
Neglecting to develop a property management strategy could leave you with vacant units. The rental vacancy rate in the US is nearly 5%.
Your property manager can use a mix of traditional and digital marketing strategies. Planning campaigns on your own can become time-consuming. You could waste money on campaigns that don't generate leads.
Outsourcing will ensure you attract renters to your available listings. You can personalize your marketing campaigns to better connect with your target audience.
Tenant Screening
Do-it-yourself tenant screening platforms often provide a "yes" or "no" recommendation. They don't give you a full picture of each applicant. You may choose a renter with a long history of late payments and evictions.
Your property management company can provide comprehensive tenant screening reports. They'll consider eviction histories, employment verification, and more.
They'll ensure you follow anti-discrimination laws and find great renters. Retaining renters can boost your occupancy rate.
Lease Enforcement
You may need to take legal action to end an unreliable tenant's lease. Your property management company can handle the lease enforcement process and eviction filings. Outsourcing this process will reduce your landlord stress.
Avoid Stress as a First-Time Landlord
Navigating today's real estate market can feel daunting if you're a first-time landlord. Outsourcing will help you avoid costly mistakes. Instead, you can save time and money by operating more efficiently.
Choose a company that leverages software to reduce human error and inefficiencies. Tenants can use an online portal to send rent payments and maintenance requests.
Hire a Property Management Company Today
Managing your real estate property alone can become stressful. Instead, hire a property management company. Let them handle everything from marketing to lease enforcement.
Our team at PMI Infinito uses state-of-the-art technology and proven strategies to maximize owner profitability. Rely on our 20 years of local industry experience. Contact us today to experience these benefits yourself!
