06 Sep REITs and Rental Property Management Company Partnerships: Benefits Gained
You manage a real estate portfolio, but that doesn’t mean that you want to manage clogged toilets and tenant disputes. Running a REIT (Real Estate Investment Trust) uses rental property management as an investment tool for your investors. However, you don’t need to take care of every detail to be successful. A partnership with a rental property management company can help you have more time to consider your investments by providing on the ground assistance with property management. You will enjoy cost savings as well as increased efficiency.
A Rental Property Management Company Keeps Rental Income Consistent
When you manage properties as an investment portfolio, it’s especially important to ensure that you maintain rental rates. If many of your tenants decide to move, this will have a financial impact on your investments. When you work with a property management company, you don’t have to spend your time worrying about tenant turnover. A rental property management company can help you by:
- Maintaining rental listings and details so that you’re ready to advertise
- Creating and executing a plan to fill rentals with new tenants
- Organizing new tenant visits, interviews, and background checks
- Coordinating the paperwork required to on board a new tenant
According to NOLO, “management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions.” If you want to provide superior service to your tenants, but you don’t have the time to do it yourself, working with a management company allows you to do so.
Hire a Company to Manage the Details
If you’re operating at the big picture level of an investment firm, you may not want to live in the mire of the everyday ebb and flow of work in each of your rental units. Do you want to get the call about a leaky faucet and arrange for someone to fix it? Do you want to fix it yourself?
Customer service is the cornerstone of any rental relationship. Your tenants need to trust that you’ll work with their problems, or they won’t be your tenants for long. Build that trust by hiring a property management company to work with the details.
A property management company may have in-house staff to work on some of the aspects of your tenant relationships, such as coordinating a timely tenant viewing of a property. Depending on the size of the company, it will either manage repairs and maintenance itself or have ongoing local assistance to work on plumbing problems, landscaping maintenance, and other tasks.
Manage Maintenance With Ease
Property owners must constantly consider what’s next on the maintenance list. According to Rental Results, “one common mistake property owners make is being too confident, thinking that they’re lucky enough not to have to spend too much on the maintenance and repair of their property.” However, ignoring maintenance is a mistake. Keeping your property in excellent condition allows you to get the rental rates you want, maintain ongoing tenant relationships, and contribute in a positive way to your community. Working with a property management company can help you protect your investment by managing its ongoing maintenance so that your properties always operate at their best.
Property Management Companies Understand Property Management in Seattle
Do you know where you should advertise local schools and recreation centers as amenities? Are you aware of the needs of your tenants who live in the downtown core? Seattle property management companies aren’t just good at understanding how to maintain properties. They also understand the needs of your tenants and the local market. Working with a local management company gives you extra insight into the trends in Seattle real estate.
At Lori Gill and Associates, we understand Seattle rental property management. We’ll help you create a property management program that you can count on, providing you with peace of mind. Know that everything from new tenant paperwork to ongoing maintenance will be covered by a company that coordinates your property management in Seattle. Connect with us today.