Washington's saturated real estate market could make it difficult for you to maximize your earning potential. In fact, the percentage of empty units statewide is about 5%. You won't generate income from renting out property without help.
Before you start losing money, consider relying on a full-service property management company. On the fence? Read on to discover how requesting services can benefit your real estate scaling efforts today!
Find Reliable Tenants
Your vacancy rate will continue to increase if you don't develop a marketing strategy. Your property management company can help you find reliable renters. They'll direct more people to your property listing with:
- Search engine optimization
- Paid advertising
- Email marketing
- Social media marketing
An omnichannel marketing strategy will help you gain more online visibility. Otherwise, potential renters will never find your properties. They'll turn to other rentals in Maple Valley instead.
Your property managers can screen applicants on your behalf. Developing a tenant screening process can help you avoid problems in the future.
For example, you can avoid renters who have fallen behind on rent payments. Over five million households are still behind, with the average arrears reaching over $2,000.
Screening tenants will ensure you find renters you can trust. You'll want to retain these tenants long-term. Increasing your tenant retention rate can improve your ROI.
Manage Tenant Inquiries
Neglecting to respond to tenant inquiries could lead to unhappy renters. Your tenants may decide not to renew their leases later. Allow your property managers to handle tenant inquiries on your behalf.
Choose a property management company that uses state-of-the-art technology to streamline operations. For example, perhaps they use a tenant portal. You can keep up with tenant inquiries to avoid delays and build strong tenant relations.
Your tenants will have peace of mind knowing they can always request help. As their satisfaction rate improves, your retention rate could rise.
Simplify Maintenance Requests
A property management company can handle all maintenance requests on your behalf. Keeping up with maintenance requests will provide renters with better places to live. As a landlord, maintenance can become a costly part of property ownership.
Choose an experienced property management company that has connections with local vendors. They'll gather competitive bids from qualified, reliable contractors. You'll have peace of mind knowing your properties are in good hands.
If you neglect to complete maintenance requests, renters could get upset. It's your responsibility to provide them with a hospitable place to live. Otherwise, your renters may decide to take legal action.
Collection Management
The best property management company can also simplify your rent collection management. They can automate payments using an online tenant portal. Tenants will have an easy, convenient way to submit their payments, leading to on-time payments.
Request Full-Service Property Management
You don't have to juggle the many responsibilities of property ownership alone. Instead, consider requesting help from a full-service property management company. Leveraging their experience and expertise can help you discover new ways to succeed in the real estate industry.
Need help renting out property? Look no further than PMI Puget Sound.
Our team has nearly 20 years of industry experience helping property owners maximize their earning potential. You can rely on our state-of-the-art technology and award-winning processes. Contact us today to experience the benefits of working with property managers firsthand!
