Over 50% of Americans live paycheck to paycheck. Simply working a 9-5 isn't cutting it anymore; you need your money to work for you. This is where investing in real estate comes into play.
If you have an investment property, you can sit back and watch the money roll in. By hiring a property management company or service, you also don't have to worry about the day-to-day management and upkeep of the property.
So, keep reading to find out three reasons why you should hire a property management service to take care of your investment property.
1. Filling Vacancies
One of the hardest parts of owning an investment property is filling vacancies. If there aren't any tenants, then you won't make any money.
A property management service handles this entire process for you. They market the property, find potential tenants, and screen them. This means you don't have to spend time finding reliable tenants to keep earning money.
A property management company also handles all the paperwork and negotiations, so you don't have to get stuck doing nitty-gritty work. This leaves you with more free time to enjoy
2. Maintenance and Repairs
When you own property, you have to take care of any needed maintenance or repairs. If you don't have a trusted contractor on speed dial, it can be costly while also taking a chunk of time out of your day to ensure the property is in good condition.
Property management companies have teams on hand that are ready to step in if any repairs or maintenance is needed. These teams are screened and vetted by the property management company, so you don't have to spend hours doing research.
So not only do you not have to deal with contractors, the tenants won't contact you if their space needs repairs; it'll go straight to the property management company. This is an incredibly streamlined and cost-effective way to ensure everyone is happy.
3. Rent Collection
With over 15% of Americans behind on their rent, it's no surprise that rent collection is one of the worst jobs a landlord is saddled with. Luckily property management services can handle this task for you. They will also follow up on late payments and send out reminders as needed.
By not handling the rent collection yourself, you can easily maintain a professional relationship with your tenant as you'll avoid most conflicts. This way, rent is collected on time without causing you any stress.
Hire a Property Management Service
When it comes to a property management service, you have to pick the right one that meets all your needs. That's why you have to do your research before you hire a property manager.
If you're looking for a full-service property management service in the Ogden, UT, and Salt Lake City, UT area, contact us today. At Wheeler & Associates Property Management, our goal is to place quality tenants who will respect and care for their new home, and to reduce the risk for our owners, eliminating the stress of having an investment property.