If you own a studio apartment, you’re probably looking for ways to bring in additional income. Renting your unit can be a great way to make extra money. However, being a landlord is a great responsibility that comes with its own set of challenges.
Fortunately, some companies specialize in property management, and they can help take care of your tenant and your property.
Here are some reasons why you should use a property management company if you want to put studio apartments for rent:
1. Less Time Spent on Maintenance and Repairs
Being the handyman for a rental home can be rewarding but frustrating for others. When you rent through a property management company, they handle all repairs and maintenance for you — and can also help with emergency calls from tenants in the middle of the night.
You only need to worry about more significant issues that need your attention, rather than every leaky faucet or broken appliance in the unit.
2. Higher Quality Tenants
Property management companies screen potential tenants to ensure they meet the criteria for renting your apartment or condo. They check their credit scores and employment history to ensure they are reliable renters who will take care of the property and pay their rent on time every month.
Renting directly to tenants means you do not get this benefit and may find yourself stuck with someone who damages your unit or ultimately fails to pay their rent.
3. You Get Help With Marketing the Property
Marketing a property is not as straightforward as putting up a sign and waiting for promising tenants to drop by. You need to advertise your property in the right places, and sometimes, you need to do a bit of convincing to get prospective tenants interested.
A property management company has the expertise and resources to help you market your property effectively. They can better advise you on the most appropriate listing sites to use, how much you can charge for rent, and how to entice potential tenants with your property’s features.
Property managers also have access to multiple listing services (MLS) where they can post your listings. MLS is an information-sharing system used by real estate agents and brokers that contains thousands of rental listings from different parts of the country. This helps boost your chances of finding a tenant faster.
4. You’re Not Responsible for Collecting Rent
Whether you have an office job, collecting money from tenants can be stressful. You have to remember to send out bills and reminder notices every month and then chase down your tenants if they don’t pay on time.
If they don’t pay at all, you need to file an eviction notice and even potentially go through the process of evicting them. A property manager will take care of all this for you.
The Bottom Line
There are many reasons why you should consider a property management firm to handle your rental needs. From helping to find quality tenants to legal concerns and unexpected repairs, the right property management company can be of great benefit to you and your investment.
Because these companies specialize in managing properties for owners, they will save you both time and money while making sure your property gives you a good ROI.