Are you rushing to collect rent, complete maintenance, and fill vacant rental properties? You're doing too much on your own!
Over 50% of landlords don't manage their own properties. Instead, they hire a property manager. More than 70% of managers cover advertising, leasing, and property inspections.
Not convinced you need a landlord rescue? Here are the top signs you need to hire a Denver property management company!
A High Vacancy Rate
How many of your rental properties are currently empty? The national rental vacancy rate is almost 6.5%. You can lose thousands in revenue each month with just one vacant property.
If your vacancy rate isn't improving year-over-year, hire a property manager. They can develop a multifaceted marketing strategy. Their proven strategies will help you reach eager renters in Denver.
Their strategies may include:
- Cleaning and staging the property
- Upgrading the property
- Hiring a real estate photographer
- Social media marketing
- Creating engaging content
- Updating online listings
- Creating digital ads
They can engage renters online and direct them to your online listing. Generating more traffic will open your tenant pool.
As you generate more applications, you'll have your pick of tenants. You won't feel rushed to choose the first person who applies. Otherwise, you could select an unreliable, stress-inducing renter.
No Tenant Screening Process
If your vacancy rate is high, you may feel rushed to find and select renters. Instead, contact a property management company. Rely on their tenant screening services.
They'll gather detailed reports of each applicant, including:
- Criminal background checks
- Credit scores
- Employment verification
- References
- Eviction histories
This information can help you make informed decisions when selecting tenants. You can avoid individuals who will pay late or damage the property.
Legal Trouble
Many property owners struggle to keep up with federal, state, and local housing laws. Neglecting to remain compliant can lead to legal trouble.
Hire a property manager with years of local experience. They can help you remain compliant. You can avoid hefty fines or lawsuits.
Rental Properties Require Maintenance
When was the last time you called a contractor? If you're neglecting your rental properties, they'll lose value. Required repairs and expenses will stack up.
A property manager can schedule annual preventative maintenance. They'll protect your real estate portfolio by keeping every property in good shape.
You're Stretched Thin
Juggling these tasks alone can become stressful. If you don't have a work-life balance, hire a property management company. They offer different types of services that can save you time, money, and stress.
You may feel stretched thin if you own multiple rental properties. Perhaps you're struggling to respond to tenant inquiries quickly.
Choose a company that uses state-of-the-art technology. This ensures transparency and efficiency.
Request a Landlord Rescue
Do these problems sound familiar? Consider requesting a landlord rescue before the situation worsens. With help, you can generate more revenue from your rental properties.
Our team at PMI Elevation is part of a fast-growing management franchise. We have 20 years of local management experience.
Trust our state-of-the-art technology and proven strategies. Contact us today for a rescue.
