If you own rental properties, you know they can be profitable, but they can also come with responsibilities you might not expect. This is particularly true if you are new to real estate investing or are an experienced investor who has recently added new properties to your portfolio.
The more properties you own, the harder it can be to manage all of them, leaving the potential for maintenance or other responsibilities of owning and renting properties to fall through the cracks. If you are balancing too many properties and feeling overwhelmed, hiring a company for property management services can be the right choice.
Property management companies offer an extensive range of services, and they can help investors like you handle your properties more efficiently. Here are five unique ways these companies can support you.
1. They Keep Vacancy Times Short and Fill Rentals Fast
Professional property management companies know all the ways to shorten your vacancy times and get tenants into your rentals. They'll also ensure your tenants are qualified by applying a thorough screening process for all applicants.
Keeping vacancy times as short as possible helps you avoid empty properties that aren't making you a profit. Getting a property rented (and keeping it that way) depends on various factors, some of which are out of your control.
However, property managers are experts at finding the best tenants and managing them to encourage them to stay, thereby reducing vacancy rates and shortening the vacancy cycle. Companies with the right experience in Indianapolis know the market, conduct expert marketing strategies to list your property, and are better able to address any significant reasons your property might not be rented, so you can make adjustments to increase tenant interest.
2. They Have a Professional Appearance for Tenants
Having a letterhead, uniforms or branded clothing, a website, and other professional details show your tenants that they're renting from a reputable agency they can trust. They might not know anything about you as the property owner, but they should be able to recognize representatives from the company offering property management services for your investment properties.
Many tenants prefer to rent from a management company because they feel more comfortable. They know that maintenance requests will generally be handled quickly, and they can look up company reviews to ensure they're renting from someone who will treat them fairly and help them care for the property.
Professionalism goes a long way toward providing tenants with a feeling of security.
3. They Carry Liability Insurance for Enhanced Protection
Indianapolis rental property management companies will have good liability insurance, which protects you and your tenants if they make an error that causes harm. That way, you can have peace of mind when you own rental properties and trust a company to manage them.
Trusting property managers with your property is much easier when you know the company is well-prepared for unique circumstances that can cause financial hardship or other issues with your property. The more protection you have for your properties, the less risk involved.
4. They Work With a Quality Maintenance Team
Another reason to work with Indianapolis rental property management professionals is that they have a maintenance team already in place and know who to call for standard repairs and updates.
When managing properties on your own, you might have to call around to many repair or maintenance companies to find someone for regular property maintenance or repair emergencies, and you won't be sure of their abilities. Additionally, not having consistent partnerships can leave you without a repair option after hours or on weekends when something goes wrong.
A property management company already knows who to contact. They've built relationships with contractors and vendors in the local area, so they have resources to call when it's time for preventive maintenance or a midnight emergency repair.
They will also have their own maintenance coordinator to ensure property emergencies and all maintenance requests are handled promptly. Professional maintenance is one of the best ways to keep tenants happy, keep your properties in excellent condition, and stand out from other rental owners in the market.
5. They Have Established Procedures and Policies
Companies that provide property management services have established policies and procedures for tenants, property owners, and others they work with. You won't have to worry about creating a rental agreement, doing walk-throughs, getting calls when something breaks, or dealing with other property-based issues.
These proven best practices help them streamline the operation of your rental properties to optimize efficiency and lower costs. Established processes also help property managers respond to any situation with professionalism and solutions.
Having well-established procedures minimizes the risks to your investments and income, so you can focus on other things in life and worry less about your rental properties.
Professional Property Management Is the Support Property Owners Need
If you've managed your own rentals for a while, you know the work involved and the time commitment required to make them profitable. Imagine turning those tasks over to seasoned rental property management experts and enjoying the income without having to do the work!
ES Property Management understands your rental property needs and can help you handle your properties more efficiently to reach your goals. Our risk-based approach to tenant placement and management ensures your properties stay safe and generate the income you need for success!
Let us be the professional property management support you need for your Indianapolis properties. Reach out to learn more about our services.
You might also enjoy a free copy of our resource, "The Guide to Finding the Best Property Manager in Indianapolis." Request it today!'