A good property manager is a critical part of successfully turning a profit on your real-estate investment. When you have many other things going on, whether that’s family, a full-time job, or other business, they’ll take care of the daily mechanics of managing your investment. A good property manager will make it easy to turn tenants in your properties into money in your bank account. However, you need occupied units to do this. A property management company can help you attract, retain, and quickly replace quality tenants and keep the money rolling in.
Marketing Your Properties
An empty property will cost rather than make you money, so you want to find tenants as quickly as you can. Not just any tenant will do, challenging tenants can be a constant source of problems and end up costing more money and time than they are worth, so you want to make sure that you are attracting renters who are a good fit for your properties.
Marketing properties can be a challenge. It requires the ability to reach a good pool of potential renters, the skill to effectively promote your properties as an attractive place to live, and the personal sales skills to convince a potential renter to say “yes” to a property that they may be looking over with skepticism.
A property management company can market your properties skillfully and help you to attract more and better tenants. There are many reasons for this.
A Larger Network
No matter how long you’ve been a landlord, it’s very likely that a well-established property manager will have been able to put together a bigger list of prospective tenants than you will have, only because they and their support staff have a more extensive portfolio of contacts and more extensive customer database. They will have worked with more people and made more connections. A property manager who works with many landlords will have a bigger network to from which to draw potential tenants. You can take advantage of this, and tap into this pool of prospective tenants (and other services) for your benefit.
A skilled property management company will have assembled a broad portfolio of other landlords, clients, and tenants. A property manager with a vast network and many connections can benefit from scaling their marketing efforts. They can generally negotiate better deals and offer up more listings per month. Each dollar they spend can go further. More connections and better deals mean that more potential renters will see your properties and you will get more interest in return. You can benefit from these connections, and cost savings, that a property manager can pass along to you.
Skills and Expertise
A well-established property management company with a broad portfolio will be able to bring significant skill and experience to work and can get your properties listed and occupied as quickly as possible. A property manager will likely have a longstanding relationship with professional photographers or have the skills to take quality photos for their listings. Curb appeal is important, even in marketing rental properties, and a property manager can help you present your properties well. They will be able to write effective property listings because they are frequently working to market and list properties. Beyond just increasing the size of your network of potential tenants, they will be able to improve your listings and increase their appeal and presentation. More effective and engaging listings will draw in more potential tenants who are interested in your properties.
A property manager who is skilled at the job will also be an effective salesperson and may bring prior experience and skills in marketing and sales to your listings. They can effectively promote your properties to potential tenants and might be the edge that pushes an interested tenant from a phone call to a signature on the lease. They can leverage these skills to attract, engage, and entice potential tenants, and relieve you of the need to personally answer calls from interested renters or deal with showings that may go nowhere.
A good property manager will know how to reach a pool of quality prospective tenants, have the skills and means to market your properties effectively, take care of phone calls and showings, and bring personal sales and negotiation skills to work for you. Your properties will stay filled with quality tenants and your vacancy rates low and ensures that your real estate investments are the passive income source that you want them to be.
You may be wondering how to make the skills and resources of a property management company work for you. Take the first step by downloading our free guide to selecting the best local property management company. Simply enter your name and an email address, and you can be on your way to investment success and full properties that are earning you money.
