There are now over 48.2 million rental units across the US. How does our investment property compare to the rest? If you're not offering tenants a great living experience, your Orlando properties could sit vacant.
You'll start losing thousands of dollars a month. Instead of struggling alone, hire a property management company. Outsourcing can help you market available units, increase tenant satisfaction rates, and more.
Not convinced you need help with your investment property? Read on to discover the benefits of outsourcing today.
Thorough Tenant Screening
If you're not vetting applicants, you could select renters who can't pay rent. You'll have to struggle with the financial and legal stress of evicting tenants. You can avoid troublesome renters and the stress they bring by outsourcing.
An experienced property management company will already have a thorough tenant screening process in place. They'll gather comprehensive reports that include:
- Credit scores
- Criminal background checks
- Eviction histories
- Rental histories
- References
- Employment verification
This information will ensure you choose reliable renters. If you choose the DIY route, you may not receive thorough (or even accurate) screening reports. Outsourcing is more time-efficient and cost-effective.
Finding great tenants now can benefit you financially later. You can retain great tenants, boosting your occupancy rate. You'll save time and money on marketing or long-term vacancies.
Marketing Activities
Developing an effective real estate marketing strategy is essential if you want to fill vacancies. You'll need to:
- Clean and stage your investment property
- Hire a professional photographer
- Create virtual and video tours
- Optimize the online listing
- Use search engine optimization
- Create email campaigns
- Design digital ads
- Market properties on social media
Creating multiple campaigns will maximize your reach, leading to more applicants. These strategies can become costly if you lack experience. Instead, allow your property manager to handle it.
Automate Routine Tasks
You could waste valuable time and money repeating the same tasks daily. Choose a property management company that uses state-of-the-art technology. Real estate management software can automate routine tasks.
Automation tools can reduce human error, saving you both time and money. You can dedicate more attention to bigger tasks.
Maintain Your Investment Property
If your investment property deteriorates, it won't attract renters. Your property manager can gather competitive bids and hire a third-party contractor. They'll schedule routine inspections and repairs.
Inspections will allow you to schedule repairs before they become more extensive. Maintaining your property will lead to happy tenants.
Happy tenants are more likely to renew their leases, increasing your occupancy rate. Improving your occupancy rate and ROI will lead to better income generation.
Hire Your Property Management Team
You don't have to juggle these responsibilities as a solo landlord in Orlando. Instead, hire a property management company. Rely on their experience, expertise, and proven strategies to ensure your success.
Verandah Properties was founded in 2003. You can rely on our long-term, specialized knowledge and experience in the industry.
We set higher standards when managing our clients' properties. Ready to get a higher return on your investment property? Contact us today to request our property management services!