You could be one of the landlords in Dallas, TX earning $71,338 per year on average. But this is easier said than done, and many rental homeowners make much less.
This is why working with a property management company is so important. Industry professionals have the experience and skills to maximize profits from your investment property. They'll also take away any hassle and ensure you enjoy making a considerable passive income.
Let's look at just some of the ways a property management firm can protect your investment.
Increase Rental Property Income
You should always know the true value of your investment property, especially when market conditions change. If you underestimate its rental value, you'll be earning less than you should. But if you overprice your house, you'll struggle to keep it occupied all year round.
A property manager will know exactly what price will appeal to your target audience. They can also advise on rental property upgrades that could allow you to charge higher fees. This can help your home stand out from the crowd in a busy rental market.
Tenant Screening
The importance of tenant screening cannot be overstated. By taking the time to find the best tenants at the outset, you can enjoy having responsible occupants living in your property.
A property manager will handle the many aspects of the tenant screening process on your behalf. They'll also discuss lease renewals at an early stage if you are happy with your tenants. This is crucial, as signing new lease agreements before the current term runs out means you can secure an income stream over a longer period.
Rental Property Inspections
An issue such as a small water leak can be inexpensive to fix if you catch it quickly. However, if you don't know the problem exists until the leak has caused significant damage, this can leave you with an unexpected and expensive repair bill.
Your property management firm will carry out regular home inspections. By checking your rental house for signs of damage, they can spot problems early and advise you on the best course of action.
This necessary service can keep your investment home in excellent condition and save you significant sums of money.
Straightforward Reporting
Even when a property management company is looking after your investment, you'll still want to know how much money you're earning each month. A property manager will provide you with simple owner statement reports that show your income and outgoings.
You'll then be able to see your rental ROI at a glance.
Let PMI North Dallas Manage Your Investment Property
PMI North Dallas is here to help you get the most out of your investment property. As a locally owned and independently operated franchise with over 30 years of property management experience, we know how to manage your rental home and increase your profits.
Our team treats every customer as an individual, discussing your personal requirements in detail so we can meet your needs. Our customers are delighted with our service which offers long-term stability and can help you grow your property portfolio.
To learn more and to get a free rental analysis, get in touch with us today.
