There are two ways you can go about optimizing your income from your rental property in Norfolk - self-manage expenses or hire a property manager.
Several property owners opt to self-manage to reduce their short-term costs. However, a property manager can help you efficiently streamline your cash flow. With their experience and additional services, hiring a Norfolk property manager can help you save money in the long run. Here’s how.
Finding tenants quickly and reducing vacancy rates
How much money you earn from your property depends on tenant availability. If the vacancy rate of your property is high, you might suffer a significant financial loss. However, finding good tenants on your own is an exhausting process.
Since a property manager’s first priority is to reduce the vacancy rate of your property, they do everything required to find quality tenants for you. Furthermore, as they have a strong network of property managers and tenant databases across the country, finding quality tenants quickly is an easier task for property managers.
Providing quality marketing
Potential tenants and buyers can only be pleased by your property with the help of the right and relevant advertising. Unless you have a formal background in marketing, handling this personally may have a lesser impact on potential tenants, as compared to a professional marketing campaign.
Hiring a property manager means you can get the help of their marketing services. Most property management companies usually have a team of professionals who specialize in advertising and marketing properties, with an understanding of the rental market needs in the Norfolk area. They help you advertise your property across various platforms and acquire quality tenants that meet your expectations.
Reducing the cost of maintenance
A significant amount of your income from your rental property is spent on repairs and maintenance; it can cost a small fortune for regular upkeep and repairs. Moreover, maintenance duty can become bothersome when your tenant wants you to fix things at a late hour.
A property manager has the right links to affordable service providers, handymen, and reliable contractors that can perform all types of maintenance and repairs. Property managers usually employ a maintenance crew that is skilled and insured. This is a much more cost-effective option than hiring different professionals for every service.
Managing rent collection
Collecting rent on a monthly basis is sometimes difficult, but even more so if you are managing your property from afar. Delayed or unpaid rent can result in you losing money on your investment.
Appointing a property manager helps you perfectly deal with tenant payments, as property managers have systems in place to handle such issues. They take care of timely rent collection ensuring a steady cash flow, efficiently handle skipped payments, and, if required, also aid the eviction process.
Handling legal issues
It is necessary to be aware of all the rental and property laws and adhering to its rules and regulations while leasing your property. A failure of adherence to any of these laws, especially the Fair Housing Act, can result in a significant financial penalty.
With the help of a qualified property manager, who is familiar with all the federal, state, and local laws, you can make sure that none of the laws are being violated, even accidentally. Besides, your property manager can take care of any liabilities and legal issues that may arise. They can also help you with tax management and eviction procedures.
The right property manager can help you save time and money and relieve you from the full-time responsibility of looking after your investment property. At Doud Realty Services, we take care of all your property management needs to ensure that your experience as a Norfolk property owner is always great.