4 Benefits of Hiring a Property Management Company

investment property management

Did you that the worldwide property management market is expected to reach $37.25 billion by 2029?

Owning an investment property can be a great way to generate income and build wealth, but managing the property can be time-consuming and difficult.

Property management can be a hassle, but it’s important to remember that there are many benefits to hiring a professional property management company.

Want to learn more? Keep reading to learn about the four key benefits of hiring an investment property management company below.

1. More Free Time

Hiring a property management company frees up your time. If you’re managing your rental property yourself, that means you’re responsible for tasks like marketing the property, screening tenants, and more.

With a property management company on your side, you can take a step back from all of those day-to-day tasks and enjoy your life more.

2. Better Tenant Screening

As a property owner, one of your top priorities is likely to find tenants who will take good care of your property and pay rent on time. However, screening tenants can be a time-consuming and difficult process.

This is where working with a property management company can be extremely beneficial. A good property management company will have a thorough screening process in place to help you weed out problem tenants.

This usually includes running background checks and credit checks. By doing this, you can avoid tenants who may damage your property or fail to pay rent on time. In the end, this can save you a lot of time, money, and headaches.

3. Reduced Vacancy Rates

A vacancy can cost a property owner a lot of money. Not only do you lose out on potential rent, but you also have to spend money on advertising and repairs.

Finding the best property management company can help you to reduce the risk of vacancies by finding qualified tenants quickly and negotiating long-term leases.

As a result, working with a real estate management company can help you to save money and keep your units full.

4. Professional Expertise

When it comes to managing property, there is a lot to know. From marketing to maintenance, there are many moving parts to consider. This is where working with a property management company can be a real asset.

A good management company will bring a wealth of professional expertise to the table, helping you to maximize the return on your investment.

From market analysis to repair coordination, they will have the knowledge and experience to help you keep your property in top condition.

So if you’re looking for peace of mind and professional assistance, working with a property management company is the way to go.

Work With an Investment Property Management Company

If you’re like most investors, you don’t have enough time in the day to manage your properties. That’s where an investment property management company can come in and help.

They take care of the day-to-day tasks of maintaining your investment so you don’t have to.

If you’re looking for help finding a great property management firm in your area, we’re here for you. Contact us today with any questions or concerns you have about our property management services.

3 Things a Property Manager Should Do Before a Tenant Moves Out

property manager

Owning rental properties is a great way to boost your income and overall wealth. The key to being a successful property manager is making your tenant turnover rate as low as possible. 

Unfortunately, there’s nothing you can do when managing a property to prevent every tenant from ever leaving. So when it does need to happen, it’s important to make the transition as smooth and seamless as possible. The less time your rental property is empty, the better it is for your investment. 

Follow this guide for the top three things you should be doing before your tenants move out. 

1. Keep the Logistics in Mind

There are so many things that go into a move, even from the property management side. It can be difficult to keep track of all of the elements but it’s crucial to keep the logistics as organized as possible. 

The best thing you can do is create a place where all that information is stored. This makes it so anyone on your team can refer back and find exactly what they need to know. This should include payment deadlines, moving dates, and inspection plans. The better you keep track of all these things, the less confusion there will be. 

2. Start Looking for a New Tenant

As soon as you know there is going to be a vacancy in your rental property, it’s time to start looking for a new one. 

Having tenants is the way to boost your property landlord’s salary, so you don’t want the place to sit empty. The quicker you start your search, the more time you’ll have to find just the right new tenant. Ideally, you’ll find them in time to move in as soon as the place has been cleaned following the current tenants moving out. 

3. Complete Property Inspection 

Managing a property means you take care of all the repairs and upkeep that are necessary. When a tenant moves out is a perfect time to get to those larger projects you’ve been putting off. 

It’s a good idea to do an initial property inspection before they’ve actually left to plan what tasks you’re going to get done after they leave. Then a more thorough inspection can be done when they leave and the place is completely cleared out. 

Property Manager Tasks When a Tenant Moves Out

Making sure the tenant experience is positive is one of the most important parts of being a property manager. And that includes when they’re moving out as well. These kinds of positive interactions will help you gain a reputation for being a great place to live! 

Taking the time to set up your plan for when a tenant moves out, you won’t have to scramble when the time comes. You can simply follow the set procedures and feel confident that everything is getting done that needs to be. Everyone will know what their roles are and moving day will go as smoothly as possible. 

If you’re interested in learning more about gaining investment properties and how to be a successful property manager, contact us today! 

5 Benefits of Buying a Rental Property

buying a rental property

Did you know that over 10 million people — or about 7% of the US population — make money from rental properties?

Are you interested in joining them? The good news is that now is a terrific time to invest in property and manage a rental property.

Before we talk about how to buy a rental property, let’s first discuss why you should consider buying a rental property. Here are five compelling benefits of owning rental property.

1. Generate Passive Income

Becoming a landlord is one of the easiest ways to generate passive income. It’s also an ideal way to diversify your portfolio so all of your proverbial eggs aren’t in one basket.

The right rental property can provide a steady source of monthly income for a minimal amount of effort. Of course, you’ll need to do your due diligence to determine the profit potential of any property before you purchase it.

You’ll also need to make sure you get responsible tenants who will care for the property and (most importantly) pay their rent on time.

2. Great Tax Benefits

Would you like to qualify for some tax deductions? With a rental property, you may be able to enjoy deductions and write-offs for:

  • Mortgage interest payments
  • Property depreciation
  • Repairs, upgrades, and improvements
  • Insurance premiums
  • Home office expenses

You may also be able to defer capital gains by using a 1031 exchange, which is another terrific avenue to grow your wealth.

3. Freedom & Flexibility

What if there’s an economic downturn in the future? What if you want to sell your property but the market is less than ideal? Or what if your living circumstances change and you need to move back into your rental property?

One of the many benefits of owning rental property is that it’s easier to ride out the different storms that come your way. You can always find tenants, especially during times when the cost of buying a home is higher than the cost of renting.

4. Long-Term Retirement Income

Although there is some amount of upkeep required for all types of rental property, it’s not nearly the same effort that your typical day job requires. In fact, many landlords can retire and live comfortably on their rental income. 

The monthly rent price should always cover the mortgage payment while still leaving some profit after expenses. And you can always access more of the property’s value by refinancing or selling in the future.

5. Ward Off Inflation

Real estate is a wise investment because as prices rise, so will the value of your asset. You can always raise the rental price to match trends in your local area as well as the national market.

The rise in rent means that you’ll be able to pocket more money, which is necessary anyway as inflation makes all goods more costly (i.e., repair work and new appliances).

Thinking of Buying a Rental Property?

As we’ve discussed, buying a rental property can be a terrific investment. It’s also an important first step on the path to passive income and a more secure financial future.

Of course, wanting to invest in property and actually knowing how to buy a rental property are two different things. How can you ensure you find the best property to buy?

eFind Agent is here to help. Click here to get in touch and we’ll gladly advise you on the many types of rental property.

What is the Average Property Manager Salary? What You Can Make

property manager salary

According to data compiled by the US Department of Housing and Urban Development (HUD), 43.6 million rent-based households existed in America in 2019.

That number may rise due to market fluctuations caused by the COVID-19 pandemic. As younger folks like Millennials approach their late 30s awash with student loan debt and unable to save a down payment, the renting market will remain stable and profitable.

Perhaps you’re thinking about property management as a career. If so, you need to know the average property manager salary.

Do you want to learn more about property manager pay? Check out this handy guide.

What is a Property Manager?

All landlords are property managers, but not all property managers are landlords. The folks who own the rental units may perform the duties of a property manager. Or, they may outsource that work to a separate person or company.

So, what does a property manager do? A property manager performs the following vital tasks:

  • Follows and enforces landlord-tenant laws
  • Performs routine and emergency maintenance
  • Shows units and signs leases
  • Handles and deposits rent payments

Performing these tasks sounds simple, but real estate laws can get complicated. To work as a property manager in some states, you need the proper licensing and certification. Acquiring these licenses and certificates requires classes on the landlord-tenant laws you must know to manage rental property.

How Much Do Property Managers Make?

A property manager’s salary estimate depends on several factors, including location, property type, and experience.

According to data compiled by the US Bureau of Labor Statistics (BLS), property managers in the United States made as much as $124,680 per year and as little as $30,740.

Why is there such a huge discrepancy? A property manager’s salary depends on the amount and cost of the rental properties they manage. In New York, for example, the mean salary is $112,880.

Locations like New York City, Los Angeles, or other big cities have high rents. A property manager in an urban setting like this will gross more income than those managing properties in rural areas.

How Can a Property Manager Increase Income?

The best way to increase your income as a property manager is to manage your property. Jumping into the real estate market takes time and money, so start slow and establish these best practices to increase income:

  • Keep up on property maintenance
  • Thoroughly vet renters
  • Keep a positive relationship with tenants
  • Improve and streamline communications

Establishing these practices early on will cement your reputation as an honest manager. Honest managers earn loyal tenants and make more money.

Property Manager Salary

A property manager salary depends on several variables. You make more money per year in densely populated urban centers with higher rents. Even if you rent in a sparse area, your earning capability will increase with more experience.

Remember to stay honest, know the law, and maintain a healthy and positive relationship with your tenants. As far as property management goes, your earning potential is what you make of it.

Do you need help with the legal aspects of property management? Contact us today if you need help with your investment properties.

The Landlord’s Guide to Rental Property Insurance in 2022

rental property insurance

Did you know that one in every twenty insured homes has a claim every year? The most common type of claim is the property damage claim. Property damages can result from wind, hail, water, fire, and lightning disasters. Rental property insurance protects the landlords from potential financial losses.

A tenant may proceed to sue the landlord or damage your rental property. In such a case, the rental property insurance will cover the expenses.

You must consider various factors when looking for home insurance for rental property. This article provides the ultimate landlord’s guide to rental property insurance in 2022.

What Does the Insurance for Rental Property Cover?

There are various options that your property rental insurance can provide coverage for. Property damage will cover the repairs on your building from accidents like fire, wind, and vandalism.

The other option is the liability protection cover. This caters to any medical or legal costs arising from a tenant injured or ill due to poor property maintenance.

Rental income coverage protects landlords from losses that may occur when the building is unlivable for repair and maintenance. It may also cover your operating costs if one of the tenants becomes unable to pay rent.

What Are the Exclusions?

It’s advisable to read the insurance policies to understand what your property rental insurance won’t cover. Your rental property insurance may not cover the tenant’s property and possessions.

In most cases, the insurance for rental property only protects assets and property owned by landlords. Encourage your tenants to buy renters insurance to safeguard their personal belongings.

Besides, rental property insurance will not cover any shared property. So, you should avoid living on the same property you’re renting out to tenants.

This applies even if your tenants live in another unit, room, or floor. Otherwise, you may not qualify for a landlord policy.

This implies that you’d need your homeowners’ coverage to protect the area of the property you want to rent out.

Lastly, rental property insurance won’t cover repairing or replacing appliances that break down due to wear and tear. You’ll need to go back into your pocket for the expenses.

You can only enjoy coverage if your home appliances are particularly covered in your home insurance for rental property. Besides, the damage must come from a covered loss.

Property Rental Insurance Cost

Usually, the rental property insurance will cost you 25% more than the homeowners’ insurance coverage for the same property.

Cheap insurance can result in reduced coverage limits and plentiful exclusions. Thus, it becomes very problematic for landlords when making a claim.

It’s advisable to prioritize the value of your property rental insurance coverage more than what it’ll cost you.

Rental Property Insurance Companies

Extensive market research will help you get the best rental property insurance company. It’s recommendable to buy your insurance cover from a professional and reputable company.

You can tell the reputation of an insurance company by reading google reviews online. You can also check the comments and feedback of other landlords from different social media channels.

Ensure that you read and understand the different insurance policies to make an informed decision.

Contact us to learn more ideas about rental property insurance for you.