Many new property owners think self-managing their rental property is the best way to save money.
That is, until they realize how much work is required to get their rental property business underway.
This is especially true as their portfolio continues to grow.
If this sounds familiar and you find yourself feeling as if you’re wasting time and money on your rental property, it’s time to consider hiring a property management company in York, PA to help.
The experience, knowledge, and professionalism of a property management company will not only save you both time and money, but often increases the profit your property generates.
And the best part is, you won’t have to work as hard to achieve your financial dreams.
Why a York Property Management Company Will Save You Time and Money
1. Fewer Legal Problems
There are numerous (and often changing) federal, state, and local laws related to rental property businesses. As an income property owner, you need to know all of them.
Failing to follow these rules and regulations can lead to serious legal problems.
Hiring a knowledgeable property management company in York is the best way to avoid spending excessive time:
- Learning all these laws
- Keeping track of when the laws change
- Dealing with problem tenants
- Handling evictions
- Becoming involved in costly court disputes
A good property manager will know all property-related laws inside and out. They may even have an experienced real estate attorney on-hand to help when things get tough.
And trust us – you will find it very helpful to have a property manager that’s dedicated to helping you fight legal battles you won’t know how to.
Property management companies in York, PA should be able to deal with the legal side of things for you, such as handling Fair Housing and discrimination laws, property inspections, taxes, and more.
So when you’re looking for a property management company, ensure they are capable of handling the legal side of things covered so you and your property are covered.
2. Better Rental Property Marketing
Vacancies are what most often lead income property owners to hire a property management company.
There’s no denying that many rental property owners don’t know how to market a vacant property. Whether it’s because they lack the time to do it right, don’t have access to the proper resources, or don’t have enough experience, they oftentimes find themselves with longer vacancy rates.
Luckily, many York property management companies have a strategic plan to help you market your vacant rental the right way.
Here are the top ways hiring a property manager can help you market your property, which will save you both time and money:
- Access to online sources like MLS, Craigslist, Hotpads, Zillow, company websites, and more
- Resources to create effective ads with convincing property descriptions and images
- Ability to show your empty property to tenants who show interest in leasing from you
- Procedures for starting the tenant application, screening, and placement process
Also, if you use a property management company like York H-G Properties, you’ll find your vacant property filled within 30 days or less.
3. Better Rent Collection Procedures
People get into the rental property industry to achieve financial freedom.
And, the only way to make a profit off a rental property is to collect consistent rent from your tenants each month.
Yet, collecting rent from your tenants can become a time-consuming and expensive ordeal if you don’t have the proper procedures in place.
And some tenants have a sly way of walking all over nice rental property owners who don’t know how to stand firm. These tenants will have excuses, stories, and far-out explanations as to why their rent is late.
That’s why hiring a property management company to help you with rent collection is one of the smartest moves you can make.
To start, they act as a buffer between you and your tenant. And, since they are an objective party, your property manager will be able to enforce the lease, no questions asked.
Property management companies with experience in rent collection can save you time and money in the following ways:
- Drafting solid lease agreements which outline the rent collection procedures
- Explaining to your new tenants what their responsibilities are when it comes to paying rent
- Providing your tenants a number of ways to pay rent, such as in person, through cash/check/money order, or online portals
- The initiation of any eviction proceedings in a legally compliant way
By hiring a property management company in York, PA, you’ll be able to have all lease renewals in place on time. This way, if you decide to raise your rent rates at the end of a lease term, you will not suffer from any missed payments.
Having your property manager take care of lease renewals will undoubtedly save you time in the long run.
Their handling of lease renewals should also include the re-evaluation of your property’s market value to help you maintain competitive rent rates.
If you’re interested in finding out the best rent rate for your rental property, take advantage of York H-G Properties’ no obligation, free Rental Analysis to discover the true value of your rental property.
4. Reduced Maintenance Costs
If you self-manage your rental properties, you know how much time and money goes into handling maintenance and repair issues.
And, unfortunately, many self-managing rental property owners don’t know how to handle things like emergency calls or basic home repairs. They also don’t have a reliable list of contractors or vendors to call on whenever there’s something wrong with their property.
If this sounds like you, it’s time to think about hiring a property management company to help you keep your rental in tiptop shape.
By doing so, you’ll find you no longer have to deal with maintenance and repair calls.
You’ll also find yourself saving money since most reputable property management properties in York have a rolodex of trustworthy contractors who provide high-quality, timely, and affordable services.
You should also look for a property management company who has their own maintenance crew. This will reduce your out-of-pocket costs when it comes to repairs, and will help increase your ROI.
5. Higher Quality Tenants
Next to a vacant property that’s not generating any income, there are few things worse than placing a bad tenant in your investment property.
A bad tenant brings with them a whole slew of problems, including issues with rent payments. They may also damage your property or breach important lease provisions that can get you into legal trouble.
However, you can avoid worrying about any of this by ensuring you get good tenants from the start. And, your property manager will have ways to attract the best tenants to your rental property because:
- They understand the current rental market rate and how to price your property
- They know how to advertise your rental to attract the right tenant pool
- They will have screening processes in place to make sure potential tenants have the ability to pay your expected rent rate
- They will be able to explain to your tenants their responsibilities
Entrusting a property manager to help you attract high-quality tenants will not only free up your time, it will save you lots of money in the end.
Final Thoughts
Maximizing your time and money as a rental property owner is the key to success.
And, by hiring a York property management company to help you manage your investment properties, you’ll know:
- Your property is positioned to generate the most profit
- Your property is being well cared for
- You’re getting the best deals possible on things like property ads, maintenance and repair work
- And much more
Are you in need of York property management?
If you are looking for a qualified property management company, contact York H-G Properties today. We can help you with all aspects related to your rental property.
Hiring us will not only help you grow your rental property business into a success as your portfolio increases, it will also help you achieve your dreams of reaching financial freedom.
As a result, you’ll find yourself with more free time and more money to take an extra vacation, pad your retirement, and enjoy your family and friends.
