If you have ever owned and managed your own investment property, you will know it can be a very financially rewarding experience but also requires dedication and lots of time and effort. A hands-on approach is not bad and can be ideal if you are just getting started in this venture, or perhaps live close to the property. But the team at Local Dwelling is here to show you another way. Property management companies are employed to make renting, owning, and investing in real estate worry-free. At Local Dwelling, our property management company will make managing your investment properties easier, taking the necessary but mundane tasks off of your plate, while ensuring the best return on your investment.
Wherever you may be in the process, here are some of the most important benefits of working with a property management company:
#1 – Tenants! Tenants! Tenants!
We could probably make 7 out of the 8 reasons all about the different ways a property management company can be invaluable in regard to tenants for your property. This would include starting off by finding lots of qualified tenants for you to choose from, helping to sort through to find the right tenants, dealing with tenants to get them contracted, and even evicting tenants (yes it sometimes has to happen). But overall, the main takeaway here is to know that you have a trusted resource working on your behalf.
Our process at Local Dwelling ensures that only qualified applicants will be considered and for any number of reasons that we work with you to determine. We make sure they are pre-approved via credit check and their rental history vetted so that you can rest easy knowing you are renting to a responsible tenant and can expect reliable monthly payments.
#2 – Managing Tenants Long Term
We are going to lump a couple of things together here as they certainly can go hand in hand. And honestly, once the tenant has moved in, the real work now begins managing the variety of scenarios that need to, and can, take place. First off is the timely and efficient collection of the monthly rent. Property management companies often have efficient, reliable systems in place to effectively collect rent and maintain on-time payments.
Additionally, by hiring a professional property manager, our team essentially acts as a buffer between yourselves and the tenants, allowing us to be the ‘bad cop’ who, if issues ever arise, know exactly how to move forward to resolve the issue. This also applies to and is relevant in the case of repairs or maintenance needs, emergency repairs, potential conflict resolution, and more. We will address maintenance issues separately, but in terms of dealing with the tenants on a consistent basis, ensuring that they are just as happy living at your place as you are, you won’t have to worry.
#3 – Lesser Maintenance Headaches
It is going to happen, and it is probably the #1 or #2 reason why the once ‘hands-on’ investor, comes to see us. The pipe burst in the middle of the night at their property, while they were on vacation in another part of the globe, trying to relax with loved ones, when they receive the frantic call from the tenant who needs their help NOW!! It is going to happen, and it just seems like it is always at the worst most inopportune time.
The bottom line is our team is set up to handle these types of issues 24/7 so that you don’t have to
#4 – Better Relationships with Vendors
When the situation arises that the home or appliances need maintenance, having a go-to team of reliable vendors on standby for client’s needs can be a lifesaver. Ensuring a trusted network of tradesmen, contractors, suppliers, and maintenance workers, that not only gets you the best work done quickly but also completed for the best price. Not only will this protect you and your tenant’s peace of mind when something happens, but this also works to protect the value of your assets as well.
#5 – Invest in Texas
The real estate market in DFW, Texas is HOT! HOT! HOT! And is expected to see continued growth in 2021, with an anticipated median house price increase of up to 15%. Dallas-Fort Worth is a fantastic investment option, and with Local Dwelling, that investment is now within reach, whether you are a Texas local or not. If you manage your own properties, you’re pretty much limited to investment opportunities within reach of your home.
By working with Local Dwelling you can now take advantage of the hot real estate market investment deals knowing you have a trusted partner managing your asset while you’re away.
#6 – Safe Short Term Rental Income
With the proliferation of Airbnb in recent years and a recent surge in remote work opportunities driven by the covid-19 pandemic, many investors are opting to try their luck with short term rentals. While short term rentals may come with an extra layer of rental risk, the opportunity to realize increased monthly revenues, based on a higher average monthly, weekly, or daily rental rate, has caught the attention of many real estate investors.
There is a multitude of laws to abide by when managing a rental property, that includes local, state, and sometimes federal regulations. A competent property management company will ensure your property is up-to-date and compliant with any and all regulations, to help you realize the increased revenue potential of a short-term rental scenario.
#7 – Limited Vacant Time
Specific to those interested in short-term rentals for their income property, it is important to mention how hiring the right property management team can add an extra level of certainty by managing the ongoing short-term rental schedules, ensuring less time your property will be vacant in between renters.
#8 – Peace of Mind
We have mentioned this a number of times and in a number of ways, but the #1 value a good property management team will provide to any investor is simply, peace of mind. Sure, that may be more of a personal value, rather than financial value, but we know just as well as you do that time is money! Your property is important, but you need time to look after your entire investment portfolio, and not micromanaging one piece of it. One of the greatest advantages of hiring a property management company is that you don’t have to spend time renting and can instead have more free time to grow your business, more freedom to enjoy your life, and live with less financial stress.
The team at Local Dwelling is set to help any owner realize their dream of passive real estate income by taking care of the necessities so you can focus on being an investor. Call us today to get started.