If you're like other property owners, you want to make plenty of income. It's why you opened your business and started looking at potential real estate rental options. However, without a property manager, owners might not have a specific plan on the best properties, researching locations, or finding excellent residents.
Property owners who go it alone can quickly become overwhelmed by the amount of work involved in maintaining a rental and generating the income needed for success. Before your rental property becomes more work than you feel is worth your time, here's how an Englewood property management company can help.
Mistakes Are Easy When Going It Alone
An owner makes their first mistake by not having enough information. It's hard to build and manage a real estate portfolio without a plan. For passive income, you need long-term goals to ensure your profitability.
It's also tempting to get too hands-on, meaning you're so involved in the day-to-day operations that you overlook best practices (or professional resources) that could help you make more money. From renter requests, landscaping issues, late-night emergencies, and vendor appointments, keeping up with daily operations is challenging if managing your property isn't your full-time job.
The best investment property requires that you explore in-depth rental market analysis to deliver what renters want and set the ideal rental rates to boost your income. Having the best Englewood property management helps investors avoid common mistakes, taking on more of the hands-on work than they should, and delivering the best analysis to maximize profit.
Finding Better Renters Puts More Money In Your Pocket
Excellent property marketing brings more potential renters to your attention. However, without a way to screen applicants and recognize red flags, investors risk placing bad renters in their properties (and losing money).
Without the right resources and insights, it's challenging to put a screening process in place that follows the law and leads you to the best renter choices for your bottom line. Bad residents don't pay the rent, often cause property damage, and sometimes abandon rentals without notice. You might feel like you are saving time by skipping a screening process. Still, without digging into background information about every applicant, you risk placing a costly mistake into your property.
When rental property owners find excellent renters, they enjoy better profits! Quality Englewood renters pay the rent on time, protect your properties, and often renew their leases for new terms. Without tenant turnover, investors reduce the expenses of marketing rentals and the screening process to replace former residents.
Marketing with beautiful listings and 3D videos can help attract more renters, but placing anyone in a property without a screening process is a risky choice. If you're not sure how to apply screening best practices for better residents (and ROIs), partner with a property manager to handle it for you!
Experienced Property Management Identifies (and Maintains) Excellent Rentals
When you select an Englewood property management company, they can help you pick investment properties that will perform well. Their expertise includes researching target neighborhoods, finding properties with the amenities renters want, and estimating potential income vs. ongoing costs for an investment.
Here's the difference a property manager can make:
- A property owner without a plan or a property management partner might pick a new property that they would enjoy as their own home. They choose a rental rate that is slightly higher than the neighboring property and handle all cleaning and painting on their own to get the property ready for potential residents. After finding a renter, collecting the rent, and covering ongoing costs for the property, this owner makes "some" money but potentially leaves significant income on the table.
- On the other hand, a different property owner carefully selects an Englewood home with all of the amenities families with children might want. He partners with an expert property manager to estimate monthly expenses vs. an ideal monthly rental rate. He trusts the company to market the rental, screen for quality renters, handle maintenance with professional services, and recommend appropriate property upgrades as renter needs change. This owner enjoys their free time, more income, lower upkeep costs, and doesn't miss out on potential revenue.
Searching for an investment property is different from choosing a home based on your personal preferences. A property manager helps investors prioritize what renters want—even if what you want in a home isn't the same as what renters look for in a rental home—and manage rentals accordingly.
For more about how a property manager can help build your portfolio, read these blogs.
To Maximize Your Earnings, Don't Go It Alone
Investing in real estate requires a strategy that includes the right rental price, location, amenities, and ongoing management. To build your portfolio (and feel like you've hit the lottery), don't go it alone! Partner with an expert Englewood property management company to find excellent properties and manage them to success.
When you're ready to regain your free time and make more money, Gulf Coast Property Management is here to help! Let's chat about how our services can do more for your bottom line.
When choosing a property manager, make sure you know what to look for! Download our free "Guide to Finding the Property Manager in Manatee & Sarasota Counties."