Mom-and-pop landlords across the US now own over 20.5 million rental units in the country. However, only half of all landlords manage their properties alone. The rest hire experienced property managers.
With a Cleveland full-service property management company at your side, you can thrive in today's competitive market. On the fence about hiring a property manager? Read on to discover five ways they can support your endeavors today!
1. Marketing Vacancies
How many of your Cleveland rental properties are empty, awaiting new tenants? About 6.4% of rental units in the US are sitting vacant. Your property management company can help you find reliable renters.
Choose a company that uses both traditional and digital marketing strategies. Multiple campaigns will draw more people to your listings. This can broaden your tenant pool, allowing you to generate more applications.
As you receive more applications, you can have your pick of renters. Effective marketing strategies include:
- Email marketing
- Paid advertising
- Social media marketing
- Search engine optimization
- Content creation
Your property manager can help you create a referral program and generate positive reviews. Reviews can strengthen your reputation as a landlord. Your existing tenants can attract new tenants in exchange for gift cards or other incentives.
2. Screening Tenants
Once you begin generating applications, it's important to screen your options before choosing renters. Screening tenants ensures you find reliable, trustworthy individuals. This will minimize your risk of delinquencies and future landlord stress.
A vigorous screening process includes:
- Criminal background checks
- Eviction histories
- Credit checks
- Employment verification
- Rental histories
- References
Your property manager can gather comprehensive reports to help you select great renters. Retaining these renters can improve your occupancy rate and ROI.
If necessary, they can simplify the eviction process. This can minimize your stress and workload.
3. Collecting Rent
You no longer need to collect rent manually. Instead, allow your property manager to handle this process. They can accept rent payments online.
Collecting rent online can minimize late payments. An online portal can enforce late fees automatically.
Your property manager will handle security deposits, draft new lease agreements, and talk to tenants on your behalf. You can save valuable time and avoid the hassle. Following their best practices can ensure profitability.
4. Maintaining Properties
If your Cleveland property is falling apart, hire a full-service property management company. They'll schedule routine inspections and coordinate maintenance projects. They'll oversee all contractors and vendors while ensuring compliance.
5. Providing Financial Reporting
An experienced property manager can ensure your financial health. They'll provide regular owner statements, allowing you to assess each property's performance. This will ensure you maintain profitable investments.
Find Your Cleveland Property Managers Today
Managing your Cleveland investment properties alone can feel stressful. Instead, consider partnering with a property management company. Your property managers will save you time, money, and stress in the long run.
Look no further for assistance than RE/MAX Haven Property Realty. We manage a portfolio of thousands of properties in the Cleveland area.
We provide high-quality services and a personal touch while building relationships with our clients. We provide worry-free property management services you can trust. Contact us today to meet your Cleveland property managers.
