A recent survey conducted by CNBC found that 23 percent of Americans think that real estate is the best way to build wealth and achieve financial freedom. Property management oversees your investment, so you spend less time managing problems and more time focusing on your portfolio and passive income.
Property management keeps rental units occupied and ensures rents get collected. A management company also receives the best tenants.
Here's more on how property managers can help you achieve financial freedom in Spokane, Washington.
Keep Units Occupied
According to the National Apartment Association, the average turnover rate for apartment rentals is about 51 percent. When investing in property, you make the most money when your units are at full occupancy.
A property management company will work hard to get your units rented. Advertising is essential, and a professional manager will ensure to seek out potential tenants.
Empty units affect your rental income. You must still pay taxes on a vacant unit and utilities such as water and electricity.
It's essential when investing in property to keep tenants over the long term. Every time someone vacates an apartment, you must pay to replace the carpeting and have the unit repainted.
Collect the Rent
One of the biggest headaches for any investment property owner is collecting rent. And with more units, the problem can grow exponentially.
A real estate management company will set up a payment system with tenants. Whether it's direct withdrawal or a payment app, you can get a management company to take the lead on monthly rent.
When tenants fail to pay rent on time, it can affect your rental income. Bills, such as taxes and utilities, must still be paid. Paying rent on time creates fewer headaches for you, thanks to a property owner and investor.
If you're lucky, you'll have an in-demand property. Potential renters might be clamoring to live in one of your buildings, thanks to location or price. But how do you choose the best tenants?
Property managers will ask the right questions and check references. In addition, a property manager also knows how to avoid a housing discrimination complaint.
Choosing the wrong tenants for your property can affect your passive income. You could get wrapped up in lawsuits, property damage, and evictions should you get bad tenants.
All of these problems can affect your financial freedom as a property investor.
How Property Managers Can Help You Achieve Financial Freedom
Property managers help you achieve financial freedom by saving you money. A property management company oversees keeping units occupied and collecting rent. Moreover, property managers also play a crucial role in the oversight of screening tenants.
Let us help you manage your property in Spokane, Washington. Our skilled experts will handle many of the day-to-day operations of your investment property so you can make more money! With us at the helm, you can focus on making additional real estate acquisitions.