Signs You Need to Hire a Property Management Company
Between 2021 and 2023, the rental vacancy rate in the US increased from 4.1% to 6.4%. If you own multiple properties that are sitting vacant, you'll start losing money fast. Instead of allowing your landlord stress to worsen, consider requesting landlord rescue services.
An experienced property management company can help you manage tenants, schedule maintenance, and improve your rental income. Not sure if you need help? Read on for the top signs it's time to hire a property manager in Minneapolis!
Multiple Properties Vacant
If your investment properties are sitting vacant, invest in property management. Choose a company that offers marketing services. An omnichannel marketing strategy will help you appear in front of more Minneapolis renters online.
Your property manager will ensure the listing appears on multiple sites. They can clean and stage the property before hiring a professional photographer.
High-quality photos can help the listing stand out. Use virtual tours and staging to attract more renters to the listing.
Property Maintenance Delays
Tenants may decide to take legal action if you fail to complete maintenance and repairs promptly. These tenants aren't likely to stay when it's time to consider renewing their leases.
Neglecting to complete maintenance projects can cause your investment property to deteriorate. You'll have to pay for more expensive repair projects later.
If you're struggling to keep up with maintenance requests, hire a property management company. Choose a company that uses state-of-the-art technology, such as an online tenant portal. Tenants can send and track maintenance projects, ensuring transparency.
An experienced property management company will already have connections with Minneapolis vendors. They'll choose reliable contractors at competitive prices. With help, you can save money and maintain your investment properties.
Landlord-Tenant Law Confusion
If you're a new or accidental landlord, tracking new laws and regulations is essential. Neglecting landlord-tenant law can lead to compliance issues. You could get fined.
You're responsible for:
- Understanding security deposit limits
- Meeting building codes
- Understanding environmental guidelines
- Meeting habitability standards
- Obtaining a Lead Certificate
If you're struggling to keep up, talk to a property management company. Their legal services can help you remain compliant.
Landlord Stress
Managing multiple properties alone can lead to landlord stress. You could experience burnout or neglect essential responsibilities. As a landlord, it's your job to:
- Schedule maintenance
- Market vacant listings
- Screen tenants
- Handle tenant evictions
- Collect rent
Instead of letting your stress build, consult a property management company. A full-service company can help you operate efficiently.
Struggling to Manage Tenants
Unhappy tenants aren't likely to renew their leases. If you're struggling to manage tenants, consult a property manager.
They can communicate with tenants on your behalf. Your property manager could boost tenant satisfaction rates, leading to more renewals. They'll even screen tenants to help you avoid troublesome renters.
Rely on Landlord Rescue in Minneapolis
You don't have to manage multiple properties alone. Instead, request landlord rescue services in Minneapolis. An experienced property management company can help you thrive in a competitive market.
PMI Minneapolis St. Paul has 20 years of experience helping landlords like you succeed. We'll use state-of-the-art technology and award-winning strategies to maximize your earning potential. Contact us today to request our management services.
