According to MySmartMove, the average landlord has three properties. Managing multiple properties alone can become time-consuming and stressful. It's no wonder that 44% of landlords don't manage their properties solo.
Instead, these owners rely on professional property management. Not sure if Minnesota rental management solutions suit your needs? Read on to discover the top property management benefits before deciding!
Find and Retain Reliable Tenants
Research from IBIS World indicates the rental vacancy rate in the US increased from 5.8% in 2022 to 6.4% in 2024. If you struggle to find renters, your properties will remain empty. Every vacant property means thousands in lost earnings a month.
A professional property manager can develop a marketing strategy. They'll ensure your listings appear in front of local renters online. Using digital marketing can increase your visibility and reach.
A comprehensive digital marketing strategy can include:
- Search engine optimization
- Content marketing
- Video marketing
- Influencer marketing
- Referral programs
- Paid advertising
- Email marketing
Once you start generating applications, your property manager can screen tenants. They'll find great renters worth retaining. Screening applicants can help you avoid renters who are behind on payments.
Otherwise, you could choose a troublesome renter. They may cause you landlord stress or affect your profitability.
Retaining great tenants can reduce the cost of tenant screening and marketing. You'll have peace of mind knowing you've chosen trustworthy renters. Your occupancy rate and ROI will increase with Minnesota rental management.
Upgrade and Maintain Your Properties
An old, outdated rental property may not attract renters in today's competitive market. Hiring a property manager can make the property more desirable. They'll apply market trends and upgrade the property with:
- Smart home technology
- New kitchen appliances
- Energy-efficient improvements
- Fresh paint
- Improved landscaping
- New bathroom features
- New kitchen cabinets and countertops
These upgrades can boost the property's value. You'll generate more applications, leading to shorter vacancy cycles. You can even boost your rental rate to maximize your profitability.
Your property manager will schedule routine inspections. They'll complete maintenance tasks promptly to improve satisfaction rates.
Legal Compliance
Understanding local, state, and federal housing regulations can get confusing. For example, you'll need to comply with tenant screening laws before choosing renters. Otherwise, they could sue you for discrimination.
Rely on your property manager's expertise to avoid making mistakes. They'll help you remain compliant, reducing your legal risk.
Operate More Efficiently
Professional property management benefits landlords who want to work more efficiently. For example, you can use property management software to:
- Accept rent payments
- Send leasing documents
- Communicate with renters
- Accept maintenance requests
Using automation can reduce human error. Your property management company will ensure you remain organized and efficient. Relying on their services will improve your ROI.
Choose Minnesota Property Management
You don't have to manage your Minnesota rental properties alone. Instead, rely on professional property management. Working with a rental management company can ensure your success in today's competitive climate.
PMI Minneapolis St. Paul is dedicated to adding value through accuracy, honesty, and communication. Trust our state-of-the-art technology, award-winning strategies, and professional guarantees. Contact us now for your free rental analysis.
