Investing in a rental property can be a lucrative way to enter the real estate market, and there is a large need for this type of investing. However, some property owners are worried about managing their own properties and the work that comes with it. In this article, we will explore full-service property management and what it means for investors.
Full-Service Property Management
Full-service property management is an approach to property management that has a third-party company running the show so that the property owner can sit back and relax. Able to handle every component of managing a property, these services can offer a few key benefits that make them well worth the investment.
Managing Tenants
Tenants that live on your property will have needs, and you might not always be available to handle them. Fortunately, with full-service property management, you can benefit from having an external team to manage tenants and communication for you. Your property manager can field calls, answer questions, and be that point of contact for tenants day or night.
Service Requests
Even the most up-to-date property can still have a need for service requests. Sometimes accidents happen, and sometimes things just break down. With full-service property management, you can rest easy knowing that these requests will be handled as they come in. Property managers can accept requests and take the steps to ensure that they are managed in a timely fashion, which tenants will greatly appreciate.
Leasing
Before you can make money from your tenants, you need to find them and have them sign a lease. Property managers can do a wonderful job of helping you to manage all leasing needs. These groups can offer tours, connect with potential tenants, and even manage the leasing agreement themselves. All you have to do is sit back and let the cash flow in.
Rent Collection and Eviction
To make money as a property owner, you will need to collect rent and handle everything that comes with that process. Your property manager can handle rent collection, follow-up questions, and even evictions when it comes down to it. If you have a tenant that hasn’t been paying their rent, your property manager can take the appropriate steps to demand payment or evict the tenant if needed. This can take a significant amount of stress out of property rentals.
Conclusion
Colorado is proving to be a highly coveted spot by renters, so it shouldn’t come as a surprise that more people are looking to rent. This means that owning a property can be very lucrative right now, but it might not be worth all of the extra work for you if that doesn’t interest you. Fortunately, full-service property management can help you to create a revenue stream without the hassle. For Centennial property management services, don’t hesitate to contact us to learn more about how we can help you manage your property!