Partnering with a local Memphis property manager will help you keep your expenses low and your income high. This will maximize the return on investment (ROI) you earn on your rental property. Property managers have the experience, resources, and network to help you have a more successful and profitable investment experience.
Here’s how leveraging professional resources with marketing, maintenance, and tenant relationships can help you immediately boost your ROI.
Better Marketing and Leasing
Lower vacancy rates, high-quality tenants, and a strong lease agreement will always contribute to your bottom line. Your property manager will reduce vacancy time by:
- Ensuring your property is rent-ready, clean, updated, and attractive to tenants.
- Setting a rental rate that’s competitive for the market.
- Marketing your property with professional-level photos, an engaging listing, and a strong presence online.
- Showing your property either in-person or through remote self-showing technology.
- Completing the application and screening process easily and quickly with the help of online tools and platforms.
Tenant relationships begin with the leasing process, so if you can count on your property manager to establish those relationships in a positive way, you’ll likely increase your chances for a smooth tenancy and an eventual lease renewal.
Increase ROI with Preventative Maintenance
Property managers have relationships in place with vendors and contractors who can easily respond to emergency needs and preventative services. This is a huge benefit to you because you don’t have to worry about finding a plumber or looking for a landscaper. It also saves you money. With the volume of work that property management companies provide to vendors and service providers, we’re able to negotiate the best rates and deep discounts.
The benefit to your ROI is twofold; you’ll protect the condition and value of your property better with the resources and relationships a property manager can provide, and you’ll save money on the work that your property needs.
Managing Memphis Residents
Creating a great tenant experience can increase what you earn on your property. When your property management partner prioritizes tenant relationships, you can expect less turnover and vacancy as well as fewer conflicts and tenant disputes. Rent will be paid on time. The lease agreement will be enforced. Your residents will contribute to the maintenance and upkeep of your investment property.
It’s important to keep residents happy in their homes. This is what makes them easy to work with and reliable when it comes to things like on-time rental payments and the prompt reporting of maintenance needs. Communication will be more transparent, and you won’t have to worry about disagreements and misunderstandings.
Property management companies will charge a fee but remember that it’s tax-deductible. What you pay is relatively low compared to the value you receive. Most owners and investors will tell you that they earn more when they work with a professional management company. There’s less opportunity for expensive errors, rents are higher and more consistent, and expenses are kept in check. You’ll also get a lot of time back, and time saved is a huge benefit that’s often difficult to quantify.
Choose the right property manager when you want to maximize your ROI. A good professional partner will help you earn more on your investment property and contribute to a better investment experience overall. We’d love to be your Memphis property management resource. Contact us at CrestCore Realty.