My name is Tanya Jensen with Envy Property Management. Today I want to talk about how you can actually make money on your rental by hiring a professional property management company. The most common question we are asked in the property management industry is, “What will it cost me?” Although this is a very important question to ask, I want to offer you something to consider, hiring the right property management company could actually MAKE YOU MONEY. The cost to do so will be far outweighed by the increase in income and the decrease in vacancy over time.
A lot of people may say, “I can do this myself, it’s easy.” What I want to say to you is that, yes you can do it yourself but you can also represent yourself in court without hiring an attorney, or file your taxes without hiring an accountant. The problem you run into is, likely you won’t be well versed in the current laws, know what your rights are, understand what you can and cannot legally do, and ultimately spend excessive time, and create more headaches, and unnecessary stress.
The right property management company will know this industry well, be up to date with the current laws, have a quick vacancy turnaround time, and have systems and processes in place that will create more value and income to you than doing it yourself.
Professional investors will never manage their own properties, they turn them over to be professionally managed because they know that’s exactly how they’ll ultimately increase their return on investment. All they do is sit back and collect a check.
For example, we brought on a self-managed property recently, where the owner had been managing the property for over 10 years. The current tenant was over 3 months behind in rent, and the property was in complete disrepair. He didn’t know how to collect the past due rent, or what he could legally do to get them out of the home, he felt bad for asking the tenant for money and simply didn’t know what to do. He called us, signed up for professional management and in a matter of just a few weeks, we had the tenant out of the home, the repairs completed, and the home back on the market for rent. We placed new qualified tenants and were able to increase his rental price by $600 per month. Within just a short amount of time, he was able to significantly increase his return on investment by hiring us to manage the property.
We know this industry from top to bottom and we know how to maximize your return on investment. Instead of spending time worrying about what you’re going to pay in management fees, you need to look at the bottom line and what you’ll get in return. We are well worth the cost.
My name is Tanya with Envy Property Management, make sure you subscribe to receive more valuable information about your investment properties. If you have any questions about management fees or what we can do to help you increase your return on investment, please call us at 801-337-4337.