Let’s face it. You got into real estate investing for one main reason: Profit.
Renting your properties is one of the best ways to get strong returns on that investment. But renting can be complicated, so you face either becoming a landlord or hiring a property management company. Many people with rental property in and around Colorado Springs will turn to a service like All Seasons, LLC, CRMC. On the surface, such a service may seem like just another expense, even a luxury, but professional property management can greatly improve your bottom line. Here are 5 ways a property management company can maximize your profits.
You won’t make any money if your rental property has no tenants. A property management company knows how to minimize downtime on your property. Many companies, like All Seasons, do not even charge fees when your property is empty, so it’s in their own interest to keep it rented as well. We have maintained less than 1% vacancy in the properties we manage for the past several years.
A good tenant screening process assures that stable renters are in your properties. This means they are unlikely to just walk away, cause damage, or not pay their bills. Tenant screening is one of the most important steps to having low vacancy. Yes, parties can look good on paper and it’s a different story once they get inside the property but those instances are far more rare if you have a thorough screening process.
Smooth transitions will keep your property rented! A good property management company requires plenty of notice from a tenant before they leave and typically will show the house while they’re still in residence. This assures that when they leave, a new tenant can move in immediately.
Quality Tenant Retention
Based on the results of many studies on the topic, the single thing tenants care about most when renting is maintenance response time. A good property management company will have the ability to aid tenants 24/7/365.
At All Seasons, our maintenance requirements and quick response times keep our tenants happy. Happy tenants are less likely to leave, keeping your property rented for longer periods of time.
(2) On-time payments
Make it Easy
The only way you make money is if the rent is collected on time. Property management companies will have several ways for tenants to pay, making it more likely they will pay on time.
All Seasons has a convenient tenant portal on our website. We can arrange for automatic payments, taking the stress of remembering to pay away from the tenant.
Enforce Collection Procedures
If the tenant doesn’t pay, a good lease that explicitly covers late payments and collection procedures is mandatory. Property management companies know how to do this, so you don’t have to worry about what to do if a bill isn’t paid, lifting the no-payment monkey off your back.
All Seasons has a strong lease, and relationships with attorneys that can help.
(3) Efficient Maintenance and Repairs
You want your investment property to keep its value!
On your own, keeping your investment property in good repair may seem daunting. If you hire a property management company, your property will more likely be kept up.
All Seasons has had plenty of years to work out the procedures needed to keep your property sparkling. With our focus on preventative maintenance, you can rest assured you’ll be informed about suggested preventative-type items to help maintain your investment.
Easy Maintenance Request Procedures
A stitch in time saves nine! The easier it is to submit a maintenance request, the more likely the tenant will do it right away when it needs to be done. Property management companies can do this more easily than the Average Joe.
The All Seasons tenant portal allows tenants to submit maintenance requests from our website, which means they can do it right from their smartphone. The sooner the issue is known, the sooner it can be fixed.
An ounce of prevention is worth a pound of cure! There are some things that need to be done every year, and others you may opt in to be done on a routine basis. Do you know what they are?
All Seasons schedules seasonal maintenance with our tenants. We send out licensed (when needed) and insured companies that work with us on a regular basis, so that we know the work will be done to our high standards.
(4) Managed Rent Increases
As property values increase and your property gains value, you’ll want to see that increase in your pocket! To do this, you have to stay up on the real estate conditions in your area.
All Seasons has licensed real estate agents with superb knowledge of the Colorado Springs real estate market. We can price your property correctly and increase the rent when it’s warranted. This way, you know you’re always getting the best price you can possibly get from the market.
(5) Lease Protection
An ironclad lease will maximize what you earn from your investment property more than anything else. A strong lease protects an owner from frivolous lawsuits, maintenance expenses, and other things that come up regularly in daily life.
This is the most important thing you have to protect your property investment, and All Seasons has over 30 years of lease experience. Read our blog about the ingredients of a strong lease taken from our company President’s speech on the subject by clicking here.
As an owner of Colorado Springs investment property, you want to make money. So you rent out your property, but it’s a job that takes more time and expertise than you have! By hiring a property management company, you maximize your ability to rake in the cash.
Don’t stress over how to be a landlord. Spend your time earning the money you need to buy more investment properties, and let All Seasons, LLC, CRMC do the hard lifting. Call us today at: (719) 632-3368. We’re here for you!