Nashville has seen rapid population growth in the last several years, and the demand for rental properties is high. According to recent Census data, less than half of all Nashville homes are available to renters, making competition steep.
Does that mean you're positioned to profit as a rental owner? Not without investing time and energy into your rental property. If you have your sights set on passive income, you can't get there without turnkey property management.
How can property managers make your real estate investment profitable? Read on to discover top property management solutions and why they work.
Ongoing Property Valuation
Setting your rental price isn't as simple as adding a few hundred dollars to your monthly mortgage payment. You need to factor in not only your fixed and estimated costs but also what the overall rental market is doing.
WKRN reported on dropping rental prices in Nashville earlier this year. Without knowing about this shift, you may be overcharging, which can hurt your competitive edge.
Tenant Screening
If you're looking for hassle-free property management, make sure your property manager screens tenants. This should include verifying a rental applicant's:
- Income
- Credit history
- Renter history
- Criminal background
The goal is to find a tenant who is most likely to pay rent on time and least likely to damage your property or cause trouble.
Tenant Relations
Tenant screening can help you find great tenants, but what about keeping them? Turnkey property management includes a commitment to tenant relations through:
- Responsive communication
- Timely and respectful maintenance
- Value-add improvements
Implementing something as simple as a tenant portal can make a huge difference. Tenant portals provide modern solutions to everything from rent payments to maintenance requests.
Property Maintenance
Nothing takes quite as much time and know-how as rental property maintenance. For the best results, you need to have a preventative maintenance plan while making yourself available for emergency calls.
An efficient property management team will do more than respond to maintenance requests. They'll partner with the best contractors in Nashville and stay on top of a maintenance schedule that minimizes emergencies.
Investment Accounting
Finally, owning a Nashville investment property won't just yield profits. You also need to reinvest in the property, pay property taxes, and more.
Letting a property manager take over your accounting records can alleviate a huge burden. You'll receive owner disbursements on schedule without ever worrying about unpaid debts.
Get Nashville Turnkey Property Management from PMI Music City
Nashville is proving to be a great city for property investors thanks to steady demand. Even in the face of city-wide rental price drops, you can still turn a profit in this competitive market. However, you shouldn't expect it to be a low-effort job unless you hire turnkey property management.
At PMI Music City, we have access to the methods and technology of our nationwide parent company. Our team of local real estate experts also provides that unique and personal touch you need to succeed here in Nashville. Contact us for property management services that work.