Between marketing listings, screening tenants, collecting rent, and scheduling maintenance, there aren't enough hours in the day! Do you feel overwhelmed as a landlord? Instead of juggling these tasks alone, hire a full-service property management company.
Their professional services can save you time and money while ensuring your success. On the fence? Read on to discover why you should choose property management services today!
Find Quality Tenants
Are your Nashville, TN properties sitting vacant? You're not alone. The vacancy rate is now in the double digits (the highest in 20 years).
Nashville's vacancy rate is 10.8% (higher than the national average). Downtown, it's as high as 17.5%.
Other landlords are competing to attract quality tenants to their properties. Without help, your properties may not stand out from other listings online. Your property could sit vacant if you don't develop a strong marketing strategy.
A property management company can help you develop a digital marketing strategy. Marketing your listings online will help you gain more visibility. As more people find your listings, you could attract more renters.
The best property management team will also develop a tenant screening process. Screening applicants can help you avoid problematic renters. For example, you can recognize renters who paid rent late in the past.
Choosing quality tenants will ensure your property is well-maintained. You can also retain these tenants long-term. A high occupancy rate will provide you with an ongoing source of income.
Fast Maintenance
Tenants could grow frustrated if you delay fulfilling their maintenance requests on time. Under Tennessee's Residential Landlord and Tenant Act, landlords must:
- Comply with housing codes
- Make repairs
- Keep the premises clean and safe
If landlords don't complete repairs, tenants can withhold rent and exercise the right to "repair and deduct." Tenants may take legal action if you don't complete repairs.
The best property management company will have connections with local contractors. They'll gather competitive bids and hire experienced professionals. They'll ensure maintenance projects are completed in a timely manner.
Completing repairs will ensure the property is in the best possible shape. Ongoing maintenance can help you avoid more costly repairs in the future.
Avoid Legal Issues
If you lack experience navigating local laws and regulations, you could encounter legal problems later. For example, you could receive a fine if you're not compliant.
The best property managers are well-versed in federal and state laws. They can help you through the process. They'll keep up with new laws to help you avoid fines.
Financial Management
When reviewing your property management options, look for a team that offers financial services. For example, they can help you simplify rent collection.
Choose a company that uses state-of-the-art technology to streamline processes. They can offer tenants a convenient way to pay rent on time. They can automatically charge late fees if tenants don't remain on schedule.
Rely on Full-Service Property Management
You don't have to continue managing your Nashville properties alone. Instead, hire a full-service property management company. Lean on their experience and expertise to make informed improvements.
Want to hire a property manager right away? Look no further than PMI Music City. We have nearly 20 years of experience helping Nashville landlords like you.
Contact us today to schedule a consultation. Discover how we can maximize your profitability!
