The U.S. property management market is valued at just under $115 billion in 2023. There was a slight decline in 2022 and 2023 after a steady increase in the previous years beginning in 2012.
With the decade-long population boom in the Phoenix, AZ area came property investors. Phoenix topped the list of cities with the greatest portion of inventory being snatched up by investors.
As more and more people get into the investment property game, many may not be familiar with property management responsibilities. Does this describe you?
Are you hoping to elevate your property management services? Keep reading to learn why you should opt for full-service property management in Phoenix, AZ.
Better Tenant Retention
One of the most important property management duties is to keep good tenants for as long as possible. When you hire a property management company, they should have a tenant retention policy.
When your property management company ensures that the property is freshly painted and clean, has new carpet, and handles small repairs, your tenants will be happier and more likely to renew their lease.
Handle Advertising and Tenant Screening
Advertising and showing properties to prospective tenants is time-consuming.
Though there are different types of property management, most will handle the tasks associated with advertising the property and screening potential tenants.
They'll list your properties on rental property sites. They will schedule showings. Once a tenant expresses interest, the management company will conduct employment verification and run a background check.
One of the most daunting aspects of owning an investment property is finding good tenants. A full-service property manager will use a thorough screening process to vet prospective tenants and weed out those who could be a credit risk.
Following extensive background checks, you'll get quality tenants who pay the rent on time and take care of your rental property.
Take Care of the Eviction Process
Even when you have quality tenants renting your property, unforeseen problems can arise.
If tenants fail to pay their rent, you may need to end up going through the eviction process. A property manager will handle this process for you which often involves going through the courts.
As a rental property owner, you may be tempted to try to handle everything yourself to maximize your profits. With a full-service property management company, you'll save money over time.
Allowing someone else to handle your rental units frees up your time to do other things that make you money. Management companies also have a track record of collecting rent on time by offering convenient ways to pay.
Are You Looking For Full-Service Property Management?
If you're an investment property owner in Phoenix, AZ looking to hire a property manager, look no further than Property Management Real Estate Services Inc. We are a full-service property management company for both residential and commercial property owners.
We use state-of-the-art technology to keep our clients and their tenants up-to-date on things like maintenance requests and billing. We strive to provide prompt, friendly, and professional services. Contact us today to set up a consultation.