If you own investment holdings and are considering an expansion, you're making a wise decision for your financial future. With the current state of the economy and confusion surrounding how COVID-19 will continue to impact our community, you've probably seen how rounding your investments with Rent Estate™ in the wake of a tanking stock market was a safe—and smart—move for your portfolio.
When you play your cards right and work with a Hampton property management company, you'll find Rent Estate™ to be a stable, profitable investment. However, what exactly should you expect your property management partner to handle for you?
How can a Hampton property management company make your investment more profitable?
- You will have the free time necessary to pursue other projects and continue your path to growth.
- In the wake of COVID-19 restrictions, you won't have to wonder how you'll care for your rentals.
- When your renters require a unified, professional, and modern response, you'll be able to provide it.
COVID-19 is changing the game for property owners and investors: the way of doing things that worked before is no longer viable in a social-distancing-driven world. Even after this crisis winds down, our way of doing things will never quite be the same. You need a property management partner who can not only adapt to change but master it.
That said, if you're planning on bringing a property management company on board to help handle your growth, you need to know what to expect from them—and what level of service can no longer make the grade. As we move deeper into 2020 and start looking to the future, here's what you should expect from your Hampton property management company.
Rental Payment Collection
If you’re like most people, the income you can generate from your rental properties in Hampton is still the deciding factor on whether to invest. More than ever before, the impact of COVID-19 has shown how your rental income may very well be money you rely on when your salary is slashed, your hours cut, or you're simply let go from your career as employers close up shop.
That said, you need that income to be on time because it helps pay the bills. When it comes time to collect rent, your Hampton property management company should be able to handle this entire process for you with elegant, online solutions. This not only appeals to the modern renter, but it ensures that your avenue for collection is always open.
Protective Screening Services
Without reliable renters, you wouldn’t have a business. However, the wrong residents can end up costing you more than just time. When you have the right tenants, you obtain peace of mind: when you place a Professional Tenant in your property by accident, that's a quick road to ruin.
- A quality property management company should always be able to screen your prospective tenants and make sure they’re of the highest caliber.
- By using rigorous screening tools and procedures, your properties will be filled with quality renters.
- Of course, no system is one hundred percent accurate—but screening technology is effective in weeding out dangerous or risky candidates from the start.
Inspections
- Owning multiple properties means you need to have inspections on a regular basis.
- Your property management partner should be able to ensure that they can keep up with the care and maintenance of your rental properties with thorough inspections at crucial moments in your property lifecycle.
- This confirms that your tenants are taking good care of your property throughout the tenancy.
- That way, if anything is going wrong, you can catch it early.
Help With Evictions
Although no one goes into the rental investment business expecting to need to evict anyone, there is always the chance that you may need to evict a renter—even when it's the last thing any landlord ever wants to do. When this occurs, it’s nice to know you have a professional team on hand who will manage the details for you.
- A skilled property manager will know the laws and regulations in Virginia, so you won’t need to worry about compliance or legalese.
- Your property management partner should be able to manage the eviction process for you, including paperwork preparation, filing, and trips to court.
- Your Hampton property management company of choice should offer peace-of-mind Eviction Protection to ensure your properties are always covered.
24/7 Property Maintenance
Maintenance is the “not-so-fun” part of owning properties. You’ll want to ensure that your homes are in excellent shape because this is also what your renters expect.
Your skilled partner in property management should be able to field late-night service calls or maintenance requests with ease—so that you don't have to. You can relax knowing the right property manager will handle the following services for your properties:
- Repair scheduling and oversight
- Dedicated 24/7 repair line
- Quality contractor sourcing
- Invoicing without markups.
Financial Accounting and Management
It’s crucial to make sure your financial paperwork is handled professionally and accurately—whether it’s the daily invoicing of expenses or the annual income tax reporting. Your Hampton property manager should be able to relieve the burden of account management, so you don’t have to outsource this portion of your work.
With a property management company, you should expect the following services:
- Direct deposit option for your tenants
- Detailed accounting statements
- Customized financial reports
- Monthly account reconciliation.
The Right Partner Is Renters Warehouse!
In today's article, we only highlighted a few of the many benefits you gain as an investor from working with the right property manager in the Hampton Roads area. However, we are proud to say we can offer the property owners we serve with all of the above! Why risk your portfolio with uncertainty when it should be a stable investment?
Reach out to us to see how we can put all of the skills and services above to work for your portfolio! COVID-19 may have changed the way we operate, but it will never change our commitment to you as your property manager.
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