According to an article published by Purdue University, Lafayette currently ranks as the top housing market in the USA for 2023. This makes it a great place to invest in rental properties to meet the growing demand in the city.
Investment properties are an excellent source of passive income. Yet, most prospective landlords aren't aware of the hard work that goes into managing a rental property.
For instance, rent collection is one of the most awkward and time-consuming aspects of real estate investing. That is unless you hire a property manager to assist you.
Here's how property management services can maximize your rental income and ensure you get your rent payments on time.
Conducting a Rental Analysis for the Best ROI
When you approach a property management company, they'll visit your home to assess how much rent you can charge for it. They base this on:
- The size of the property
- Onsite amenities
- The current condition of the home
They calculate your potential earnings by comparing rent prices for equivalent homes in the area. They will also advise you on any repairs and upgrades necessary to prepare it for prospective tenants.
Strict Tenant Screening Protocols
The only thing worse than having a vacant property is owning one with bad tenants. Working with a property manager is the most effective way to avoid both scenarios.
A property management firm knows how to market your rental home on the correct platforms to attract good tenants.
When they receive applications, they conduct extensive, legally compliant screening processes on each one. These include:
- Background checks
- Financial record checks
- Credit checks
- Confirmation of employment
- Affordability analyses
- Reference checks
This extensive research ensures the prospective tenants have provided true and accurate information.
Effective Rent Collection
With reliable tenants in place, the real work begins. A property management firm aspires to maintain dependable, speedy, and transparent rent collections.
Automated measures help ensure timely payments when collecting rent. These include emailing reminders one to three days before the rent is due.
They offer multiple payment options, like online payments, checks, or cash, to make it easier for tenants to pay on time.
Online payments facilitate a speedy transfer of funds to the landlord. For other payment types, property managers have measures in place to ensure swift payments.
- Overnight processing
- Online payment portals
- Daily payment processing procedures
These routines include daily checks of mailboxes and bank deposits, and updating accounts after each transaction. This streamlined system ensures landlords receive their money as soon as possible after the tenant pays.
Transparency is key to alleviating landlord anxiety and avoiding misunderstandings. The best property managers allow landlords to view their rental property accounts easily using an online owner portal.
This real-time access allows landlords to:
- View their current balances
- Print reports
- View transaction history
In this way, the landlord stays informed without having to make time-consuming inquiries with the property manager.
Maximize Your Investment Property Rental Income
Working with an established local property management company is the best way to get the most out of your Lafayette investment property. PMI Integrity Properties can assist you with rental analysis, tenant screening, rent collection, and more.
Get in touch today for assistance with your Lafayette investment property needs.