Signs You Need to Hire a Property Management Company in Lafayette
How much money are you losing as your vacancy rate continues to rise? The rental vacancy rate in the US is already 6% and could drop to below 4% by 2025. As more renters find properties they love, you could struggle to compete with other landlords.
If you're already struggling to find renters, consider requesting landlord rescue services. Not sure if you need to hire a property management company? Read on for the top signs it's time to ask for help!
Lack of Knowledge
It's common to make mistakes as you learn how to navigate any industry. As a new landlord, however, your lack of knowledge could lead to serious issues.
For example, perhaps you're encountering legal troubles. As a landlord, you need to keep up with local landlord/tenant laws and Fair Housing laws. It's your responsibility to:
- Understand habitability standards
- Review environmental guidelines
- Obtain a Lead Certificate
- Obtain a rental license
- Meet building codes
- Understand security deposit limits
Otherwise, your lack of knowledge could lead to you receiving a hefty fine. You also need to keep up with local real estate trends. Understanding the local market can help you recognize opportunities for growth.
If you lack relevant knowledge, hire a full-service property management company. Their experts can support your endeavors and help you avoid mistakes.
A High Vacancy Rate
Request services for landlords if you're struggling to improve your vacancy rate. The best property management company will help you develop a marketing plan. They'll ensure your listings appear on multiple rental platforms.
Appearing on multiple platforms can boost your online visibility. You could have an easier time improving your occupancy rate.
Trouble With Tenant Screening
Troublesome renters may pay rent late, cause property damage, or upset their neighbors. To avoid problematic tenants, hire a property management company that offers tenant screening services. You can review each applicant's rental history, verify their income, and check for a criminal background.
Tenant screening services can help you avoid troublesome renters. Otherwise, look for a company with experience handling tenant evictions.
Property Maintenance Delays
Neglecting to complete routine property maintenance could lead to more costly repairs and replacements later. Your property management company already has connections with local vendors. They'll request bids from multiple contractors to ensure you find services at the best prices.
Your property management company can use a portal to track maintenance projects. Keeping up with maintenance can ensure happy tenants.
As a landlord, it's your responsibility to:
- Collect rent
- Schedule repairs
- Handle tenant evictions
- Market vacant listings
- Screen applicants
These responsibilities can steal valuable time from your already busy schedule, causing additional stress. Outsourcing can help you avoid landlord stress and burnout. Instead, you can operate more efficiently with peace of mind.
Request Lafayette Landlord Rescue Today
Managing a rental property alone can become stressful over time. If these situations sound familiar, request Lafayette landlord rescue services. The best property management company can help you avoid these sources of stress.
PMI Integrity Properties has over 20 years of real estate and property management experience. We use state-of-the-art technology to help landlords maximize their earning potential.
Trust the number one property management company and our award-winning services. Contact us today to request services for landlords.