If you own an investment property, one of the best ways to maximize your yield is to hire a professional and experienced property management company. Property management companies can not only save you time, which is the most important thing we have, but they can also increase your return on investment. Many times people try to manage their properties themselves, but they often don’t realize how difficult managing a property really is. There are many intricacies that go into managing a property and if you don’t have a team of people working with you the expenses can really add up.
The first reason to use a property management is the quality of tenants they can bring in. Property management companies have processes that can interview, run background checks, get multiple applicants, and filter out the tenants who may not be a good fit for your home. Vienna Property Management who operates in El Dorado Hills, Lincoln, Citrus Heights, and Sacramento, notes that they usually get between 10 and 15 applicants in just a couple days on all vacant homes they manage. Because they have a system to keep units filled, a property management company can get your home occupied with great tenants with much more consistency than the average homeowner.
The second reason to use a property management company is that the vacancy rates are lower. Obviously, if your property doesn’t have vacancies then your mortgage is covered every month and you’re not losing money. You can’t maximize your yield if your spending your own money. Property Management Companies not only keep your vacancy rates low, but they also get your property rented at the going rental rates, making certain that your investment is making as much money as possible.
So, if you’re trying to decide between managing your investment property on your own or hiring a property management company, the latter is the obvious choice. Vienna Property Management of El Dorado Hills, Citrus Heights, Lincoln and Sacramento has never lost a client because they decided they could manage the property better themselves. Once you hire a property management company who does the job right, you are saving not only saving precious time, but you’re maximizing the investment yield of your property.