The average salary for a landlord in Denver is over $53,000, and the best part is that this can be passive income if you hire a property manager.
These professionals look after your investment property, ensuring you don't have to deal with the many hassles that come with managing a rental home. While they charge a fee, the services provided more than justifies the cost for many landlords.
Read on to learn what a property management company can do for you.
Maximizing Occupancy Rates
In a competitive Denver real estate market, it can be challenging to keep your home occupied all year round. However, an experienced property manager will know how to find both short-term and long-term tenants.
This will minimize the amount of time your property is empty, ensuring you are generating income for as much of the year as possible.
Tenant Screening
Tenant screening is critical to protecting your Denver investment. Should you sign a contract with the wrong tenants, you could find that they damage your property, or don't pay their rent on time, if at all.
However, a property management company will screen tenants and this can help you find renters who will uphold their side of the contract. This is a huge benefit and can save you a lot of stress when renting your home.
Rent Collection
One of the most crucial parts of property management services is collecting rent. As many people now prefer to use the internet to pay their bills, it can be best to use a 24/7 online tenant portal.
A property manager can arrange this with a tenant, streamlining the rent collection process.
Investment Property Maintenance
While property managers are hands-on when looking after your rental home, they are also experts at outsourcing tasks. This is especially important when it comes to maintenance jobs.
They will have a list of reliable contractors who can look after aspects such as electrical jobs, plumbing, and repair work for a reasonable price. This can be invaluable for keeping your rental property in excellent condition.
Financial Reporting
While you can trust professionals to look after your rental properties, it's always a good idea to understand where you stand financially. A property management company will provide you with detailed reports that show your income and expenditure.
When you know how your rental homes are performing, you can decide if it's time to increase the rent or invest in another property. This helps you pick the right time to expand your portfolio.
Maximize Your Rental Property's Income With PMI Elevation
Managing an investment property can be time-consuming and stressful, but it doesn't have to be this way. PMI Elevation is here to help.
Locally owned and independently operated, we provide a personal service tailored to your individual needs. We're also part of a franchise that's been changing the property management industry for over 20 years. This experience means we know how to get the best returns from your investment.
Start stress-free property management and maximize your income by talking to the experts at PMI Elevation today.
