When it comes to renting out a home, the “do it yourself approach” can seem like the easier and less expensive choice. After all, from listing your property on vacation rental websites to handling rent, there are plenty of online resources and information to help you get started. But if you’re looking to maximize your return on investment and increase your rental’s potential earnings, consider the benefits of hiring a property management company in the West Valley!
Property management companies handle guest relations, day-to-day care, and maintenance of any residential or commercial real estate. For those renting out a home in the West Valley, this can help minimize daily stresses while unlocking the full potential of their real estate investments.
1. Exposure and Bookings
A professional property manager not only manages the day-to-day operations of your West Valley rental but also boosts exposure, bookings, and overall profit. With so many bookings happening online nowadays, a good property manager knows how to increase the online presence and ranking of each and every rental.
Rental marketing is a lot more than just posting a few pictures and hoping for the best. Experienced property managers know how to showcase your rental property through photos while describing it in a way that speaks to the right type of vacationer. They also use enhanced marketing practices to boost online exposure within the most popular vacation rental websites.
Some property management companies even employ high-level digital strategies such as search engine optimization, social media, and email promotions to catch the attention of even more potential guests. This multi-faceted approach to marketing your rental property helps broaden the reach, ultimately leading to more bookings and even maximizing monthly income.
2. Pricing and Profits
Property owners have the final say when it comes to pricing their rentals, but a property management company knows how to set a competitive rent price that reflects the current rental market. Property managers use their real estate knowledge of shifts and changes in the market to set the right price at the right time. Travel trends play a huge part when it comes to pricing rentals — especially in tourist destinations like Arizona. An experienced property management company will know when to increase your home’s rental price or offer an enticing discount depending on the time of year.
Of course, seasonal demand isn’t the only factor in pricing your rental. A professional property manager will also determine the price based on location, type of rental, and target audience, thus attracting quality tenants and potentially even maximizing your monthly income!
3. Day to Day Property Manager
From hiring cleaning crews between guests to handling rent, the daily grind of managing your rental property by yourself can feel like a full-time job. Property managers are there to handle the daily operations, so you don’t have to. They collect rent payments and enforce lease policies as well as all the restocking and cleaning required before each guest arrives. This gives you peace of mind knowing that the kitchen is well stocked, leaks are fixed, and linens are changed without you even setting foot on the property.
4. Maintenance and Emergency Support
Property management companies handle all maintenance issues that arise on your property. This includes everything from mild maintenance issues to emergency support during a guest’s stay. If something gets damaged or needs fixing, a property management team member is there to address the situation and find a service provider for quick, efficient fixes.
Not only does this give you freedom from managing tenants, but it also protects you from potential liabilities. Many property managers have maintenance workers or in-house maintenance staff available for emergencies. Plus, your property manager’s in-depth knowledge of your property and any necessary maintenance projects means they know when fire alarm batteries need changing, or air conditioner filters need to be switched.
5. Less Stress, More Freedom
Speaking of liabilities, partnering with a property management company for your rental home is the best way to legally protect yourself and make sure all your bases are covered. From applying for liability insurance to lodging taxes, this can be a daunting part of the process – especially if it’s your first time renting out a home.
Rental property managers will help you register the rental property with the Arizona county assessor, acquire the right vacation rental insurance, and draft a thoughtful and thorough lease that protects you, the landlord, from potential liabilities. And even if this isn’t your first rodeo, hiring a property management company with asset management and local real estate knowledge can save you from legal rental headaches down the line.
6. Grow as a Property Owner
For many vacation rental owners, hiring an experienced property manager is a catalyst for growth. With a property management company streamlining daily operations, you’ll experience less stress and more freedom to grow your portfolio and enhance your financial stability.
With someone else ensuring a steady cash flow and handling everything from rent payments to preventive maintenance, you are free to scout potential properties for future real estate ventures. This is especially true if you already have multiple properties. Even something as small as making sure each tenant is paying rent is a difficult task for one person. A good management company will take away the stresses that come with being an independent landlord and help smooth your path towards financial independence.
7. Satisfied Guests
It’s easy to see the personal benefits of hiring a property manager, but did you know that it can also mean happier guests? With so many rental bookings happening online, reviews can make or break your overall success. Over 50% of potential renters look at reviews when deciding on a vacation property. That’s why a huge part of the property manager’s job is to ensure happy guests. They know how to provide the best property conditions, amenities, and support to cater to the modern vacationer. High ratings can mean better search placement and a boost in the amount of people who see your property online.
Property Management Companies in Arizona
Enhanced guest satisfaction, expert advertising, and professional guest management are only a fraction of the benefits of hiring a property manager. With an experienced property management company like PrimeNest Arizona to handle all the details, you’re sure to keep tenants happy while you sit back and watch the profits roll in.