You see it all the time. Individuals buy investment properties and then find themselves struggling to make money and care for the space. It becomes a time and money sinkhole that you didn’t intend to sign yourself up for. Because many individuals do not have direct experience in taking care of an investment property, the legalities, and working with tenants, they can easily find themselves in several of the pitfalls that can hinder the benefits of an investment property. Working with the right property management team can reduce the risk associated with an investment property and help you avoid a variety of pitfalls. Contact Real Property Management Central Arkansas to avoid the following pitfalls with your investment property.
High-Turnover
If your property experiences high rates of turnover, you’re going to lose money. When rent isn’t coming in, then you have to foot the mortgage and any other upkeep expenses. So, not only are you not bringing in money, you’re losing additional money. Finding tenants that want to stay and having set leases in place that last for at least a year can help reduce turnover. Happy tenants like to stay put given the opportunity. A good property management company is one of many factors in keeping tenants happy with the property they live in, which in turn reduces turnover.
Inconsistent Maintenance
Any homeowner knows that it’s important to keep up on home maintenance. Whether it’s fixing a leaking toilet or making sure that the sprinklers are blown out each winter, there are many different tasks that should be done around a home on a regular basis. When you’re not living in the home, it’s easy to forget to take care of the regular maintenance that will help your home keep its value and will also reduce costs in emergency maintenance. A property management company will remember many of these regular maintenance services for you, saving you time, money, and from stress.
Minimal Marketing
It’s easy to think that you can find great tenants simply by word of mouth or other very basic marketing techniques, but if your property isn’t online, then the likelihood that it stands empty longer between tenants is quite high. If you’re information isn’t being advertised appropriately online, then the odds of finding the perfect tenants go down. Even if you only own one investment property, you need to think of it like a business and to make any traction in your business, you need to market at the appropriate times and in the appropriate ways. Property managers can help you do this quickly and effectively. In fact, that’s one of the many services that their fee covers.
Don’t make many of the common pitfalls that investment property owners find themselves in. Let Real Property Management Central Arkansas help you keep your property profitable! Contact us today.