There's a reason why the job outlook for property managers is expected to rise by 5% over the next decade. Thousands of property owners around the country rely on these professionals to manage every aspect of their rental units, from tenant screenings to owner statements.
Whether you're a new landlord managing their first property, or someone who's been doing it for decades, you might be considering hiring a property management service.
However, because they will eat up a little of your rental income you're probably wondering why they're worth it. To help you decide we'll go over some of the main benefits of property management for your Coeur d'Alene, Idaho property.
They Reduce Evictions
Evictions can spell disaster for landlords. Not only do they result in months of lost rental income, but they also require a lot of time, legal fees, and lawyers to resolve. And unfortunately, they're only getting more common.
One report found that eviction filings have increased by as much as 50% in some cities. Property management services can help prevent this by carefully screening each prospective tenant.
That way, you weed out anyone who might not be able to afford the cost of living at your property. What's more, many like PMI Coeur d'Alene also offer additional eviction protection services.
They Can Make You More Money
Property management services do indeed take a small percentage of your rental income. However, it's important to remember that they can also make you more money.
They do this by providing accurate rent analysis so you're not undercharging. They can also prevent evictions, costly repairs, and many other things that end up costing you.
What's more, they do it in a way that allows you to earn passively which is one of the biggest property management advantages.
They Make Your Life Easier
Being a landlord can be a full-time job. Not only do you have to deal with maintenance requests, but also things like accounting, marketing, lease agreements, and more. This can result in a lot of stress for you.
Property management professionals are experts at reducing landlord stress. They do this by handling all of the busy work that can add stress to your workload. With these property management benefits, you can focus on other jobs, projects, or your retirement.
They Can Deal With Accounting and Owner Statements
Being a landlord requires lots of accounting and owner statements. If numbers or organization don't come naturally to you it's easy to make some serious mistakes.
This can lead to incorrect statements and even tax trouble with the IRS. A property management service can deal with all the rental property accounting so you don't need to.
Need Property Management in Coeur d'Alene? Contact PMI Coeur d'Alene
We hope this guide helped you learn more about why you need property management. No one likes dealing with things like owner statements and landlord stress when it comes to rental properties.
A great company like PMI Coeur d'Alene helps take all of the load off your plate.
That way, you can sit back and enjoy some passive income without having to worry about the day-to-day details. So if you're ready to make your life easier, get in touch with us today.
