Indiana has nearly 800,000 renter-occupied homes, making up just over one-quarter of the state's residents.
If you're a South Bend property investor, this presents a great opportunity to expand your portfolio. Owning rental properties can be a hugely lucrative endeavor, but it's also a lot of work.
Even a single rental property can be overwhelming if you've got a full-time job as well. That's where hiring property management services can help.
In today's post, we'll tell you what property managers can do for South Bend landlords. It may seem like an unnecessary expense now, but keep reading, and you'll see how property managers make your life easier with more financial freedom.
The biggest variable for all landlords is tenants. If you have great tenants in your units, life will generally be pretty easy. When you have bad ones who can't pay rent on time and cause a lot of problems, it can feel like your rental constantly demands your attention.
Dealing with poor tenants is something you should avoid at all costs by conducting thorough tenant screening. Your property manager will have a process in place that looks into criminal history, financial stability, employment, and renting track record. In the end, you'll only end up with quality tenants.
Even with great tenant screening, you could end up having to evict a tenant at some point. This is a long and drawn-out process that costs a lot of money, not to mention the money lost when you have a vacant rental.
Good property managers will offer eviction protection services along with tenant screening. This means that you won't be out financially when dealing with an eviction. Regarding the eviction itself, your property manager will handle all of the legal matters responsibly and effectively.
Collecting rent is the most important part of being a landlord, but it can also be time-consuming. A good property manager will have clear rent collection processes in place that ensure you're paid at the start of every month.
The best way to collect rent is to make it easy for tenants. Property managers often have tenant portals that allow renters to see when rent is due, set up automatic withdrawals, and make other landlord requests. This makes it simple and clear for both parties.
Rental properties go through a lot of wear and tear, with tenants coming and going. Property managers will handle routine maintenance themselves and outsource bigger projects to local vendors.
What results is an investment that keeps giving back. Your rental property will remain in great condition, helping you keep quality tenants around for longer.
Another aspect of property maintenance is lease enforcement. You need your tenants to abide by the lease agreement that they signed. If they cause damage or allow unauthorized pets on the premises, your property manager will hold them accountable and rectify the issue.
Get the Top Property Managers in South Bend
If these property management services sound enticing to you, it's time to hire the top property managers in South Bend. PMI Michiana offers comprehensive property management that allows investors to enjoy the perks of owning rental properties without any of the hassles.
To learn more about what we do and how we do it, contact us today.