Have you invested in a rental property in Albany, NY? It has had stellar economic growth and has had a high population growth rate of close to 5% since 2020.
This brings many opportunities for anyone with an investment property. However, you'll have to work extra hard to compete with other landlords. You need to find a way to protect your investment.
The best option is to hire a property manager to assist you. Property managers are used by both amateur and veteran property investors.
Here's how property management services can help you:
Promoting Your Investment Property
You can own the best properties in Albany, but you'll soon find that it's a challenge to get the word out there. Property managers understand how to market your investment home to the ideal tenant.
They'll share your investment property on listing websites. This works well for both short-term and long-term rental properties. They'll also take time to screen potential applicants until they find the right tenants for you.
Rent Collection
Another advantage of property managers is that they'll handle the rent collection process. Instead of you having to interact with your tenants at all times, they'll do it for you.
Property managers can send your tenants reminders to pay their rental fees. If applicable, they can also collect late fees and penalties. They'll then transfer the rental income to you.
Property managers will provide owner disbursements. These are recorded statements of all money collected. They'll break down the allocation of funds received, including rental fees, bills, additional costs, etc.
Managing Tenants
As mentioned earlier, property managers can play a crucial role in helping your tenants. As a landlord, you have to be aware of your obligations toward your tenants.
Property managers can handle tenant issues when you're unavailable. You can also delegate most of your landlord duties to your property managers.
If there's an issue with the property, your tenant can speak directly to the property manager. The property manager can arrange for a contractor to make any necessary repairs or renovations.
Property managers often play a crucial role in holding your tenants accountable. They can ensure that your tenants are following the rules of your lease. They'll let you know if your tenants are negligent with the property.
Of course, if your tenants aren't paying the rent or other fees on time, you can depend on the property manager to alert you. They're a precious resource that can make the task of being a landlord much less stressful.
Hire a Property Manager
Now you know the advantages of hiring a property manager for your investment property in Albany.
Property managers can assist with many important tasks. This can include property marketing, rent collection, and dealing with tenant issues. They're a valuable asset if you want to build a successful rental business.
PMI Capital District is the best property management solution for Albany landlords. We're part of a franchise with over 20 years of experience in this industry. We look forward to helping you!
