While Teton Valley boasts only around 15,000 residents, the quaint city is the perfect place to own a rental property. Many residents flock to the area to escape the bustling city life. You tap into an extensive network of potential renters by purchasing rental units in the city.
Many property owners might not live in Teton Valley but in the surrounding area. Partnering with a property management company is vital. Landlords can access a wide range of services, including owner statements, marketing support, and tenant screening.
This guide will discuss why you need to hire a property management service company. Decrease your workload while increasing your passive income as a property owner.
Access to Financial Reports and Owner Statements
Knowing the health of your finances is critical to successfully managing a property. You want to know how much of a profit you're making off your rental properties.
The property management company can provide monthly, quarterly, and annual financial reports. For example, the owner statements summarize the following:
- Net cash flow
You can request these reports from your property management company at any time without doing the work yourself.
Decreased Legal Problems
One bad tenant can result in countless problems. Property management companies come well-equipped with expertise that can assist you if you encounter any lawsuits or issues with your tenants.
Some of the other areas that can help you with include:
- Tenant evictions
- Screening tenants
- Property safety and conditions
- Terminating and signing leases
Your property management company will ensure that every aspect of your tenant's stay is performed by state and federal laws.
Timely Rent Collection
Collecting rent payments from your tenants can be one of the most frustrating aspects of being a landlord. It can be challenging to contact and follow up with tenants who are late on their rent payments.
Property management companies typically have a rental payment system in place. They'll offer your tenants convenient ways to make timely rent payments. Additionally, they'll handle late payments and notices on your behalf.
Find High-Quality Tenants
It can be time-consuming to find great tenants that stay for a long time in your units. Property management companies have a streamlined tenant screening process that includes some of the following steps:
- Reference verification
- Credit and income check
- Background check
When you have exceptional tenants, rent will be paid on time and your property will be treated with respect. You'll save yourself many headaches and a high turnover rate when you work with a property management company.
Partner With a Reputable Property Management Company in Teton Valley
There are many advantages property owners can experience when working with a property management company. Having a management company provides you with financial reports, like owner statements, will ensure you stay on top of how much your property is making or losing. Spend more time focusing on things you love while an experienced company handles your rentals.
PMI Grand Tetons offers property owners peace of mind. We provide comprehensive property management services to our clients. Schedule a free consultation with our team today.