Managing a rental property can be demanding, especially if you have more than one. Many landlords only hire a property manager if they want to save money. However, there are several ways that these professionals can save you money. According to IBISWorld, the number of property management companies nationwide has grown by 4.1% annually between 2017-2022. Let's take a look at six ways a property manager can save you money.

1. Rental Rates

Property management companies have a lot of knowledge regarding the real estate market, including current rental trends. This lets them set optimal rental rates to ensure that you maximize your income. When you have more money, you'll discover that it quickly covers the cost of having someone else manage your properties.

2. Timely Repairs

An extensive portfolio of rental properties can be a lot to manage, especially regarding repairs. If landlords take too long to make repairs, it can result in hefty fines from the city. An experienced manager will ensure that repairs get done in the appropriate timeframe. They'll also know reliable, affordable companies to contact to save you additional money.

3. Fewer Vacancies

Their sole job is handling your rental properties, and that includes reducing vacancies. When you have a manager on the team, you'll enjoy tenants quickly filling your properties within a few weeks. They streamline the entire process, from open houses to completing background checks.

4. Advertising Costs

These companies can easily advertise cheaper than an individual can. Most companies have discounted rates with websites and other businesses because they use them so frequently, leading to you saving money. They also know all about free advertising methods, such as social media advertising.

5. Qualified Tenants

When you allow unqualified tenants to move in, it costs you an immense amount of money. First, you'll have to deal with non-payment of rent, losing the month's worth of money you could be collecting. Then, you'll have to pay for evicting the tenants, cleaning the property, and changing the locks. This can all be avoided with a thorough tenant screening process provided by a property manager.

6. Legal Compliance

Staying updated on tenant laws as they change takes time and effort. There is no one to notify you of new rules, either. When you're not in compliance with local and state regulations, it can lead to hefty fines and massive lawsuits. A property management company makes it a priority to ensure that you comply.

We are an experienced property management company that can easily help you save money. Contact us today at APM Real Estate to learn more about how a property manager can help you today. We can't wait to work with you!