There are over 19.95 million rental properties in the US. About 70% are owned by individual investors. If you have an investment property in New Orleans, remaining competitive can feel stressful.
With help from a New Orleans property management company, you can gain a competitive edge.
Not sure if you need property management services? Read on to discover the four signs you're long overdue to receive help.
1. You're Busy
Most people think the tasks involved with managing property will fall into place alongside other daily responsibilities. If you have another full-time job, however, juggling responsibilities can become a hassle. Unfortunately, managing a property is a full-time job.
You'll need to make time for:
- Finding and screening tenants
- Collecting rent
- Legal requirements and compliance
- Reporting and taxes
- Calculating late penalties
- Tenant complaints
- Maintenance and repair requests
- Inspects and turnover
- Vacant property leasing and marketing
If you're juggling these tasks alongside other responsibilities, hire a property management company.
They can handle these tasks on your behalf. Allowing someone else to handle these responsibilities can take some of the stress off your shoulders. You can generate income from your investment property and your full-time job without additional stress.
You could struggle to complete daily responsibilities if you live far away from your New Orleans property. You might not be available to respond during an emergency, either.
If you live far away from your property, you need real estate management services.
You don't have to drive or fly every time you need to serve a notice or handle a maintenance request. Your New Orleans property manager will handle these tasks while ensuring a hands-on, personal approach.
3. Tenant Trouble
If you're having trouble with your current tenants, you could spend a lot of energy:
- Handling requests
- Sending notifications
- Collecting rent
- Filing for eviction
You might have to worry about code breaches, unlawful activities, and neighbor complaints.
Your property manager can handle these unpleasant tasks for you. They can operate as an in-between while ensuring efficient communication.
In the future, your property manager can screen tenants. For example, over 45% of renters pay rent equal to 30% or more of their income. Your property manager will choose renters who can pay.
An efficient tenant screening process can help you avoid troublesome renters who don't pay on time.
If you're new to real estate management, you need to keep up with laws and regulations. These laws protect both property owners and tenants. If you're unaware of the latest requirements, you could receive a fine.
A professional property management company can help you avoid confusion regarding laws and regulations. They can prevent breaching discrimination laws by remaining up-to-date with state and federal regulations. They can also ensure all the paperwork is in order to help you remain compliant.
Hire a Property Management Company in New Orleans
If you have an investment property in New Orleans, don't manage it alone. Instead, hire a New Orleans property management company. With their help, you can operate more efficiently while avoiding unnecessary stress.
Experience the benefits of working with a property manager today!
Eager to get started? We're here for you.
Contact us today to discover how we can help.