Whether you are a landlord that has several properties or a first-time investor looking to get into the metro Detroit rental market, your primary goal is to get the highest ROI on your property and maintain healthy cash flow. The question is, how do you achieve this goal? Chances are, you will need assistance from a property manager that understands property rentals in the Detroit metro area.
Consider everything that goes into renting out a property:
If you are managing a single property, you may be able to undertake all of these responsibilities. However, to handle all of these facets of property management, you must assume that you are a master contractor, a legal expert, a marketing guru, and a savvy investor. Few people excel in all these areas. Even fewer people have the time, energy, or resources necessary for this type of multi-level management.
This is why a property management company is valuable.
Breaking it Down: The Role of a Property Manager
Like any other business in any other industry, the role of the property manager has expanded. While each company provides slightly different services, property managers now offer the following:
Think of it like this:
When you partner with a property manager to handle your rental, you enlist a core team of experts whose sole responsibility it is to make sure that you sustain and increase your ROI long term.
And, best of all, a property manager takes care of everything.
Cost vs. Investment: The Benefits of Hiring a Property Manager
Investors are no longer satisfied with property managers who operate in reactive mode and just fix problems or put out fires. Instead, they want PMs that proactively find ways to improve a property’s market value and increase the cash flow from the rental. So, the days of just taking rent payments and fielding phone calls are long gone.
What investors want to know is how partnering with a PM is going to turn into a lucrative business venture. Therefore, a property manager becomes more than a mere expense. Instead, a PM is yet another component of your overall property investment.
If you are currently looking for a property manager in the Detroit metro area, you need to explore how their services correlate with your business success. What are some key services that you should look for that can either save you money or increase your cash flow?
A rental analysis is a multi-level, in-depth look at the investment potential of a rental property. The analysis combines hard calculations with market research to reveal the pros and cons of a purchase. There are several ways to approach a rental analysis. A property manager knows how to conduct an analysis and interpret the data that it produces.
A poor tenant can cost you hundreds or thousands of dollars. A property manager knows how to vet and screen all rental applicants properly. By the time you narrow down your best candidates, you will have a thorough overview of their background. Property managers can perform the entire screening process for you.
Property managers like JMZ work with an extensive network of contractors and service providers across metro Detroit. We know who the most dependable contractors are and how much they charge for their service. Therefore, we can save you money and keep you from being overcharged for property maintenance.
Renters and investors can easily get entangled in legal issues. There are strict government regulations regarding tenants, building maintenance, taxes, and other financial issues. A property management company exists to help you eliminate any legal risks associated with your property rental. This includes scheduling and reporting property inspections routinely.
Property managers specialize in market research. JMZ real estate specialists track real estate trends and monitor the pulse of the rental market in the Detroit metro area. We focus on areas such as:
We can advise you on investment opportunities, as new properties become available. Whether you are a local investor, out-of-town, or out-of-state, JMZ can help you build your portfolio and strengthen your business.
In many ways, a property management company performs many of the same tasks as a real estate agent. For instance, JMZ managers list available homes, vacant apartments, and open apartment communities straight from our website. We also list luxury furnished housing to accommodate short-term occupants.
In addition, property managers also develop marketing strategies for attracting tenants and showing properties to prospective renters. We take a vested interested in ensuring your success as a landlord or property investor.
Proper upkeep of your home or apartment ensures a high market value. When your property looks good and has a solid structural foundation, you will attract higher paying renters and increase your cash flow. Property managers help you with your investment by scheduling regular maintenance and taking care of repairs.