As a real estate investor, you dream of finding property in a new market just before it gets hot. The population is growing, so commuter towns are in high demand.
According to the US Census Bureau, Auburn Hills, Michigan, has 24,360 residents. Since the town is within commutable distance of Detroit and Flint, that number is sure to rise. With competent management, Auburn Hills real estate could see significant returns.
For the best results, you'll need to hire professional property management services. Read on to learn more about what you should look for when hiring a manager.
Tenant Screening Experts
One of the biggest benefits of property management is that they'll help find ideal tenants. Bad tenants cause landlords endless headaches by damaging property or failing to pay rent. Tenant screening protects you by uncovering red flags during the application process.
Property management services can:
- Do criminal background checks
- Investigate financial history
- Verify income
- Get references from previous landlords
This information helps you find the best tenants and avoid problematic ones. Don't wait until tenants have signed a contract and gained legal protection to see the warning signs. Hire a pro, and find out who your applicants really are.
Proactive Upkeep
The key to getting acceptable returns on your investment is minimizing your expenses. It will eat into your earnings if you always pay for emergency repairs. The best landlords pay for preventive maintenance and save money in the long run.
Of course, most landlords are unavailable to do inspections in person. That's where property management solutions come in. They'll do frequent inspections, allowing you to uncover issues in the early stages. They'll arrange for contractors to set things right, keeping the costs low and tenant satisfaction high.
They'll also work closely with tenants, fostering a productive relationship and encouraging them to report any issues. The only way to do flawless preventive maintenance is to get information from tenants.
Knowledgeable Legal Compliance
One of the biggest benefits of using rental property management services is their legal knowledge. Landlords need to comply with federal fair housing laws and Michigan state law. For example, according to the Consumer Protection Team, landlords in Michigan must comply with the Michigan Landlord-Tenant Relationship Act; landlords are required to deposit all security deposits collected from tenants into a regulated financial institution.
Whether you're evicting problematic tenants, or you're reporting on your taxes, you need to be in full compliance with the law. Ignorance of these regulations is no excuse, so it pays off to have a certified legal expert on your side. Property managers deal with these issues every day, so they're never caught off guard by a rule.
Find Your Local Property Management Partner
As you can see, there are many benefits to enlisting property management expertise. A competent property manager can help you maximize your return on investment and avoid legal pitfalls or tenant issues.
Are you tracking down the perfect partner in Auburn Hills? PMI is here to help. We're a locally owned and operated company with the backing of a huge national franchise. Contact us today and let's discuss how we can help maximize your investment potential.
