The rental vacancy rate in America has increased from 5.8% in 2022 to 6.6% in 2024, according to US Census Bureau data. Has the rising vacancy rate affected your profitability? As your Chevy Chase, MD rentals remain vacant, you'll continue to lose money.
You may want to consider landlord rescue services. Hiring a Chevy Chase property management company can help you gain a competitive edge in today's market.
Not sure when to hire a property manager? Read on to discover the signs for landlord assistance!
Vacant Rentals
Hire a professional property manager if you're struggling to attract renters. They'll develop a thorough digital marketing strategy that includes:
- Upgrading the property
- Staging the rental
- Enhancing the online listing
- Hiring a real estate photographer
- Optimizing the listing with search terms
- Using social media marketing
- Creating digital ads
A multifaceted digital marketing strategy will ensure you gain online visibility, leading to more applications. Generating more applications can broaden your tenant pool, giving you a choice between renters.
Professional property management benefits landlords who don't have time to screen multiple tenants. According to Consumer Reports, nine in 10 landlords use some form of these assessments before selecting renters.
About one in four American adults has a criminal record. You can review criminal background checks in your tenant screening reports to ensure you select trustworthy renters.
Your property manager can help you develop a tenant retention strategy. Keeping renters long-term can improve your occupancy rate and earning potential.
Late Payments
Contact a Chevy Chase property management company if renters are paying late. Choose a company that uses state-of-the-art software to remain organized and efficient. They can provide access to an online tenant portal, where renters can:
- Submit or automate rent payments
- Review leasing documents
- Send inquiries
- Submit maintenance requests
Using an online tenant portal will allow you to track rental payments. You can automate late fees, which may encourage renters to pay on time.
Your property manager can create regular owner statements. You can review how your investments perform to determine where to make improvements.
Maintenance Delays
Delaying to fulfill maintenance requests can upset renters. Some may decide to take legal action if you're not providing them with a habitable living space.
Your property management company can schedule and track maintenance projects on your behalf. They can schedule preventative maintenance to keep the property in good shape.
Rely on their professional connections with local contractors. They'll choose reliable vendors at competitive rates, saving you time and money. You'll have peace of mind knowing your investment properties are well cared for.
Call for a Landlord Rescue in Chevy Chase
Do these signs for landlord assistance sound familiar? Consider requesting a landlord rescue in Chevy Chase right away. Working with a property management company can ensure your success in today's competitive market.
Our team at PMI Chevy Chase can maximize your profitability using proven strategies. Trust our professional guarantee to add value to your investment through accuracy, honesty, and communication.
Discover how we can improve your earning potential. Contact us now to request a free rental analysis.
