Are you considering investing in rental properties in New Hampshire? Now couldn't be a better time to jump in.
Research shows that the state's rents rose 19% from 2021 to 2022 and are rising by 1.2% month-over-month. New Hampshire is ranked fifth nationwide for the highest rent hikes.
Landlords charge nearly $1,900 on average. Rent is increasing since housing market prices are rising.
Hiring a real estate portfolio management service in Seacoast can help you increase your rental properties' values and returns. Let's explore three benefits of expert portfolio management and how PMI Green Rock can help.
1. Maintenance Costs
A reputable real estate portfolio management company can boost your profits by reducing maintenance costs. They'll quickly address minor maintenance problems before they become more significant issues.
Being proactive with maintenance will allow everything to get fixed when it's cheap. Your portfolio management service can also leverage their relationships with contractors. This will keep your maintenance costs as low as possible, saving you money.
2. Tenant Relations
Another benefit of working with a real estate portfolio management service is that they'll forge relationships with your tenants. Nurturing tenant relationships can be tricky when you have many renters. Your property manager has the time and resources to dedicate to this effort.
The right company will quickly respond to and address your tenants' needs. These needs may range from maintenance requests to rent payment late fee inquiries. Your renters will be more likely to stay in your property due to the grade-A treatment you give them.
3. Inspections
A property management company can make you more profitable by creating an inspection system. This is another excellent way to minimize your rental home maintenance costs.
Regular inspections will allow your real estate portfolio manager to catch issues while they're still inexpensive. Inspections will also enable the company to develop relationships with tenants. This will boost client retention as mentioned earlier.
4. Accounting and Data Analysis
Top-quality real estate portfolio management services can also help you perform accounting-related duties and make informed decisions about your properties through data analysis.
A dependable service can help you collect and record rent. They'll pay vendor bills, disburse security deposits, and produce tax statements.
The company can also give you reports highlighting your expenses and income so that you know what's occurring at each property. You can then adjust your portfolio to maximize your cash flow.
This may include selling low-performing rental properties. You can then replace them with other properties that generate more real estate income.
Help With Portfolio Management
A quality real estate portfolio management service can benefit your rental business in several ways. They can decrease your maintenance costs by tackling issues early.
The service can also build relationships with your tenants. They'll be more inclined to rent from you long-term.
A portfolio management company will also handle your accounting responsibilities, like rent collection. They can give you cash flow data so that you can ensure you're getting the most profit out of your properties, too.
At PMI Green Rock, we'd gladly perform the abovementioned duties for you. Book a consult today!
