On average, the typical landlord in Cleveland, OH, makes $80,729 yearly.
If you're a Cleveland landlord yourself but make much less than that, you may be charging too low or have a high vacancy rate. In that case, it's time to implement better investment property management strategies.
This guide explores the benefits of property management and how professionals can help, so read on.
Fair and Accurate Pricing
In the fourth quarter of 2022, the asking price for rental apartments in Cleveland averaged $1,214. That reflects an increase of 12.1% from the same quarter of 2021. Still, it's $579 less than the national average asking price.
Those figures should give you an idea of how much to charge for your investment property in Cleveland. However, you shouldn't base your rental property price on that alone. You must consider your property's size, features, amenities, neighborhood, and the fair market rent here.
If you don't do your due diligence, you risk overpricing or underpricing your rental rate. Overpricing will put off prospective renters, while underpricing will reduce your rental income. Either way, you'll lose profits.
A property management company can protect you from such losses with an accurate rental analysis. They'll assess your property and all factors affecting its rental value. That allows them to set a fair market rent, attract the right crowd, and generate income for you.
Tenant Screening
Every landlord should prioritize protecting real estate investments through thorough tenant screening. It helps them avoid renting their properties to "bad tenants." These include renters who don't pay on time, disrespect their neighbors, or, worse, have a history of severe crime.
Property management experts can help you distinguish bad tenants from good ones. To do this, they will:
Review each applicant's credit score and history
Verify employment and income sources
Check rental and eviction histories
Conduct criminal background checks
From there, they'll use their findings to help you determine the best candidates. These tenants will pay rent on time and won't endanger your property and neighbors.
Property Maintenance
One of the most crucial property management tips is to get regular inspections and maintenance. These can help prevent problems with your property's systems or structural components.
Inspections can also reveal minor issues (e.g., small roof or plumbing leaks) early. That gives you time to fix them before they worsen. Otherwise, they can become costlier nightmares that could reduce your property's value.
A property management company can once again protect you from those issues by providing a full suite of maintenance services. They work with vetted, licensed contractors who can keep your property in top condition.
Protect Your Investment Property
Property management experts can protect your investment property by charging fair fees, filling it with qualified tenants, and overseeing its maintenance.
PMI CLE eAgent can do all that and more for your Cleveland real estate assets.
We also provide marketing, rent collection, property maintenance, accounting, and reporting services. Moreover, we have programs designed to protect you from the cost and stress of evictions. We're a franchisee of PMI, one of the world's largest property management companies with over $5 billion of assets under its management.
So, if you're ready to enjoy all those benefits, speak with us today! We look forward to answering all your questions and giving you a free consultation.
