Ask any Palm Springs property management expert if this is true: One of the biggest mistakes an investment property owner can make is not knowing how to analyze risk and time the market accurately for new properties or selling investments.
Post-Covid, people anxiously want to get out, get active, and spend money after being cooped up for so long. It's no different with real estate as renters vacate urban environments and move to the suburbs. Hours away from the buzz of Vegas sits tranquil Palm Springs, a hot spot for investors looking to cash in on a growing rental market. Here's why McLean Company thinks it's the right time to invest in this market.
Record Demand for Residential Rentals
Because more people want to move into bigger apartments and homes, there's high demand for rentals. There has also been a mass exodus from high-density areas making it the right time for investors to tap into the rental housing sector.
People are now traveling more and want to stay in homes with smart features, the best amenities, and the latest appliances. And, that means quick-thinking owners can leverage the demand to move by hiring a Palm Springs property management team.
Always Bet on Meeting Future Demand and Expectations
The problem with this shift in the rental market is that some owners and potential investors don't realize the timing is right right now if you want to make changes and get in the game. An owner who self-manages with a few listings might not have the latest technology to meet renter demand and provide the amenities they want. In a competitive market like Palm Springs, investors can't wait to incorporate cloud-based property management software for tasks like pre-qualifying rental applicants or paying the rent online.
Planning for the future must happen now to capitalize on shifting renter needs and population migration out of dense urban areas.
The Shift From Metro to Rural Areas
There are plenty of owners and investors betting on business picking up—but in the wrong area. They're waiting for renters to move back into urban environments while properties sit empty and become costly assets. These owners and investors may not realize that rental growth has shifted to rural and suburban environments away from big cities without the space renters want for their post-Covid lifestyles.
If you're looking for an investment property to add to your portfolio, now is the best time to capitalize on demand and invest in areas like Palm Springs. We have space and inventory to build real estate investment portfolios that will deliver passive income while meeting today's demand and future trends.
Deal Me In: Why Partner with a Property Management Firm Now
The best Palm Springs property management company is a sure bet to help investors find the best rental properties and manage them for success! We keep up with the trends and make sure investors (and properties) stay up to date to deliver in-demand homes for renters.
Managing multiple rental properties can become overwhelming as an out-of-state investor following trends to thriving areas where renters move to make their new homes. Even if you're local to Palm Springs, researching and buying properties, then keeping up maintenance, tenants, and collecting the rent is a lot of work—and a lot can go wrong when investing in rental properties.
Vacation investments require 24/7 availability to handle guest emergencies, clean rentals, get them ready for new guests, and handle bookings. However, the work shouldn't keep you from enjoying the opportunities in this area! Partnering with the right property manager is the best way to capitalize on an opportunity that will pass you by if you don't deal yourself in at the right time.
How McLean Can Help
As a Palm Springs property management company, McLean Company helps investors analyze market data and potential profitability when considering new properties. In business since 1984, we're familiar with the area and prepared to serve rental property owners and tenants, whether they're new to the area with new post-Covid goals or have been here as long as we have!
Our experienced team of professionals specializes in single-family, multi-family, and commercial rentals for annual properties or vacation investments. Whether you're looking for your first property to get into the game or you're a seasoned investor following the trends away from urban settings, we have the resources you need to make money in this market!
You've Got the Winning Hand With Palm Springs Property Management
Now is the time to explore new investment properties for your portfolio. The best solution for a winning hand as a real estate investor is to hire the best Palm Springs property management team! McLean Company has 40 years of experience in the industry, and we treat our investors like family. Give us a call today to learn more about how we can help you manage your properties for more success!
