A good Property Manager can add significant value to your investment. Hiring a professional Property Management will provide:
Higher Quality Tenants
An experienced property management company has seen thousands of applications and knows how to analyze your candidates. By allowing a management company to handle the screening, you will shield yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. A thorough screening process results in reliable tenants that:
- Pay on time
- Rent longer
- Put less wear and tear on the property
Shorter Vacancy Cycles
A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:
- Improve and prepare your property for rent- A property manager will suggest and oversee cosmetic improvements to maximize revenue.
- Determine the best rent rate- Too high and you are stuck waiting, too low and you’re losing money every month. Determining the optimal price requires knowledge of the market.
- Effectively market your property- An experienced property management company has written hundreds of ads and understands what to say and where to advertise to get a larger pool of candidates in a shorter period of time.
Tighter Rent Collection Process
The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and by hiring a property manager, you put a buffer between yourself and your tenant, allowing them to professionally enforce lease terms and serve legal notices when necessary.
Lower Maintenance and Repair Costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment property. By hiring a property manager, you gain access to both their in-house maintenance staff, as well as a network of licensed, bonded, and insured contractors. Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on before they grow and turn into costly problems. This includes detailed maintenance documentation and regular inspections.
Fewer Legal Problems
A good property management is armed with the knowledge and the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential lawsuit. Each state and municipality have their own laws, plus federal laws cover several areas but not limited to:
- Tenant screening
- Safety and property conditions
- Evictions
- Inspections
- Lease addendums
- Terminating leases
- Rent collections
- Security deposits
Personal Benefits for Owners
- Less Stress- Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, and piles of paperwork.
- More Freedom- Live and invest wherever you want without the constraint of needing to be near your properties.
- Free Up Your Time- Time is money, and for many investors, their time can be more profitable spent in other areas than serving their properties. When you focus on asset management you’re working ON your business, when you manage your own properties, you are working IN it. Enjoy more time to spend with your family and friends doing things you enjoy.
