7 Benefits of Using a Property Management Company
The right property manager is competent enough to add value to your investment. At Rent Directory, we recognize this fact and that’s why we match you with a good management company that is worth your gold. Whether you are a new investor in commercial or residential property, or you have been managing your properties, you should consider trusting the management to a property management company. Doing so offer you a bucketload of benefits which include;
Better and affordable maintenance of your property
Once you let your property for rental, you need to ensure that it is always in good condition so as to maintain tenants. However, it is easy to forget about regular maintenance or have them delayed if you are not living within or close by. A property manager will help you take care of all maintenance and repair issues before they escalate. Additionally, property managers tend to have a good relationship with contractors since they offer a lot of jobs. As a result, they tend to get discounts whenever they call the contractor to do a repair on your property.
You get high-quality tenants
As much as you would like to have tenants occupy your house, you also need to realize that not all tenants are good. Evicting a bad tenant is not impossible but it is quite a tussle. To avoid letting such a person in your building, you need to take all your tenants through a thorough screening. If you are occupied with other things, you may never have the time to do so and that’s why a property manager comes in. he screen all tenants to ensure you get quality tenants that;
- Pay rent on time
- Avoid wear and tear on your building
- Rent longer
- Avoid the general problems that may irritate other tenants within your building.
Since a property manager is experienced in his job, he will easily pick a tenants character from his application and be quick to note any warning signs. In addition, having a tenant handle screening shields you from discrimination lawsuits that result from improper screening and rental scams that target property owners.
Saves you from rent collection headaches
Rental real estate investment can be a great source of your monthly cash flow but managing the property is not a walk in the park. Having someone else handle the management bit can give you a lot of free time to focus on other tasks. It can also increase your quality of life as you will never have to push and pull with tenants asking them to pay rent. In this case, a property management company acts as an asset to help you accumulate wealth and make your life stress free.
Helps minimize legal issues
Having a troublesome tenant can put you on serious legal issues and financial problems. An efficient property manager has familiarized with most up to date tenant-landlord laws to ensure that you are not left in a vulnerable position that can result in a lawsuit. The states’ laws combined with the federal laws cover different areas which include but not limited to;
- Safety and the condition of the property
- Handling of security deposit
- Tenant screening
- Lease termination
- Lease addendums
- Rent collection
Lawsuits are usually costly so instead of risking one, consider paying a property manager the cash you would have used in a lawsuit.
Improves tenant retention
A high tenant turnover rate has more cons than just lost rent. It incurs other costs such as carpet replacement, repainting, repairs, marketing and showing new tenants not to forget tenant screening. When put together, all these tasks are costly and time-consuming. A competent property manager applies a time-tested policy before letting tenants into your building. This ensures only happy and lengthy tenant stay in your building. Only a reliable property management company will o handle this in a consistent and systematic approach.
Create a bridge between you and the tenants
When you may think that it is a good idea to acquaint with your tenants, it is not advisable. Some may be cunning and take your goodness for a weakness. For an instance, if you get too close, a tenant may delay paying rent giving you an excuse that you find hard to resist. To avoid such cases, consider hiring a property management company since they are seen as professional entities which are hard to give lame excuses.
Your property gets shorter vacancy cycles
A property management company has the responsibility of ensuring your houses don’t stay vacant for long. The company will do the following to ensure that the vacancy cycles are short and minimal;
- Perform cosmetic improvements on the property to attract tenants and maximize revenue.
- Determine the most appropriate rent rate depending on the quality of the property and the local market.
- Do a thorough marketing of the property to attract tenants. A good property manager is the one who knows the right strategy that will attract a pool of tenants.
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