An excellent property manager can add substantial value to your real estate investment. The following are the ways hiring a great property manager can benefit you.
Higher Quality Tenants
Consider tenant screening as your castle’s moat and draw bridge. Getting a bad tenant out of your house when they are already there is possible; however, it will be a hassle and you would realize you shouldn’t have accepted them in the first place. Having a thorough screening done will lead to getting dependable tenants who will pay on time, put less wear and tear on your house, rent longer and cause fewer issues in general.
Experienced property Management Company has come across many applications and are aware of ways for digging facts on candidates and analyzing such information for any warning sign. Allowing the property management company like Asurent Property Management to take care of the screening will let you shied yourself from any rental scam that targets property owners and discrimination laws that result from a screening process that is not consistent. Such type of experience takes some time and a property management company is great at helping you avoid bad tenants.
Fewer Time-Consuming and Costly Legal Issues
Seasoned landlords know that it just takes a troublesome tenant to cause financial and legal headaches. A great property manager is equipped with the necessary knowledge of the recent landlord-tenant laws and will make sure homeowners don’t leave themselves vulnerable to a possible lawsuit. Every municipality and state set its own laws, such along with federal law cover some areas that may include tenant screening, evictions, property and safety conditions, terminating leases, less addendums, rent collection and handling security deposits.
Shorter Vacancy Cycles
Property managers can help in performing essential tasks which impact the length of time it will take to fill your vacancies.
- Enhance and prepare the property for rent- Property managers suggest and supervise cosmetic enhancements which maximize revenue.
- Identify the best rent rate-Rental rate that is too high will leave you stuck waiting, very low rate will leave you losing money each month the tenant lives in the house. Identifying the optimal rental price requires knowledge of the local market, access to essential rental rate tools and data on comparable properties recently sold.
- Effectively market properties- Experienced property managers have written plenty of ads and have an understanding of what exactly to say and where to advertise to have a bigger pool of candidates in shorter time period. In addition, due to their volume, they have familiarity with sales and knowledge of how to close as they call prospects from the field and take them to property showings.
Better Tenant Retention
Although it is not hard to see the impacts of lost rent, there are other issues with high rent in tenant turnover. The turnover process includes a thorough cleaning, painting the walls, new carpet or small repairs. This is an expensive and time-consuming process which can usually be averted by keeping tenants well cared for and happy.
A great property manager is expected to have time-tested tenant retention policy which guarantees happy tenants with long stays in the unit. Such types of programs require a systematic and consistent approach at which a great property management company is good.
Patrick Rogers has been in the housing industry for a couple of decades already. He has been featuring the benefits of hiring a property manager like Asurent Property Management in his blogs.