Why Hire a Property Manager?
Mon, March 18, 2016
1. Setting the right rental rates:
While surfing the web and looking through craigslist or riding around calling “For Rent” signs to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
2. Collecting Monthly Rent Payments:
If you’ve ever worked in a billing department, you know that securing payment from clients can be problematic, not to mention uncomfortable. Property management companies have efficient, systems in place to effectively collect rent and maintain on-time payments. Making it convenient to collect rental payments in multiple methods (In person 5 days a week, online payments, 3rd party locations, etc.) increases the effectiveness of collecting rental payments.
3. Marketing and advertising your property:
Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials, they also have a bank of ready tenants ready to rent properties coming directly to them because of the amount of properties that have available—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
4. Finding the right tenants:
Experienced property managers are experts at finding good tenants, Realty Consultants Property Management performs a full credit check, 50 state criminal background check, verification of employment, verification of income, we review the previous rental history and check references on each tenant.
5. Managing tenants:
In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required. Realty Consultants Property Management inspects each property every 90 days for compliance with rental agreement as well as how the property is being maintained. During this inspection we all check to make sure HVAC filters are clean and being maintained.
6. Managing vendor relationships:
Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.
7. Ensuring that you’re in compliance with housing regulations and property laws:
There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
8. Enabling you to invest in geographically distant properties:
If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
9. Maximizing the profitability of your time:
By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.