Property investment is an excellent way to add income to your household or prepare for retirement.
Being a landlord, though, entails a lot more than simply buying the right property.
One of the best ways to ensure that you will receive a return on your investment is by hiring a property management company. The right property management company can take a lot of work off your shoulders and allow you to enjoy the benefits of owning turnkey properties, without having to deal with all the hassles that come with them.
Become a legendary landlord by finding the right property management company for all your investment properties.
Higher Quality Tenants
One of the toughest jobs as a landlord is finding good tenants. It is possible to get bad tenants out once they have moved in, but this time-consuming and frustrating process is eliminated by finding good tenants to rent out your property in the first place.
Property management companies have an extensive screening process which will take the guesswork out of finding good people. These screening processes find tenants who are likely to rent longer, pay rent on time, take care of the unit, and generally cause less problems.
Property management companies have experience weeding through thousands of applications, and thus are able to dig deep for the truth about candidates. This extensive screening process will also protect you from rental scams directed at owners, as well as lawsuits regarding discrimination.
Avoiding bad tenants, scams, and lawsuits is one of the best reasons to partner with a property management company. They have extensive knowledge and experience with tenant-landlord laws, which will help you steer clear of any possible lawsuits. Some of these laws include inspections, terminating leases, and handling security deposits. Working with a property management company will quickly become another great investment, and save you from all the headaches that lawsuits can cause.
Tenant Retention and Vacancy Cycles
The goal of any landlord is to keep their tenants happy and cared for. Without happy tenants you will see an increase in the turnover rate. The turnover process includes cleaning the unit, repainting, changing locks, and making repairs including replacing carpet. You will also have to go through the process of marketing, showing, screening, and settling on a new tenant all over again. This costly process is avoided when an experienced property management company ensures your tenants are happy and rent your property for years to come.
When you do have vacancies, however, a seasoned property management company will perform all the necessary tasks to rent your properties as soon as possible. The property management company will oversee any cosmetic repairs; adding revenue to your investment. They will also determine the appropriate rental rate for your property. This means pricing the unit at a rate that isn’t too high, but not so low that you will lose money during the length of the lease. Your management company will analyze the local market and utilize rental rate tools to help you set the perfect price for your rental.
Property management companies will also be able to market your property effectively and ensure that it isn’t vacant for long. Management companies have the experience to write effective ads and place them in areas where the largest pool of candidates will be able to see them.