6 Reasons You Need A Property Management Company
By Jenny Alejandro
Being a landlord and self-managing rental properties entails more work than you would anticipate— especially if you are trying to grow your rental property business.
Handling tenant and maintenance problems and being physically present at your rental properties is not always probable. Here are benefits of a property manager.
These benefits of hiring a property manager are not the only reason to consider investing in a property management company rather than being a landlord. Below are reasons why a property management company might make a better landlord then yourself.
Unlike in the Great Recession, once the virus is contained and immunity begins to take over the population. There will be a return at some point of the accumulated demand of people who were unable during the confinement to go out and buy furniture for their home, paint or repair their house or, on the industrial side, build structures and install the necessary equipment for the business. And the vacations that were put on hold will finally happen, boosting hotels and theme parks.
If you physically do not live close to your rental properties, it is tough to manage day-to-day operations as a landlord. This is why a property management company that is nearby your rental investments comes in handy. The property manager can handle the day-to-day grind of your property. In circumstances when there is an emergency, they can be at the property right away. This gives you peace of mind as a property owner that your investment is being well managed and your tenants are taken care of.
A successful property management company will be knowledgeable in the current rental market and understand the trends happening in rent rate. They will help determine the right rental price for your properties depending on factors such as location, amenities and the going rates for units that are similar. Help in determining a rental rate keeps you from undercharging and not maximizing your monthly rental income and also stops you from overcharging, and potentially have vacancy sitting on the market for more extended periods. A property manager will also be able to prove insight into when it might be a good time to raise your rent prices and by how much.
One thing that’s as important to finding tenants quickly, is finding the right tenant and knowing how to screen them. A bad tenant not only can drain the profits from a rental but can cost you a lot of money. A good property management company will have a robust system in place for screening tenants. Not only will their system be good, but the people will have interviewed hundreds of tenants and will pick up on things that you or I might miss.
Good property management companies have a maintenance department ready to resolve daily repairs and emergencies reported by tenants and keep tenants satisfied. Also, will perform inspection not only in move outs but during the tenancy to make sure the property is taking care by tenants. Also, management companies build relationships with all sorts of vendors from maintenance workers, contractors, tradespeople, and suppliers. This is why having a property manager overseeing your rental properties is essential to you as an investor.
Customer service and keeping your tenants happy might seem like an easy job, but sometimes landlords do not have the customer service skills required for dealing with tenants. This can lead to breakdowns in the tenant-landlord relationships and eventually vacancies in your investment property. A property management company is experienced and familiar in the customer service needed to keep tenants satisfiedfrom providing new tenants welcome packages, quick turnaround times for maintenance and repairs, or by collecting rents online for tenant convenience. An excellent property manager will take care of the needs of your tenants.
You, as a landlord, are probably not up to date on the rules and regulations for rental properties. A property management company is up to date and helps you keep in compliance with the law. An experienced property manager can help you with:
• Lead and mold inspections/disclosures
• Fair Housing regulations
• Smoke and carbon monoxide detector requirements
• Housing and building codes
• Eviction procedures
A property management company ensures you are always following the federal, state and local laws when it comes to your rental property.
Hiring a property management company to oversee your rental properties makes sense. There are many benefits from having experienced property managers covering your investments and running the day-to-day operations. With the property manager’s help, you can maximize your profitability and look at expanding as a property owner.
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