As the owner of investment property, using professional rental management for your portfolio can provide you with considerable benefits. Since property managers can add considerable value to the owner’s investment, good managers are worth their weight in gold.
Once you have a tenant in your property, it can be difficult to get them out if necessary. The best way to avoid experiencing this problem is to allow undesirable tenants in your property to begin with. One of the primary tasks of the company that handles your rental management is to thoroughly screen applicants before they are accepted as a tenant. Responsible and respectable tenants pay the rent on time, usually stay longer, cause fewer problems, and create less wear and tear on the property.
By using professional rental management to screen the applicants, you can shield yourself from possible discrimination suits that can result when the selection process is inconsistent with the law. Professional property managers have seen hundreds of applicants, and they build up a type of radar system that helps to separate good tenants from potential problem tenants.
Fewer legal problems:
Landlords know that just one troublesome tenant can cause serious legal and financial repercussions. The rental management people are aware of the latest laws that apply to landlord/tenant relations, and they make sure you do not expose yourself to a potential problem. Each state has a different twist to the law, but the law generally covers tenant screening, property safety, inspections, leasing amendments, lease termination, and eviction procedures.
Short vacancy periods:
A property manager can help to keep the property occupied and create revenue. With the manager’s knowledge of the local market, they can establish the optimal rental rate. If the rent is high, the property may remain idle. However, if the rent is too low, you are losing money. The property manager knows the rates for comparable properties and will get the maximum rent and the minimum down time. Rental management companies know what to say in a property advertisement, and they know where to place the advertisement to gain maximum exposure. Rental management are skilled salespeople, and they know how to select the perfect tenant candidate and to close the deal.
A high tenant turnover can be costly. Every time a tenant moves out, there is a need to change the locks, paint the walls, clean the unit from top to bottom, and make repairs. This process can be minimized if the tenant is kept happy and well attended to. An experienced rental management company will have developed time-tested policies that can ensure the tenants continue to extend their lease year after year.
The best rental management company is Real Property Management. With coast to coast offices and 25 years of experience, they can handle all your investment properties.