If you are considering renting your property, you may be thinking of going it alone. Maybe you are considering hiring a property management company, but are unsure whether it is the right move for you. In this post, we’ll talk a bit about the major benefits of hiring a property management company and about how doing so can give you some much-needed peace of mind versus handling everything yourself.
Attract Better Tenants and Keep Them Longer
A property management company has years of experience in properly screening tenants. The importance of this cannot be overstated. Not only can improper tenant screening open you up to rental scams or discrimination lawsuits, it can also stick you with nightmare clients. Letting a professional handle the screening process means that you’ll have quality renters that pay on time, cause fewer problems with the neighbors, and put less wear and tear on the property during their stay.
After your new, quality, renters have moved into the property, a good property management company can help keep them there. A good management company will an established tenant retention policy that increases the amount of time that a given renter stays in the property. This means less time searching for renters and more money in your pocket.
More Efficient Rental Processes
Getting your property rented quickly and for the best price takes experience. A qualified property management company will have the experience to maximize your rental income. A management company will make suggestions on improvements and rental preparations that you may have overlooked to help maximize the revenue from the rental. They will also be able to help you set the best rental rate for your property. Set the rate too high, and you’ll have a hard time renting the property out. Set the rate too low, and you are leaving money on the table every month. An optimal rental rate is key to maximum profits and a professional management company will have the tools and knowledge of the market to get the rate just right.
Once the property is ready for rental and the rate is set, it is time to get the word out to potential renters. A good management company will offer superior advertising and marketing to ensure that your property is rented fast. A property management company will have the experience of having written countless ads. They will know what does and doesn’t work in ad copy and will be able to optimize your ad for the quickest possible sale. They’ll also have experience with the various advertising outlets in your local market and know which ones provide the best value. This experience is invaluable in ensuring that your property doesn’t sit idle for longer than necessary when it could be earning you money.
Collecting rent, dealing with late payments, and being available for maintenance emergencies are all a drain on your resources. Hiring a property management company takes all of that weight off of your shoulders.
Dealing with rent may be easy when things are going well, but when things go south, having a professional company handling the work can take a load of stress off of you. With a management company handling the collection of your rent, you won’t have to worry about sending delinquent notices or hounding your renters for late payments. This has the added benefit of putting a buffer between you, your renter, and the people collecting the rent. As a result, your relationship with the renter will not be strained if they are late making a payment. The management company becomes the bad guy so you don’t have to.
Tenants may also have maintenance issues crop up at all hours of the night. With a property management firm, you won’t be woken up in the middle of a slumber, disturbed during dinner, or even have your favorite TV show interrupted when something goes wrong with the property. The management company will handle taking all of the complaints when they come in so you don’t have to. They can even handle routine maintenance for you to take even more work off of your plate.
If you would like to take advantage of all of the benefits above, or if you have any questions regarding the services that a property management company can provide, please contact us today!