Investing in a residential property can be a great additional income. However, it includes an added responsibility regarding property management, which includes upkeep, repairs, maintenance and marketing. If you’re wondering whether you need a property manager or not, consider some of these benefits of using a property management company for your house, apartment, townhouse. A property manager will:
Weed out potential problematic tenants
A great benefit of having a property manager is that they will handle tenant screening. Experience property managers are able to quickly spot good tenant qualities, such as on-time rent payment, taking good care of your property and more. Letting them manage your property and screening of tenants can improve your chances of a better experience leasing your property.
Act as the point of contact for tenant concerns
If something happens to malfunction at your property, it’s not always possible to drive over to the unit to take care of it yourself. A property manager takes care of these problems and arrange for a service provider to repair or replace whatever is required. Or if the tenant has any other type of complaints, you can rest assured that your property manager is the point of contact for those calls.
Market your rental
Rental marketing, including drafting rental ads, taking high-quality photos and hosting showings is one of many skills of property managers. They also have knowledge of the local real estate market to help you set a competitive rent price, as well as help you reduce the time it sits vacant.
Decrease tenant turnover
Good property management companies are skilled at making and keeping their renters happy. They are responsive, available and ready to take care of any problems that may arise. Happy tenants are less likely to look for another place to live, and also more receptive to accept reasonable rent price increases.
Make sure rent is paid on time
Fees for property managers come from the monthly incoming rent, so if the rent isn’t paid on time, they can’t get paid for their services. This serves as a motivation to keep those payments coming in. Being consistent in collecting rent is very important in receiving payment on time. If tenants are consistently failing to pay their rent on time, property managements are prepared and ready to deal with the situation, including an eviction notice if necessary.
Avoid potential legal issues
Property managers are knowledgeable of landlord-tenant laws and fair housing laws, which can allow you avoid potential legal issues and save money, energy and time in the long run. They will also typically take care of any lawyer fees that may arise regarding evictions or property damage.
Save you money on maintenance and repair costs
Using a property manager may also come with discounts for maintenance and services. Most property managers work with insured and trusted professionals to ensure your investment is taken care of and your tenant remains happy.
All County Prime Property Management is a full-service property management company. We handle everything from advertising, to tenant screening, to preparing the lease and collecting rent. Click the here to learn more about our residential property management services.
Zillow Group Consumer Housing Trends Report 2019 survey data