Lower Tenant Turnover with Property Management Services
March 21, 2016
Families and individuals who are searching higher quality apartments and homes to rent oftentimes consider having a professional property management consider their specific housing needs. It goes without saying that landlords and real estate investors have a number of concerns and responsibilities regarding the management of their properties. One of their priorities is ensuring that their single family home investment is protected by the management company they partner with.
Consequently, the easiest way to ensure lower turnover and minimal damage to their properties is by renting to higher quality tenants. While this may seem challenging for many landlords and real estate investors, property management companies are skilled at advertising and marketing properties to a higher quality tenant audience. However, it doesn’t stop there. Prospective renters are subject to a rigorous screening process that is comprised of background checks, extensive interviews, and follow-ups with their employers and previous landlords.
Option for investors
As a result, renting single family homes from professional property management companies has become an excellent option for landlords and investors as well as prospective tenants. While the landlord or investor has peace of mind knowing that their rental properties are in capable hands, the tenant is assured of a better quality of life by renting from a management company. The bottom line is that a happier tenant causes fewer problems and is less likely to move out.
The right property management company will be experienced at overseeing the daily operations of your apartment units or single family homes this includes the following responsibilities and tasks:
- advertise and market your rental properties
- collect rents, and security deposits
- conduct inspections of properties (both indoors and outside)
- ensure compliancy with all federal and state housing laws
- handle accounting and tax reporting
- issue evictions and follow through on legal matters
- perform all preventative maintenance and repairs as needed
All of the above ensure that your rental properties will be cared for professionally and properly. Remember, a well-kept property will increase in market value over time. This is extremely important for investors who are hoping to realize a good return on their rental property investments. Another overlooked aspect or benefit for landlords and rental property investors is the 4th point listed above.
Property management companies must be knowledgeable of all federal and state housing compliancy laws. The owner of a rental property that is not up to code or employs discriminatory application practices is subject to fines and penalties as well as costly, time-consuming lawsuits if they fail to adhere to these rules and regulations. If you are investing in real estate for the first-time or if you’re overwhelmed with too many properties to manage, you should consider discussing your needs with an experienced property management team.