How Do You Benefit From Hiring A Property Management Company?
May 6, 2016
Hiring a competent property management staff to handle the everyday operations of your rental homes is not only an ideal way to protect your investment, it can increase the value of your properties as well. This is one of the primary reasons that veteran real estate investors will tell you that a professional property management team is well worth the money you pay them. It may simply be a matter of being overwhelmed because you have too many properties to manage or live too far away from them. However, it is no longer an issue. However, there are a number of other ways that you can benefit from hiring the right property management company.
Decreases the risk of costly, time-consuming legal issues – most veteran rental property owners are aware of how one problem tenant can be an incredible nightmare and cause numerous financial and legal headaches. The right property management company has the necessary expertise where landlord-tenant laws are concerned and will ensure that you are not at risk of getting dragged into a lawsuit.
Increased tenant retention rate – a higher tenant turnover rate can be equally as serious as lengthy vacancy periods or renting to poorer quality tenants. The process involves a number of arduous tasks such as changing locks, cleaning thoroughly, making small repairs, painting the ceiling and walls, possibly changing the carpeting, and more. The right property management company will have a proven track record of happy tenants and a higher retention rate.
Renting to better quality tenants – there is an essential benefit to utilizing a rigorous screening process when taking applications from prospective tenants. Granted, you can evict a bad tenant, but wouldn’t it be better if you never rented to them in the first place? By thoroughly screening the people who want to rent from you, you will have tenants who are reliable and:
- Cause less wear and tear on your rental property
- Generally create fewer problems for you and your neighbors
- Pay their rent on time
- Rent from you longer
A good property management company knows how to investigate prospective tenant applications and can analyze the information they provide for any red flags that you need to be aware of. This helps ensure better tenants without any hassles to take care of.
Shorter vacancy periods – every property management company should perform 3 critical tasks when it comes to the length of time required to fill vacancies:
- Develops advertising strategies that enable them to cost-effectively market your properties to higher quality tenants
- Makes recommendations and manage the improvement or curb appeal in order to maximize your rental revenues
- Researches the rental rates of similar properties in the neighborhood to determine the optimum rental fee
While other benefits may include assistance with your accounting and taxes, decreased maintenance and repair costs, and increased value of your property, owners will have far less stress and more free time to address the more important issues in their lives. So consider hiring a property management company in Chandler that is competent and trustworthy and save yourself some grief.