Higher Quality Tenants
While it is not impossible to get a bad tenant out of your home once they are in, it is even better to never accept them in the first place. This is where a thorough screening process can be beneficial. The screening process will result in tenants that:
Pay on time
Put less wear and tear on the unit
Generally cause less problems
By allowing a property manager to implement a screening process you will be protecting yourself from rental scams and discrimination lawsuits.
Fewer Costly And Time Consuming Legal Problems
Property managers have the experience that prevents any potential lawsuits. Each state and municipality have their own laws, these plus federal law cover a number of areas including but not limited to:
Safety and property conditions of the property
Handling security deposits
Shorter Vacancy Cycles
A property manager can help you with three critical tasks that affects how long it takes to fill your vacancies:
A property manager will oversee the cosmetic improvements that maximize revenue and improve and prepare the property for rent.
A property manager has the knowledge and experience to determine the perfect rent rate.
A property manager has the experience with advertisements, negotiations, and sales to effectively market your property.
Better Tenant Retention
A high tenant turnover rate is a time-consuming and expensive process that involves cleaning, changing the locks, painting the walls, and other possible repairs. Property managers have a time-tested tenant retention policy that ensures happy tenants who stay long in your properties.
Tighter Rent Collection Process
A hiring manager acts as a buffer between the landlord and the tenant. The property manager is the person that has to be responsible for the hard tasks like listening to excuses, chasing down rent, and evicting tenants. Don’t let tenants walk all over you; allow property managers to use their authority. Rent collection is a process that must stay consistent in order to achieve a consistent cash-flow.
Assistance With Taxes
A property management company can aid you in understanding which deductions are claimable and can organize the forms and documents necessary for the claims. Property management fees themselves are also tax deductible.
Lower Maintenance And Repair Costs
A property management firm has access to both an in-house maintenance staff and a network of licensed, bonded, and insured contractors. Maintenance and up-keep is important in keeping a tenant happy and the connections of a property manager translate into significant savings.
Increase The Value Of The Investment
A property management firm can offer suggestions and feedback on upgrades and modifications that are beneficial in catching repair issues early on. This will affect the rent charged as well as causing an impact on maintenance and insurance.
Personal Benefits For Owners
With a property manager you will have:
Less stress - You won't have to deal with any problems on your own, instead you’ll have an experienced property manager who has seen it all by your side.
More freedom - Live, travel, and invest wherever you want without the feeling you need to be constrained near your properties. Let the property manager take care of the rest.
Free up more of your time - Time is money. Spend your time where it matters most and focus on other important things. Property managers have the time to spend that you can spend better elsewhere.