Property Managers- Enhancing the Value of Rental Property Investments
Friday, March 30, 2018, 6:00 AM | Leave Comment
Hiring professional property managers can add significant value to rental property investments.
Many established real estate investors are aware of how important it is to work with reputable property management companies.
Landlords who opt to work with property managers can enjoy several benefits.
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Tenant Screening
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Screening tenants is often a complicated process that requires sufficient experience to avoid choosing problematic tenants. It can be hard to make such tenants leave your property.
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Property management companies set up verified and reliable screening processes that enable them to choose tenants who will minimize property wear and tear, pay rent in a timely manner and rent on a long-term basis.
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An experienced property manager has dealt with numerous tenant applications and this helps them indentify potential tenants faster.
Hiring a management company to take care of the screening process will protect you from rental scams.
Additionally, you will be preventing the risk of time-consuming lawsuits.
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Avoiding scams, discrimination lawsuits and problematic tenants is one of the key benefits of professional property management.
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Minimising Legal Issues
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Experienced landlords know that one problematic tenant can lead to a lot of legal and financial challenges.
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Property managers are equipped with the knowledge that is required to minimize your vulnerability and protect you from lawsuits.
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All states have laws that affect landlords. The laws cover aspects such as collecting rent, signing and ending leases, unit inspections, tenant evictions, property safety and conditions and screening tenants.
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Shorter Vacancy Periods
Professional property management helps you deal with a range of tasks that keep your property from being vacant for extended periods of time.
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A property manager is aware of the exact cosmetic improvements and renovations that should be done to units and will maximise your revenue.
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When rent is too low, you may be losing a lot of money each month. On the other hand, rent that is too high might make it harder to find tenants.
It is important to establish the right price and this requires extensive knowledge of the property market, information about similar units and rental rate tools.
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Experienced and skilled property managers know what should be said in ads as well as where to advertise and attract as many candidates as possible quickly.
Since property managers deal with several properties, they are likely to negotiate affordable rates for online and offline ads.
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Reducing Tenant Turnover
When tenants do not rent units for extended periods of time, issues such as small repairs, replacing carpets, repainting walls, changing the locks, cleaning the property and losing rent will arise.
Going through marketing campaigns and the tenant screening process can be costly and time-consuming but you can avoid these challenges when your tenants are happy.
Professional property managers have time-tested tenant retention policies to increase the likelihood of tenants renting long-term.
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Rent Collection
Handling rent collection, security deposits and late fees is an essential aspect of effective property management.
Collecting rent on time each month ensures reliable and consistent cash flow. It is crucial for tenants to be aware of their obligations.
Property managers take over the responsibility of talking to tenants, collecting rent and handling evictions when necessary.
