What are the Advantages?
- Property Managers are up to date on rules and regulations in respect to Tenant/Landlord requirements and responsibilities. You won’t risk a “violation” putting your property and finances at risk by not knowing these requirements.
- Property Management will establish the current market rental rate for your property. The rental market is a fluid market. Rates can change from month to month and though you will have a set contract usually for the first year, the company will be able to assess the rents at the end of each contract to ensure you are getting the highest rent possible based on real estate markers.
- Property Managers will do all the communication for you with the tenant. This includes the interview process, managing any complaints or emergencies that may arise day or night. There is nothing worse than having to respond to a tenant at 3:00 a.m.
- Property Management companies will find the best tenants. It’s not only frustrating but financial suicide to allow an irresponsible tenant into a unit. A quality company has developed a process of screening out risky tenants to ensure a steady monthly income on your property as expected.
- Property Management companies have connections. Gives lenders more confidence in your deal when they see a professional management company is in charge, especially if you have zero experience managing a multi-unit property. If your property has written in maintenance agreements, such as lawn care and gutter cleaning, management companies can refer service companies usually at discounted prices. Due to the volume of these service providers as they work in connection with the company, they can pass on some savings to you. Their reputation and dependability has already been tested through the management company so you can rest easy knowing they will get the job down without your supervision.
- Property Managers handle the transitions of one tenant moving out and another moving in. This includes walk-through inspections, security deposits and or returns and new applications.