Owning a rental property can be quite rewarding for determined landlords. Be that as it may, you’ll only have an income when you have good tenants that honour their responsibilities.
With a bad tenant, however, owning and managing your rental property can feel rather difficult and time-consuming. It’s for this reason and others that make property owners choose to work with a property management company.
A good property management company can make the difference between a very profitable investment and a poor one. Like any other company, though, choosing the right one is key.
The following are some of the main benefits of working with a property management company as presented by the professionals of Upkeep Media.
1.High Quality Tenants
As you probably know, getting good tenants isn’t easy. It requires effort, knowledge, experience and a lot of time. Without these, you might end up choosing the wrong tenant.
A good property management company can help you with this. It’s all they do, day in, day out. They have a screening process that is not only reliable but also adheres to the law.
This helps them choose the right tenants for their client’s properties. That is, tenants who rent long-term, pay their rent on time, and cause fewer problems.
2. Less Legal Issues
Being a landlord requires many skills. In addition to doing things like property repairs and maintenance, this requires a good understanding of the landlord-tenant laws. Without a good grasp of these laws, a single bad tenant can cause you a great deal of stress.
Most states have laws that cover aspects such as:
- Collecting and handling rent and security deposits
- Signing and terminating leases
- Unit inspections
- Tenant evictions
- Property conditions and safety
- Tenant screening
If you aren’t well-versed in these matters, then it’s clear you need help. A good property management company can also help you in this regard. The last thing you need is fighting a discrimination lawsuit in court or a tenant exercising a legal right (such as the right to repair and deduct.)
Many of the advantages of hiring a property manager are related directly to saving money. Hiring a property manager, however, can also give you other numerous benefits.
To start, you’ll have more free time. Micromanaging a rental property takes a lot of time. If you hire a property manager, you’ll have the extra time to focus on other important things that matter to you.
You’ll also have more freedom. You’ll have the freedom to do whatever you want without worrying about your tenants.
Letting a property manager handle your day-to-day rental operations can also save you a lot of stress. You’ll no longer have to deal with things like contractors, paperwork, damages, rent, evictions and late-night emergencies. Experienced property managers have the necessary knowledge to do everything efficiently and correctly.
4.Lower Repair and Maintenance Costs
As a landlord, it’s your responsibility to ensure your property is habitable. That is one that is livable and meets the basic structural, health and safety standards.
Aside from meeting this basic legal requirement, regularly maintaining your rental property can also help you preserve your property’s value.
Using a good property manager can help you access a qualified pool of reliable and professional contractors. And, since property management companies usually have bulk orders, you’ll usually be able to get the services at discounted rates.
5.Efficient Rent Collection
Rent is the lifeblood of the rental business. Without it, you may not be able to pay your debts and property expenses like taxes, insurance, and maintenance.
As such, your rent collection process needs to be quick and efficient. Aside from helping you with this, a property management company can also help make sure the rent-payment process is convenient for your tenants by offering services like ACH withdrawals and online payment.
Long-term tenants are great for cash flow. They guarantee income every month.
However, when tenants move often, there are usually breaks in the flow of income. In addition, you’ll also have to deal with issues like repairing the walls, changing the locks, cleaning the property, marketing the rental unit, and screening prospective tenants.
Also, doing these things can be time-consuming and quite expensive. Fortunately, there is a way to minimise this. As any experienced landlord will tell you, ensuring your tenants are happy is the key to long-term tenancies.
Now, a lot goes to ensuring you have happy tenants. For example, being timely in regards to property repairs and maintenance, respecting your tenant’s privacy, and charging the right rent.
Property managers are experienced in the business. They know what works and what doesn’t work thanks to the many years of dealing with a smorgasbord of tenants.
Of course, this is an ideal scenario. Not all property management companies are trustworthy, competent and a good fit for your rental property. Knowing how to separate the good from the bad is therefore key.
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