Owning a property can generate income but it can also be a headache dealing with midnight emergencies, delayed payments and unit wrecking renters. These issues can make you question whether or not the income generated by owning a property is worth the hassle. Be free of the responsibilities and hassles of owning a property by leaving the day-to-day management and maintenance to a property management company.
Here are some of the benefits of hiring a property management company:
Quality tenants
Tenants that pay rent on time stay longer, do minimal damage to the unit and do not cause problems are the ideal tenants any property owner can ever wish for. Locating such tenants takes a practiced eye and experience. A property management company has this experience and they can sieve through the countless applications to find quality tenants that are reliable. This form of tenant selection can also prevent discrimination lawsuits as the screening process remains consistent for every potential tenant.
Long term renters, shorter vacancy cycles
Property management companies are aware of what potential renters are looking for and what will compel them to stay longer. They use the information to keep quality tenants happy, which ensures that they stay longer.
A property management company will also ensure shorter vacancy cycles as they have quality constructors on hand who can perform any required maintenance to ready a unit for the next renter. It includes basic repairs to painting the unit and re-carpeting the floors. They will also advertise to a large audience for a lower cost due to the volumes of advertising they do. They will also screen the applications to ensure that only quality tenants make the cut. They can also help you decide the optimal rent charge, based on current market trends which will ensure that the unit does not sit empty, because the price is too high. It also ensures that rent isn’t too low.
The process of finding new tenants becomes quicker and more efficient when routed through a property management company.
Easier rent collection process
Collecting rent can be the hardest part of owning a property as the difference in collecting on time can help make or break your investment. A property management company can help you streamline the rent collection process. It will also chase down defaulters and evict tenants as required. Since the renters are aware that the company is simply doing their job, they have an easier time collecting late rent.
These are just some of the ways a property management company is beneficial. If you’d like to talk to us about managing your building, please contact us today.