Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate. We have seen the Zillow rental analysis off by hundreds of dollars. A lot of times. What you see a property advertised for is not what it actually rented for. This can cost you thousands by the time you’re done.
Collecting and depositing monthly rent payments on time: If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
Marketing and advertising your property: Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
Finding the right tenants: Experienced property managers are experts at finding good tenants, and will take care of all the details, including running credit reports, verifying employment, and collecting previous landlord references. We take it one step further. We know how a tenant takes care of there house before they move in to our house. Keep in mind. The professional bad tenants are looking for individual inexperienced landlords.
Managing tenants: In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required. We work for the owner but happy tenants pay rent on time and take care of the home. Good communication is everything and we’re good at it.
Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they'll oversee any necessary maintenance projects all at no extra expense to the owner.
Ensuring that you're in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
Enabling you to invest in geographically distant properties: If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career or just enjoying life.
Maximizing the profitability of your money: Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The percentage typically equals anywhere from $75 to $100 a month, which is generally less than the money you save by hiring a professional gardener to take care of your property.