Hiring a residential property management company is an investment which can be absolutely worth it, and is a decision which can save you time, trouble and travel. If you have been considering one for your properties, then here are ten reasons why it would be a good idea to use a residential property management company.
1. Residential Property Management Companies Help Screen Prospective Tenants
With their trained eye and expertise working on your side, they are more likely and better able to sort through applications to find high-quality tenants. In the end this means less hassle and less legal trouble.
2. They Act As The Point Of Contact For Tenant Concerns
Having a go-between for your rental properties can be very useful. Particularly if you live in another state or are very far away. You can be sure problems are tended to quickly without your having to lift a finger or drive long distance.
3. Good Response Means Less Tenant Turnover
A happy and well-tended tenant is one that is less likely to move out. Because your residential property manager can respond to situations quickly. You are less likely to have problems that result in frequent tenant turnover.
4. They Can Make Sure The Rent Is Paid On Time
Your residential property management company has an incentive to make sure your rents are paid on time: they also want to get paid. As such they will be much more diligent to solicit collection of rents and monies due. They will also be knowledgeable of the procedures to enact if and when it becomes difficult to collect.
5. They May Be Able To Do Rental Rate Research For You
Many companies that manage rental properties are able to do research on the comparable rates of rentals in the area, in order to give you an accurate range of what you should be charging. This will help you stay competitive in the market in which you are renting.
6. They Can Deal With Contractors And Repairmen For You
Because the residential property management company will be handling requests and problems dealing with malfunctions. it will be their job to deal with any contractors or servicemen in the area whose assistance you will be requiring. They will act as the go-between for you, the tenant and the hired repairmen. Their experience in this regard should enable them to handle requests quickly and efficiently.
7. They Can Market The Property For You
If your residential property management company is knowledgeable in the art of marketing a rental property, they can save you a tremendous lot of work. They will be able to do everything from putting up signs to contacting real estate companies to list your rental property. They will be able to field calls from interested tenants and will be able to negotiate with the realtors, making the operation as seamless as possible for you the owner.
8. They Can Draw Up Rental Contracts
Once a suitable tenant has been found, your residential property management company can draw up a contract and have your tenant ready to move in. They can go over things like smoking, pets and other restrictions.
9. They Can Deal With Evictions
In the instance you should have a tenant who must be evicted; the residential property company can handle it for you, saving you the trouble. They should be knowledgeable on all laws which pertain to this.
10. Perform Inspections
Your residential property management company should be able to make periodic visits to the property to ensure the rental is in reasonably good condition. They can update you with information as observed.
We hope this helps in your decision making process. The other option is you do these things yourself and save 10 – 15% of the rent fee each month that a property management company would take as a fee; which depending on certain factors like distance from the property and your own time constraints, may work better for you.