Are you a property owner who is considering using a property management company? If so, you’re likely wondering what a property management company can do for you and your investment.
A good property management company will handle the everday tasks of managing rental properties, from tenants to rent to repairs. This frees up your time to focus on other things, like growing your business or enjoying your life.
In fact, over 80% of property managers today are tasked with collecting rent, managing the property, and maintaining it. So should you use a property manager? The answer is yes, and there are many reasons why.
In this blog post, we’ll discuss the benefits of using a property management company and how they can help you manage your rentals more effectively. Keep reading to learn more!
What Is a Property Management Company?
A property management company is a business that specializes in overseeing all aspects of renting and maintaining a property. This can include everything from screening tenants to handling repairs to collecting rent.
Property management companies often charge a percentage of the monthly rent. This makes them an affordable option for landlords who want to save time and avoid the hassle of dealing with tenants directly.
What To Expect As A Prized Victory Rental Investor
Here at Victory Real Estate, we value your time and money. We have put together this introductory letter to explain our philosophy behind getting your property rented quickly, and with quality tenants.
Benefits of a Property Management Company
Anyone who has ever rented an apartment or owned a rental property knows that managing tenants can be a full-time job. From collecting rent to handling repairs to dealing with tenant complaints, there is a lot that goes into being a landlord.
That’s where property management companies come in. These companies can take care of all the day-to-day tasks of being a landlord. Here are some benefits of using a property management company:
Reduces Your Rental Headaches
For many landlords, the energy required to effectively manage a rental property is simply too much. This is where a property manager comes in. By hiring a property manager, you can delegate all your responsibilities to a professional.
At the same time, you can rest assured knowing that your rental property is in good hands. A good manager will have the experience and knowledge necessary to effectively manage your rental.
It Saves You Money In The Long Run
Some landlords are hesitant to use a property management company because of the fees they charge. However, it’s important to remember that these services save you money in the long run.
A good property management company will keep your tenants happy and your property in good condition, both of which save you money. If your tenants are happy, they’re less likely to move out, which means you won’t have to spend money on advertising and making repairs between tenants.
And if your property is well-maintained, it will last longer and appreciate in value. This means that, over time, you’ll make more money from your investment than if you had tried to manage it yourself.
Saves You Time
As a landlord, you have numerous responsibilities that you need to take care of on a daily basis. From finding tenants and collecting rent, to dealing with maintenance issues and repairs, it can quickly become overwhelming. This is where a property management company can be a lifesaver.
A good property management company will take care of all the day-to-day tasks associated with being a landlord so that you can relax and enjoy the benefits of owning rental property without having to deal with the hassles.
They will also handle any emergency situations that may come up. So, you don’t have to drop everything and deal with it yourself, saving you time and energy.
Helps You Avoid Potential Legal Problems
When you own rental property, you are responsible for maintaining the safety of your tenants. This includes regularly inspecting the property and making sure that any potential hazards are addressed in a timely manner.
Failure to do so could result in a lawsuit against you. If you put your tenants in danger, you could be liable for their injuries.
A property management company can help you avoid potential legal problems by taking care of these inspections and repairs for you. They will also keep up with any changes in the law that could affect your rental property business.
They will also have the proper insurance to protect you in the event that something does happen on your property.
Extensive Screening Process
When you use a property management company, you can be sure that your tenants will be thoroughly screened.
A good property management company will run a credit check and criminal background check on all potential tenants. They will also verify their employment history and rental history.
This extensive screening process ensures that you only get quality tenants who are less likely to cause problems down the road, resulting in fewer evictions. In fact, the legal fees resulting from an eviction could run from $500 to $10,000. This makes it clear that proper screening is essential to protecting your investment.
Decreases Tenant Turnover Rate
Tenant turnover can be a big problem for any landlord. It’s expensive and time-consuming to constantly re-advertise, show units, and sign new leases.
Fortunately, there is a sure-proof way to help decrease your tenant turnover rate. Hiring a property management company can be the key to maintaining long-term tenants.
A good property management company will have systems and procedures in place to help keep your tenants happy. They will also have a good relationship with local vendors so that any maintenance issues are dealt with quickly and efficiently.
By having a good relationship with your tenants and taking care of any maintenance issues right away, you can help decrease the likelihood of them moving out. That’s because it creates a positive living experience for your tenants.
Maintains the Value of Your Property
Your property is a valuable asset. And, like any other valuable asset, you need to take care of it.
Hiring a rental management company can help you maintain the value of your property. They will make sure that your property is well-maintained and that any necessary repairs are made in a timely manner.
Additionally, the company can also help you keep up with the latest trends in the rental market. They will know what amenities tenants are looking for and can help you make any necessary updates to your property.
They Ensure Rent Is Always Paid on Time
If you’re a landlord, one of your top concerns is likely whether or not your tenants will pay their rent on time. After all, if they don’t, it can put a serious dent in your profits and cash flow.
This is where property management companies come in. By entrusting the task of collecting rent to a professional company, you can rest assured that the rent will almost always be paid on time.
Of course, there are exceptions to every rule and even the best property management companies sometimes have trouble collecting rent from certain tenants. But in general, you can expect that your rental income will be much more reliable if you use a property management company.
Another advantage is that they will often be able to charge higher rents than you could if you managed the property yourself. That’s because experienced property managers know how to market properties to attract the right tenants and get the highest possible price.
How to Choose a Property Management Company
Finding a good property management company can be tricky. With so many companies out there to choose from, it’s important to do your research and ask the right questions before making a decision.
Here are a few tips to help you find the right property management company:
- Ask for recommendations from other landlords in your area
- Check the company’s online reviews to see what clients are saying
- Ensure the company is licensed and insured
- Check their level of experience managing properties like yours
- Ask about their fees and the services included
- Find out if they have any specialties or areas of expertise
- Ask for references from past and current clients
Choosing a property management company can be a big decision. But if you take the time to do your research, you can find a company that will be a valuable partner in helping you run your rental property business.
Should I Use a Property Management Company?
This is one of the most asked questions by new landlords and real estate investors. As a property owner, you want to ensure that your property is in good hands and that it will continue to function like a well-oiled machine, even when you’re not there to oversee things yourself.
That’s where property management companies come in — they exist to make your life as a property owner easier. From collecting rent to maintaining the property, these companies can take on many of the tasks associated with being a landlord.
But is it worth it to use a property management company? The answer is simply yes.
Hire a Property Management Company Today
Are you still undecided about whether or not property management is right for you? The best way to make a decision is to simply contact us and ask!
One of our property management experts will be happy to answer any questions you have. We can also provide you with a free, no-obligation quote for our services. Contact us today to get started.