1) Efficient Rent Collection – A professional property management company has systems and strategies to improve rent collection and on-time rent payments. Quick and consistent rent collection is absolutely critical in this real estate market where good cash flow can mean the difference between success and failure as a real estate investor.
2) Knowledge Of Local Rental Rates – Property managers have extensive knowledge of local rental rates and the ability to determine the highest rental rate possible for your property. With the Internet, and the ability to do large scale searches, potential tenants know if your property is overpriced. Overpriced rentals sit empty while other properties get rented. Knowledge of rental rates is a key factor in low vacancy rates.
3) Tenant Screening – Property Managers require a detailed written application from each adult, including photo identification. Full background checks are run including credit checks and public notice checks (bankruptcy or judgments) when indicated.
4) Marketing Expertise – Property managers have years of experience in how to best market your properties so they rent in the quickest time possible. Both online and offline marketing tools are used to maximize your properties' exposure.
5) Property Law and Regulations - Property managers have extensive and up-to-date knowledge of landlord/tenant law and will assist you in making sure you are in compliance with your local, state and federal rules and regulations. These rules and regulations include complying with fair housing regulations, Americans with Disabilities Act, and other applicable local, state and federal laws. Avoiding one lawsuit will pay for a property manager's fees many times over. If you do find yourself in court, you will be expected to understand any landlord/tenant law that applies to your case. Keep in mind, any activity by you that might be construed by your tenant as illegal, threatening, humiliating, abusive or invasive of his/her privacy can potentially
6) Tested and Reliable Maintenance Professionals – Property management companies will already have vetted numerous vendors and contractors to make sure they provide good quality work at reasonable prices. Failure to properly vet these professionals can be a costly mistake.
7) Maintenance and Safety Inspections – Property managers perform inspections before and after a tenancy, as well as annually. Reports are provided with suggestions for correcting any safety or maintenance issues.
8) Financial Records and Security Deposit Funds – Property Managers will provide detailed income and expense reports every month saving you bookkeeping fees and headaches. Additionally they will manage your security deposit escrow funds and make sure you are in compliance with local and state regulations. They will also provide end-of-year reports for your accountant or financial advisor.
9) Emergency Calls – Property Managers will shield you from the multiple calls from tenants that can occur at anytime day or night. They are always the first responders, protecting you from having to worry about being available for maintenance emergencies.
10) Peace of Mind - Hire a professional property manager and you can be sure you, your property and your tenant will be in good hands. And if you currently have a property manager and they are not providing these benefits for you, consider giving us a call.