Rent for one and two-bedroom apartments rose by 7 to 9.7 percent in July 2021. The rental market is heating up!
If you own property and are feeling overwhelmed you may be thinking about hiring a property management service to manage your property?
Your property is probably one of the most important possessions that you have. The thought of hiring someone you don’t know to take care of such a valuable asset can be daunting. However, it does not have to be, if you choose the right property management service.
Here is a look at the top benefits of hiring a property management service.
Market Your Property Correctly
If you have units on your property for rent you will need to know how to market them correctly to get the right tenants. A property management service can handle rental listings for you. This is because they often have access to a large network.
A good property management service will know a lot about the local rental market and will find the right places to advertise your empty units. In this way, you will ensure that your units are not kept empty for too long.
Empty units on a property cause a loss in profits, so you want to make sure that you get tenants into empty units as quickly as possible.
Screening of Tenants
No matter how desperate you are to get your units rented to make money, putting the wrong tenant into your rental unit can cause you a lot of problems.
One of the things that a property management company can do is to ensure that you only get qualified applicants for the property. Qualified tenants are those with a good credit history and who are capable of paying the rent. If tenants are not properly monitored they may even sublet your property without your knowledge.
Easy Rent Collection
Collecting rent can be a tiresome process. This is because even the best tenants can sometimes forget to pay their rent on time. When you hire a property manager they will take care of the rent collection.
The property manager will collect rent on your behalf and ensure that you get updates as to the collection process. Your property manager will also deposit the rental fees into an account for you.
If a tenant refuses to pay their rent and there are unresolved issues with the collection, then your property manager will get a collection agency involved on your behalf. They will also deal with the eviction process as well.
Keep Accurate Records
A property manager can assist you with keeping accurate records for your property. If you have multiple properties keeping all your documents organized can be a huge burden.
Having a property manager deal with all the paperwork for you and keep your files up to date will make life easier for you. The information you get from your property manager will also provide valuable data about how you should invest in property in the future.
When you have tenants in your home they often have repair requests. Fortunately, when you have a property manager you don’t have to deal with these requests yourself.
Tenants often have requests for you to fix plumbing, electrical outlets, or even their air conditioning units. If you don’t get to the requests promptly then your tenants will become disgruntled. Disgruntled tenants move out of rental units. The last thing you want is to have a high turnover rate on your rental properties.
Emergencies can also happen in the middle of the night and your tenants may need immediate attention. Having a property management service working for you will ensure that these late-night issues are dealt with quickly. A professional will always be on hand to handle the matter for you.
Inspection of the Premises
One of the things that a property management service can do for you is to carry out regular inspections off your premises. This will ensure that things are nipped in the bud before they get out of control. Maintaining your property is one of the main ways in which you can ensure that your property retains its value.
A property manager will regularly inspect the building to ensure that it is not deteriorating. They will even hire contractors to deal with any areas that are damaged or deteriorating.
Your property management service will consult with you before doing any repairs on your property. However, it is nice to know that someone is looking after your property and making sure that its value is kept intact.
Comply with Rental Property Regulations
Property management services are good at helping to ensure that you are always compliant with the laws in your jurisdiction. Certain laws must be followed when you are renting a property. For example, you need to make sure that your screening process is fair and that there is no form of discrimination.
You also need to know when you can increase the rent and under what circumstances you can do so. These are some of the things that a property manager will help you with so that you do not run into legal problems.
Hire a Qualified Property Management Service
As you can see there are many ways that a property management service can take care of your rental property for you. The key is to enjoying all the benefits is to hire a company that has a high level of expertise and experience
Once you do this, you will reap all the benefits that have been discussed here. The bottom line is that property management companies can take the hassle and stress out of owning and renting property.
If you would like help managing your property please contact us, we will be happy to assist you.