Using the services of a good property management company means that not only is your investment protected and in safe hands, but you will ultimately save time and money in the long run. Outsourcing your property management can actually add value to your investment while reducing your stress levels.
Property management companies like Ziprent are experts in dealing with all the usual tenant management issues, alongside any emergency issues which arise such as evictions, late-night emergencies and inspections. Real estate investment is a great way to grow wealth, and as more and more people become landlords, the need for great property management service is increasing.
Property management companies are experts in dealing with any issues arising from your property, and this includes marketing and leasing agreements. They know how and where to market your property to attract the right tenants, and what terms need to be included in any legal agreements.
Here are some of the key benefits for investors and landlords who use property management companies:
By far the most time-consuming element of managing investment properties is dealing with tenants. Property managers will deal with all tenants and all their queries and concerns so you don’t have to.
As a landlord, you want to find the right tenant who will look after your property, pay their rent on time, abide by the conditions of their tenancy, and prove to be reliable. Finding and securing tenants is a time-consuming task and one which property managers deal with efficiently as they do it all the time. What elements of tenant management can property managers deal with for landlords?
By outsourcing the collection of rent and fees you are able to secure a reliable and consistent cash flow. Tenants know that they have to pay rent on time every month, but some of them do not do this. Property management companies ensure that the rent is collected on time and keep a close eye on payments, and ensure that any breach of payment terms is dealt with quickly and efficiently.
Communicating with Tenants
An important role played by the management company is to act as a middleman between the landlord and tenant. This not only streamlines the process but ensures that all communication is handled professionally and in a consistent, timely manner.
If you get unlucky and end up with a bad tenant, a good property manager will deal with the bad tenants efficiently and legally before things escalate. Not only will they deal with communication with the tenants, but they are also responsive to any queries or concerns you have, so you have access to an expert whenever you need. They provide you with credible information relating to your property, the tenants, the market conditions, and growing your portfolio.
Screening tenants to ensure that you end up with high-quality tenants who are unlikely to default is a time-consuming and complex task. A good property management company will know exactly what to look for when screening and placing potential tenants, ensuring that you end up with tenants who:
-Make rental payments on time
-Cause less problems
-Rent for the long-term
-Minimize damage to the property
Experienced property management companies can do all the relevant due diligence you need in terms of finding the right tenant, identifying any red flags, and carefully checking the credentials of potential tenants.
Lowering Vacancy Rates
No landlord wants to see their property empty. Professional property management companies will ensure that your properties do not have high vacancy rates. How is this done? They not only market your property quickly and efficiently, they also know where to advertise, and how to advertise to secure the best tenants. A good property manager will also ensure that the rent level set is appropriate to attract the right tenant for the property. Research indicates that property management services reduce the vacancy rates of properties.
Maintaining your property is crucial to the long-term success of any real estate endeavor. This starts and ends with property management.
Repairs and Maintenance
Repairs and maintenance of a property can be extremely time-consuming. Not only will your tenant expect the maintenance to be done properly and quickly, as a landlord it is in your interest that you maintain your asset and ensure that your investment is protected.
Property management companies save you the trouble of having to deal with DIY projects, find contractors and electricians and sort out timings for repairs. Most property management companies have extensive networks of licenses and insured contractors who can do the work quickly and safely.
Another key component of the service offered is the ongoing monitoring and identifying of maintenance issues early. This means that you can avoid large maintenance bills where small maintenance issues have escalated into expensive repair jobs.
Outsourcing your property management means that they will ensure your property is maintained, saving you money on unscheduled repairs due to extensive wear and tear. Property managers have online systems which enable tenants to send maintenance requests online so they can be dealt with quickly, preventing them from becoming bigger repair jobs.
Property managers focus beyond reactive maintenance, to preventative maintenance and predictive maintenance. They ensure that contractors deal with maintenance issues quickly and any contractors used have the right tools and skills to ensure the issues are dealt with quickly.
It Enables You to Systematize and Grow Your Business
Outsourcing property management saves landlords time. They deal with all the issues that are time-consuming and stress-inducing so you don’t have to. Any time saved can then be invested in growing your real estate business, researching properties, networking, and dealing with finances. Micromanaging properties is not only dreary, but it can also be challenging.
For anyone who is serious about growing a profitable real estate rental portfolio, your biggest asset is not the properties but your time. Skilled property managers can add value to your assets while ensuring that your assets are protected and continue to yield income for you.
Outsourcing your property management will ultimately:
-Save you money
-Protect your investment
-Facilitate business growth
-Enable managers to advertise your property
-Relieve you from having to deal with legal notices or legal agreements