Property Management: Do You Need It?

When it comes to hiring a property management company, you are adding a lot of value to your investment. Many real estate investors use a seasoned property management company to handle tenants, help with marketing and much more.

Tenants 

property management company can screen all tenants for your apartment complex or rental homes. They know that a bad tenant can be very difficult to move out once they have moved in. Property management companies find tenants that pay on time, cause less damage to your units and don’t cause problems. Property managers have seen several applications and know how to get the facts to find out which candidates are the best and those to avoid.  By them handling all the screenings, they can protect investors from rental scams or discrimination lawsuits.

Less legal problems

A good property management company is knowledgeable about the business and market. They will not leave the landlord vulnerable to any potential lawsuits or tenant problems. A property management company should be very knowledgeable in the following areas:

Evictions
Ending leases
Rent collection
Tenant screening
Handling security deposit
Lease addendum’s
Making sure the property is safe and stays in good condition

When using a property management company, there are areas that are critical to help you fill your vacancies. They can suggest improvements and get the property in tip-top shape maximizing revenues. A property management company should be able to help you determine the best rates for rent. They should know the optimal price based on the local market, information on current sold homes comparable to yours and have tools to access rental rates. A property management company has the skills to market your property. They are well-versed in writing ads and will know how to pitch your investment to get a larger group of candidates. Many property management companies understand and are familiar with sales in your particular market and can close them through perspective calls from interested customers.

Retention

If you have a high tenant turnover rate, this can cause a lot of problems. Property management companies know the turnover process involves changing the locks, adding new paint to the walls, putting in new carpet, making repairs and doing a thorough cleaning. In addition, they show the unit to new tenants and also do the marketing.

Lots of property management companies, like Manor Inc, will have services in-house. It’s custom that customer support departments runs 24 hours a day 7 days a week. They often are equipped with state-of-the-art technology allowing them to find client’s addresses when requested. Property management companies are used by independent landlords, real estate investors or homeowner associations.

Owners of properties will find that using a property management company, they will experience less stress. They also avoid having to deal with nighttime emergencies, running after tenants for rent or even evicting people off particular properties. Overall a good property management company will free up your time and eventually save you money. You will also find many that are affordable and have great on-call services.