No matter how long you’ve been investing in real estate, problems will crop up that you’ve never encountered before.
Whether you’re renting out a personal property while you are away or a seasoned real estate investor, you are going to need help with your business.
Fortunately, there is great news! You don’t have to face these problems alone. Professional property managers - like Richey Property Management - help you deal with any situation that crops up, plus they work to maximize the value of your property investments.
While there are countless benefits to working with an experienced, reputable property management company, we’ll just highlight the top ten things that they will do for you.
1. Find High-Quality Tenants
Newer landlords might make the mistake of thinking that it doesn’t matter who rents your property, just as long as the rent is on time. It doesn’t take very long before they are proven wrong.
Finding the right tenant is vital for the longevity of your investment property. It can even be said that the quality of your tenant determines the quality of your investment.
Good tenants:
- Minimise maintenance costs
- Always pay their rent in full and on time
- Stay on the property for a long time
- Keep the peace
Professional property managers always conduct thorough background checks before recommending a tenant for your property.
It may sound counter-intuitive but you will always do much better if you take a little extra time finding the RIGHT tenant for your property, than if you rent it quickly to any tenant.
2. Fewer Legal Problems
Avoid unpleasant confrontations with your tenants. Professional property managers act as a buffer between you and your tenant and deal with unpleasant situations so that you don’t have to.
They are armed with the knowledge required to help you collect rent on time, or deal with your backlog in rent collection. They will also assist with property damage remediation and evictions should that be required.
3. A Deep Understanding Of True Market Value
Don’t price yourself out of the business. Often inexperienced landlords will overestimate the value of their properties, resulting in few, if any, enquiries.
Professional property managers will know exactly what your property is worth in today’s market.
Pricing your property too high or too low will result in a poor return on your investment.
Professional property managers know exactly how to competitively price your property so that you attract the right tenants and get the best return on your investment possible.
4. Lower vacancy periods
Vacant properties are a reality that landlords have to accept. There will be a time when there are no tenants on your property.
Property managers can lower that amount of time by arranging for any required maintenance to be conducted quickly, and by effectively advertising your property.
5. Increase The Value Of Your Property
By conducting regular property inspections, property managers can maintain your property value and identify maintenance issues before they become serious problems.
Another benefit of regular inspections is that they encourage tenants to take good care of your property.
They also have valuable connections with reputable, experienced tradespeople that can and will easily attend to your property at reasonable prices, maintaining and optimising your property value.
Regular rent reviews are conducted to keep your property in line with the current market conditions, and periodic rent increases will directly correlate to the increase in the value of your property.
Remember that the highest priority of a property manager is to help their client get the best return on their investments.
6. Efficient Rent Collection
Professional property managers will ensure that rent collection is consistent, reliable, and most importantly, legal.
They will handle the cash flow, enforce rent collection procedures, and resolve any issues that may arise when it comes to collecting rent. They will also ensure that all rent collection is in line with local and federal law and that you are legally protected.
7. Resolve Disputes
The relationship between landlord and tenant can be tenuous at times. Your property manager knows how to be assertive with tenants without breaching their rights.
While their main goal is to protect your interests as their client, they also strive to settle any disputes as peacefully as possible. If a peaceful resolution isn’t possible, then they will be a powerful witness that can testify on your behalf should the dispute be taken to court.
8. Take The Heavy Load Off Your Shoulders
One of the biggest benefits of hiring a property manager is that they will take a lot of the stress off your shoulders.
They will be the ones that handle any emergencies, evictions, rent collection, damages, paperwork and maintenance.
You can live anywhere you want, and rest assured that your property is in the best hands.
9. Effective Marketing For Your Property
Who do you want in your property? A good property management company will be able to identify the ideal tenant to suit your property, and then know the best way to attract that tenant.
If you’re thing about renting to students, then your property manager will orient their marketing efforts towards students. The same with young professionals, bachelors, single women, young couples or families.
Whoever your ideal tenant is, a good property manager will be able to find them for you.
10. Ensure that your property is in line with federal, state and local property laws.
The safety of your tenants needs to be your top priority. Your property manager will be able to conduct thorough inspections of your property and compile a list of potential hazards and breaches of any legal regulations.
They will also be able to hire the best maintenance professionals should any adjustments to the property be required!
Richey Property Management provides you with management solutions that help your property operate smoothly, increase its desirability and enhance the investment value. Visit our website at https://www.richeypm.com/ to get started.
