Are you getting the most out of your property management company?
It’s surprising the number of investors/landlords who don’t take full advantage of the services, resources and skills that their property management company provide. Wise investors empower their property managers by making their job easier and more effective.
Characteristics of A Great Professional Property Management Company
A great property management company can save you money and maximize your return. Here are six ways they do that:
1.) Choosing Rent Prices
Setting the right rent is not an easy task. Rents are rising, but they are rising at different rates depending on location. Single family rentals are priced differently than multifamily because they offer more space and appeal to different tenants. Rents for single family homes nationally rose about 1 percent last year and demand is strong. These are things your professional property management company probably knows. He’s probably done considerable research on the local rental market and knows what competitive properties are charging today and plan to charge six months from now.
2.) Writing Ads that Sell
Writing and placing ads may be something that you enjoy doing, but you are not as good at it as someone who has years of experience working with online and print advertising. Your property manager knows which outlets work best in your market and he can maximize your advertising dollars. He also knows how to write and use photos that highlight your property’s selling points and reach out to kind of tenant you seek. Your property manager has relationships with the advertising media you will use, and he can get you deals you can’t get on your own.
3.) Navigating the Legal Waters
Unless you’re a lawyer, you’re probably not expert in landlord/tenant laws, but your property manager is. Professional property management companies must be familiar with the local laws that govern the landlord/tenant relationship. If you don’t have someone on your team with that kind of knowledge then you could be leaving themselves open to legal action. Good managers bring vital resources like lease forms, tax forms and other standardized documents.
4.) A Network of Contractors
A good management company has a network of reliable, cost-effective contractors for all contingencies ranging from plumbing, electrical, carpentry and landscaping skills to properly maintain your property. When emergencies arise, they can make one call and get help out.
5.) Tenant Screening
Today there are a variety of different sites that provide screening services for a fee. You could use half a dozen without knowing which is best for your purposes and most cost effective. Managers have access to several services that conduct credit checks, employment verification and criminal checks. They can weed out problems before they move in.
6.) Professional Problem Management
If you find yourself with a difficult tenant who violates rules and invites eviction, a good management company knows how to proceed in compliance with local landlord/tenant laws. If worse comes to worst, managers can call on professional legal support to resolve the dispute quickly.
If you empower your professional property management company, you’ll transform your relationship until you are a team that truly works together by complementing each other’s skills and abilities.