How Property Management Firms Create a Smoother Investment Experience
Owning any type of rental real estate can be a smart investment strategy with impressive returns. But effectively managing tenants, maintenance, and financial needs for these properties can require a major investment of time and effort.
Whether you’re leasing out a single-family home or an entire apartment complex, there are some very real benefits to be found if you utilize the right property management company to assist you.
Marketing and Tenant Screening
A property manager will take care of advertising existing vacancies across a range of platforms, as well as scheduling showings and processing applications. They’ll also screen prospective tenants thoroughly by running credit checks and background checks to avoid potential issues. Finally, they can verify employment to be sure that rental applicants are gainfully employed and capable of paying the agreed-upon monthly rental amount.
The property manager’s expertise and screening methods help ensure that successful rental applicants are likely to become reliable long-term tenants.
Handling Off-Hours Maintenance and Repairs
Many property owners seek the assistance of an experienced property manager to avoid dealing with tenant calls when a repair or maintenance issue arises at night or on the weekend. Fielding a middle-of-the-night maintenance call and arranging the appropriate contractor to provide the needed service requires a timely response and access to a stable of pre-vetted, available contractors.
Instead of having to search for an appropriate contractor, property managers are equipped to take tenant calls, address their concerns, negotiate contractor fees and follow up to make sure the necessary work is completed on time.
Managing Financial Needs and Promoting Tenant Retention
The tenant screening process used by a good property management firm is one of the most important ways they can help to retain good tenants and ensure rental income amounts remain stable. Should a tenant fail to pay, the property management company may address the issue by working with the tenant or by facilitating an eviction.
Property managers must keep current on all applicable local, state, and federal regulations related to rental properties. Because of this, property owners are better positioned to avoid fines and legal issues that can arise when not in compliance with regulations. Property managers are also trained to handle security deposits, lease agreements, rent increases, lease terminations and evictions, and report on these issues to the property owner.
Many property management firms can also provide financial records management services for the property owners they serve. Rental fees are collected and then dispersed as the property owner wishes. For example, the owner may wish to have their rental fees deposited into a bank account from which expenses are paid, including mortgages, insurance premiums, property tax payments, and property repair and maintenance costs.
Offering Peace of Mind and Less Stress
Owning investment property is supposed to provide financial freedom without overwhelming your life. Partnering with an experienced property management company allows the property owner to step back from daily responsibilities while still earning income from assets.
In addition to avoiding those stressful late-night tenant calls, the right property management company allows property owners to spend more time on other activities, including searching for additional properties to increase the value of the rental property portfolio.
Whether you’re leasing a single-family home or an entire apartment complex, consider the benefits of outsourcing the process to a property management company. Their expertise in marketing, tenant relations, maintenance, and finance is the perfect way to free up your time for further investing or just living your best life.
Reach out to our team at New Leaf Properties LLC if you’re ready to start a profitable relationship with an experienced property management company today.
