Do you own a piece of high-end property that you are interested in renting? Would you like to have a steady income from that property but would rather not be troubled with calls from renters about repairs or dealing with hassles over collecting rent?
The truth is that property management firms come in all types, but getting assistance from NRIA can add value to property investments. Below are just a few ways a good property management firm can be worth their weight in gold.
Do you loathe the idea of screening potential tenants? Do you wish that, when it comes to screening potential tenants, you had a drawbridge and moat around your home or office? It’s no picnic to get rid of a bad tenant once they’re in, but it’s better not to get a bad tenant. That’s one of the biggest advantages of a property management firm. They probably already have a list of good tenants looking for a place to live, but they have all the tools they need to make sure a tenant will be a good one once they get into your property. And, once they are there, they will be better about paying their rent, keeping the property in good shape, and generally cause fewer problems.
Fewer Legal Problems
Any experienced landlord knows that a single troublesome tenant can cause substantial legal problems. A good property manager knows the laws governing tenant-landlord relations and can keep legal troubles from erupting and make sure you aren’t left vulnerable to lawsuits. Avoiding problems that could end up in a lawsuit could save you considerable amounts of money, not to mention time and headaches.
Shorter Vacancy Cycles
Any landlord knows that, from time to time, there will be vacancies. With a reputable property manager, however, those vacancy periods will be short and far between. Good property management firms maintain lists of potential tenants looking for places to live and who trust the property management firm to find something suitable for them.
Higher Tenant Retention
Lost rent due to tenant loss is a big problem for landlords. Worse is the problem of tenant turnover, which can often take months to resolve. Unfortunately, turnover also means cleaning, repairs, and other expenses. These problems can be averted by keeping tenants happy and making sure they have reasons to stay instead of giving them reasons to leave.
Effective Rent Collection Processes
There is an interconnectedness to all the elements of being a landlord. After all, without good tenant-landlord relations, there will be no rent paid. But, keeping the rent paid, right along with late payment penalties and other issues are just as integral to renting a property as anything else. A good property manager knows how to collect rent on time and in full.
Lower Repair and Maintenance Costs
Repair and maintenance costs are a two-edged sword. Repairs and maintenance keep tenants happy, but good property managers know how to keep repair and maintenance costs low to maximize a landlord’s investment.
Above is an ideal scenario. In real life, things sometimes get messy. That is when the value of a good property management firm comes into play to everyone’s betterment.