One of the most significant decisions you will ever have to make as an owner is whether to engage the services of a property management company. You could manage your property yourself or get an employee such as a resident manager to assist you. Nonetheless, there are certain situations in which hiring a property management company makes for greater convenience and even commercial sense.
Here are several reasons why you need to hire the Better Choice Homes east valley property management company
1. Reduce vacancy periods
Property management companies help you to lessen the period of rental property vacancy through the following ways:
a) Better marketing – their experience writing effective ads means they know how to craft ads that will get you prospective tenants in lesser time.
b) Prepare and improve the house for renting – they can suggest and oversee the renovation of your property to attract tenants.
c) Set appropriate rents – being in the industry; they know just the right rent that is neither too high making you wait, nor too low making you lose money on the rental.
2. Retain tenants better
While you may believe that the loss of a tenant is the biggest cost, a high turnover rate presents problems that are even more serious. With turnover comes the need for painting the walls, changing the locks, thorough cleaning, and perhaps small repairs. A Property management company has time-tested and systematic policies and approaches that ensure that tenants are happy and stay longer, thus reducing costs.
3. Gives you access to better quality tenants
A property management company can serve as your first line of defense around your investment. Having been in the business for a long time, they have the experience to screen out and find facts about prospective tenants. As such, they are better able to find tenants that will:
a) Put less wear and tear on the property
b) Rent longer
c) Pay on time
d) Be less of a nuisance
4. Better rent collection processes
The handling of rent collection can either make or break you as a landlord. Collecting rent yourself frequently results in many issues with troublesome tenants. By hiring a property manager, you will not have to deal with excuses, chasing down rent, or evictions. With a property management company, the tenants tend to be more cooperative as they understand that the property manager is enforcing the terms of the lease.
5. Reduce expensive and time-consuming legal issues
If you have been a property owner for a significant length of time, you know how a troublesome tenant could result in financial and legal headaches. An East Valley property manager is well versed in the municipality and state laws, which deal with the tenant-landlord relationship such as:
a) Rent collection
b) Handling of security deposits
c) Termination of leases
d) Lease Addendums
g) Tenant screening
6. Lower repair and maintenance expenses
Having a rental property that is well-maintained, makes for happy tenants while preserving the value of the building. By hiring a property management company, you have access to not only their network of insured bonded and insured contractors that they have vetted for quality work and affordable prices but also in-house maintenance staff. This can result in quite significant savings in time and money, vs. if you were to find the personnel yourself.
7. Increase the value of the property
They can assist in preventative maintenance since they have systems in pace to detect and deal with repair and maintenance issues before they become major problems. This will typically involve a systematic system of regular maintenance visits, and detailed maintenance documentation. They can also offer helpful suggestions on modifications and upgrades; that may result in better rents, or even reduce the costs of insurance and maintenance.
8. Personal benefits
Having an East Valley property manager take care of your business can have some personal benefits to you as the landlord. For one, you will not have the stress of dealing with evictions, midnight emergencies, legal paperwork, chasing down rents, or dealing with tenants that destroy property. Second, you can be freer to invest and live anywhere in the state or country since the management company will simply mail you the check every month. Lastly, it frees up your time to take care of other properties or simply to enjoy that time with family and friends.