So, you have a property that you want to turn into a rental but you have no previous experience. Hire A Professional Property Manager? While privately managing your investment property may initially seem like it will save you money, if you lack the amount of time required a professional property manager is a worthwhile investment.
Here are 5 reasons why you should hire a professional property manager for your investment property.
1. Tenant Screening Means Better Tenants
A professional property manager will screen for quality tenants using a pre-qualification process in compliance with fair housing laws. In order to find a good tenant they may run background checks, credit reports, employment checks, call past and present employers and landlords for references, and interview prospective tenants to track the application process throughout. This will give you piece of mind as a landlord knowing that you are securing good tenants. Good tenants are likely to have no issues with the neighbours, pay their rent on time, look after your property well and typically stay in the property longer meaning it will save you money in the long term.
2. They Handle Rent Collection and Paperwork
Good managing agents will offer electronic payment collection, where payment is automatically withdrawn from the tenants account. Payment activity will be closely monitored and property managers will act accordingly to late or missing payments. This means less work for you and reassurance that all of the documents pertaining to your rental are correct and legally executed.
3. Maintenance And Inspections
Property managers will perform inspections on your investment property before, during, and after tenancy. Your PM will prepare frequent written inspection reports of your property for you to ensure that appliances and items in your property are well maintained and serviced and that your tenants are looking after your asset. Any faults are found quickly so they can be resolved before they turn into big expenses, and your agency will manage any insurance claims for the property on your behalf.
4. Professional Marketing Means Shorter Vacancy Periods
Property Managers will conduct the lease renewal process three months prior to the tenants’ lease end date. This is a sufficient time to prepare if the tenants are going to vacate the property. A good property management team will strive to ensure a quicker turnaround time for your property. They have the necessary marketing resources such as online ads, professional photographers, and signboards to ensure your properties are rented in the quickest time possible.
5. Local Knowledge
Knowledge of rental rates is a key factor to fast rentals and quick cash flow, and your property manager will have extensive local knowledge of rents and be able to determine the highest rental rate possible for your property. When it comes time to sell your investment property your property manager is available to share their professional knowledge on the current real estate market and share their recommendations for the sales process.
At Rentifi we have a property management team committed to ensuring your property is well maintained and you are kept in touch with all key matters relating to your investment. A Professional Property Manager is a valuable member of your team.
One aspect continuously enforced is ensuring we seek the best value from contractors and suppliers when it comes to the maintenance of your property. Communicating with you is our priority when it comes to all maintenance issues.
We perform periodic rent reviews through detailed analysis of the area, so you can take advantage of local market trends.
From the initial appointment through to the tenant selection process, rent collection, inspections and lease renewals; our priority will always remain focussed on professionally managing your investment portfolio.
If you have a property in SWFL that you would like to consider engaging a new property management team for, please feel free to contact us: 239-549-6611
Otherwise, we hope you have enjoyed these insider tips.