Property Management Blog

Owning investment property can be a great way to accomplish your financial goals, but it takes a lot of work to manage your investment well. That's why successful investors take the time to research and hire a professional property management company. Here are ten reasons why you should consider hiring a property management company to help manage your investment.

1. TENANT SCREENING:  Finding the right tenant is much more than just a gut feeling. An experienced property management team will screen prospective tenants using a thorough process that verifies credit, employment and income, previous rental history, and eviction history; all within the Fair Housing guidelines. This process helps in placing a tenant who will respect your property and fulfill their lease terms.
2. MANAGING TENANTS WITHIN THE LAW:  First and most importantly, a property management team ensures you are in compliance with all Fair Housing Laws.  An individual could work full time trying to stay on top of local, state, and federal regulations. Using a licensed, reputable property management team also ensures the tenant-landlord relationship is managed with utmost professionalism. This runs the gamut from routine to emergency maintenance and routine property walk-throughs to the resolution of violations or conflicts, should they arise, educating both the property owner and the tenant along the way. An attentive property manager is responsive and available to both owners and tenants. Remember, satisfied tenants take care of your property, pay their rent on time, and typically stay for years.
3. MAINTENANCE/VENDORS:  A top-notch property management team will have access to licensed, and insured vendors with whom they have established a trusting and respectful working relationship. These relationships mean repairs will be addressed timelier and with more attention to detail. A good property manager will also be available to over-see maintenance projects.
4. MARKETING:  An experienced property management company has their finger on the pulse of the rental market. Coupled with real estate knowledge, they can accurately set your property at a competitive rental price, helping to quickly fill your vacancy. Their ads and photos will be broadcasted to the most popular syndicated and social media sites, ensuring high visibility and results.
5. SOFTWARE/COLLECTIONS:  A good property management team does not get paid unless rent is collected! Today’s property management software provides tenants with an online portal designed for easy rental payments in a timely manner, with no room for error. In the event of delinquency, a good property manager knows when and how to pursue an eviction notice.
6. INSPECTIONS:  Routine inspections, as well as a Move-In, Move-Out process brings peace of mind to a property owner. Using state-of-the-art inspection camera software, a property manager can provide the homeowner with details pertaining to the care and condition of their property. Recommendations will be made for necessary repairs and alert the property manager to any issues that need to be addressed with the tenant.
7. EVICTIONS:  Every property management team eventually encounters the need to begin the eviction process. It is how they manage it that separates the ordinary from the extraordinary. If they are on top of their game, a great property management company will have an experienced legal team on retainer and will walk you through the eviction process expertly and proficiently. Of course, avoiding an eviction is always best, and a talented team will negotiate with an unruly tenant before moving forward. 
8. TIME:  More time and less stress are two of the most valuable reasons to secure a qualified property manager. The satisfaction of seeing your investments increase your cash-flow without the day-to-day headaches of managing them should be the rewards of a successful property management team too! Your team should love what they do and want to make you happy.
9. SETTING RENTAL RATES:  In order to maintain a low vacancy rate, a savvy property manager, who ideally is also a real estate pro, will know the neighborhoods and market values.  They know the local rental market and how to best price your property, encouraging rent increases whenever legal and possible, which will minimize vacancy.
10. ACCESS TO PROFESSIONALS/GEOGRAPHIC LOCATIONS:  Location, location, location! What that means in the world of rental income is that you can take advantage of premier investment opportunities anywhere in the country, or live anywhere in the world, and be assured your properties are in the hands of trusted professionals who know the industry.  Property management is a full-time job.  Leave the monitoring and managing to the pros, and enjoy the monthly income generated by your investments.