Property Management Services and Advantages
ADVANTAGES OF HIRING A PROFESSIONAL PROPERTY MANAGEMENT COMPANY
Reliable Management = Reliable Tenants
Renting your Investment property and keeping it rented, maximizes your investment. An empty property does you nor your wallet any good. Bad tenants do you no good either and sometimes can be a very costly mistake.
Hiring a professional property management company to manage your rentals can definitely make your life easier and maximize your investment. Many seasoned real estate investors will tell you that a good property management company is worth their weight in gold. A competent property manager can add significant value to your investment. We also provide further value by handling the legal issues related to renting out your property.
Here are five advantages to hiring RRI Property Management:
1 Higher Quality Tenants
An experienced property management company, like RRI Property Management, knows how to screen your tenants in such a way that we only accept high quality tenants for your property. Our trained eyes know what red flags to look for when scrutinizing the applicant’s paperwork. A thorough screening process results in reliable tenants that:
- Pay their rent on time every month
- Rent your property for a long period of time
- Treat your property with the respect and care it deserves
- Cause the least amount of problems and stress
RRI, as an experienced property management company, has seen thousands of applications and we have the skills, expertise and experience needed to screen applicants for warning signs. By allowing a management company to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process.
This kind of experience takes time, and as much as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company provides.
2 We Take Care of Legal Issues
RRI Property Management stays up-to-date with current landlord-tenant laws. Your property manager will ensure that these laws are followed to the letter so you don’t have to worry about tenant lawsuits. There are so many federal, state and local laws that you must adhere to when it comes to investment property rentals. Instead of trying to keep up with them as they continuously change, hiring a property management company will help you with legalities including:
- Tenant screening laws
- Safety conditions related to the property
- Eviction laws and procedures
- Inspection regulations
- Leasing laws and addendums
- Lease termination laws and procedures
- Security deposit requirements
- Rent collecting and late fee regulations
3 Keeping Tenants Happy
While it is easy to see the effects of lost rent, there are other equally serious problems resulting from a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing, screening and settling in a new tenant.
This is a time-consuming and expensive process that can often be averted because we, at RRI Property Management , know how to keep tenants happy. A property manager can address problems that arise with a tenant quite easily. The tenant will have someone to talk to right away for all their issues. Good maintenance and repairs keep tenants happy and preserve the value of your investment.
And guess what, you don’t take calls at 2AM. We do!
4 Get Effective Rent Collection
Consistent rent collection is key to a good cash flow. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring us, you put a buffer between yourself and the tenant, and allow us to be the bad guy who has to listen to excuses and still be firm, chases down rent, and when necessary, evicts the person living in your property.
If you let them, your tenants will walk all over you. Property managers have an advantage because tenants realize that wea part of our job are obligated to enforce the lease terms.
5 Increase The Value of Your Investment
RRI, as your property manager, will help you perform three critical tasks that affect how long it takes to fill your vacancies:
- Effectively market your property – We know the best most effective places and ways to market your property to get it rented quickly for the best price. We also can quickly separate the lookie-loos, and bad risks from the true prospective tenants and know how to show your rental to it’s greatest advantage to get it rented quickly..
- Improve and prepare the property for rent – We will suggest and oversee cosmetic improvements that maximize revenue.
- Help you determine the best rent rate – Determining the optimal price requires knowledge of the local market, data on recently sold comparables, and access to rental rate tools. Of course, the decision is yours but we can provide valuable input because we know the local market well.
For a description of the Property Management Services Packages we offer, including associated pricing, click here.
Reach out to us today. We are happy to answer any questions. 951-696-7090
Tags: Property Management Services, Advantages of Hiring A Property Management Company