Professional residential property management companies have systems and strategies to improve rent collection and on-time rent payments. This quick and consistent rent collection is absolutely critical in this real estate market where good cash flow can mean the difference between success and failure as a real estate investor.
Local Knowledge of Rental Rates
Property Managers have extensive local knowledge of rents and the ability to determine the highest rental rate possible for your property. Knowledge of rental rates is a key factor to fast rentals and quick cash flow.
Property Managers use a detailed application from each adult with photo identification, run criminal and credit checks, verify income, and call past landlords. Property Manager’s have set requirements and standards for accepting or declining an applicant and thereby ensuring you comply with fair housing rules and other local and state regulations.
Property Managers have experience in how to best market your properties so they are rented in the quickest time possible.
Property Law and Regulations
Property Manager’s have extensive and up-to-date knowledge of property laws and regulations and will assist you in making sure you are in compliance with your local, state and federal rules and regulations. Avoiding one lawsuit will more than pay for any management fees many times over.
Tested and Reliable Professionals
Residential property management companies will already have vetted numerous vendors, suppliers and contractors to make sure they provided good quality work at reasonable prices. Failure to properly vet these professionals can be a costly mistake.
Property Managers perform property inspections before, during and after a tenancy. Additionally, most Property Manager’s will perform routine property inspections annually. Faults in your property that are found quickly can be resolved before they become expensive items of disrepair.
Financial Records and Security Deposit Escrows
Property Managers will provide detailed income and expense reports saving you the bookkeeping headache. Property Manager’s will provide end-of-year tax reports for your accountant or financial advisor.
Emergency Calls and Shield You From Tenants
A residential property management company will shield you from emergency maintenance calls and tenant headaches. Imagine never having to deal with late night “my toilet is overflowing” call.
Bonus Reason! FREE TIME
A good residential property management company will free up your time for you to do the things you truly enjoy!