A rookie landlord may decide to self-manage a rental property to save on costs. You might be hesitant and think that your property will not be given the attention it deserves. Contrary to your thoughts, having the full support of a reputable property management company will do wonders for your rental business.
In fact, there are several benefits one can derive from hiring a property management firm. Here are some of them:
Legal Expertise
Since property management companies’ core services focus on managing a rental property, they’re incredibly knowledgeable on the landlord-tenant laws. For instance, they will only ask the security deposit amount that is outlined in the law all while following the proper procedure on how to store it.
Property management companies can also help you handle evictions, property disclosures, creating the leasing agreement and so much more. Professional property managers also ensure that they stay updated on new laws and changes to existing ones.
High Caliber Renters
There’s always pressure to keep your rental unit occupied, but don’t let this need to fill a vacant property rush you through a tenant screening process. Property management companies have the time, expertise, and resources to conduct thorough screenings. They’ll choose tenants who can afford to pay the rent on time and observe the leasing agreement.
Property management companies prioritize filling a vacant unit with quality renters. Their management skills and experience allow them to know which tenant will be a responsible renter. It’s because of this knowledge that they will make fair and professional decisions while always keeping your best interest in mind.
High Probability of Occupancy
It can be troubling to keep experiencing turnovers. If you’re a less experienced landlord, you might encounter this issue time and again. This can be easily handled by property management companies. Their skills in marketing, rent setting, and property care and maintenance can save the day.
Property management companies have the network and expansive resources to lean on. They can partner with agents and advertise your property on various platforms. They may even participate in community events to gain more exposure, distribute flyers, and market by word-of-mouth.
They also know how to perform rental analysis so your rental prices are optimal. They’ll ensure that you aren’t charging a rent that’s too high, thus driving away prospects, or too low to reduce your income.
Long Retention of Tenants
A high tenant turnover can result in a financial loss considering you still have to perform maintenance on the property without an income to dip into. Turnover also mean you have to spend more time and resources to attract new tenants.
Property management companies are great at tenant retention. For one thing, their specialty is centered on managing both the property and renters. It’s their job to be efficient and effective at handling any issues that may arise with the property and its tenants. With this kind of focused attention, renters are more likely to feel cared for and heard, thus making them more likely to renew leases and continue renting.
Save on Repair and Maintenance Costs
Managing your own rental requires a large investment of time and resources. One of the most time-consuming responsibilities being the need to hire a contractor for every repair and maintenance request. Before you can hire someone however you have to conduct research to ensure that the contractor has good reviews, is quick at responding to requests, and has fair pricing.
It should also be noted that property repairs and maintenance requests can pop up at any time. In order to keep tenants happy and ensure that you're complying with all landlord-tenant laws, you need to respond to issues quickly.
Property management companies have a solid network of licensed contractors that they rely on to repair the property damage. Management companies can also call on these contracts anytime.
Additionally, they get to benefit from discounts since they’ve worked with their network of contractors for a long time. This helps save property owners a lot of money in the long run since property damage is inevitable the longer your rental is used by renters.
Effective Rent Collection
Self-managing landlords can experience stress when collecting the rent. A tenant might make a late payment or skip a payment for a month.
When you work with a property management company, as your representative, it’s their responsibility to deliver the monthly rent collection to you consistently. They’re able to ensure that tenants pay on time. In the rare and unfortunate case where a renter is unable to pay, the company is able to proceed to legal eviction by sending the appropriate notices.
Gain Peace of Mind
Between maintaining the property and tending to your tenant's needs, it will be challenging to balance the other responsibilities in your life. When emergencies in your rental property happen, you’re expected to drop everything and rush to resolve the situation. This can lead to burnout and high stress.
By hiring a property management company you gain peace of mind knowing that your tenants and property are being taken care of. You can also rest easy knowing that they’re following landlord-tenant laws every step of the way. This opens up more time for you to manage other facets of your professional and personal life.
Bottom Line
Property management companies leave you with plenty of freedom without the risk of neglecting your renters or your properties. For a reasonable fee, you can benefit from the in-depth knowledge and skills that a property management company has to offer. If you are looking for our long list of areas we serve, check out the areas we serve page. We serve Morris, Somerset, Bergen, Essex, and Union counties.
What are you waiting for? Contact Lone Eagle Management today and learn how they can help you manage your properties!