Owning and renting property is a great source of supplemental income. However, renting is a lot harder than having a tenant sign a lease. Instead, you have to pay attention to maintenance and repairs, communication, marketing and more. You may not have the time to maintain the apartment or home or to talk to tenants every time a repair is needed. A property management company Gilbert AZ is an investment now that saves you time, money and stress.
It is hard to screen out all of the red flag tenants that are drawn to a listing. Property managers understand how to review applications to find the right fit. They understand how to find people who will pay the rent on time and take care of the space. Property managers will look at applications that show a solid credit history or record of paying rent on time and will consider their work history, personality and more.
Marketing the Rental Itself
Experienced property managers understand how to market a rental. This means taking high-quality photos and staging the space, writing advertisements for different types of websites and holding open houses for would-be tenants. Taking care to invest in a property manager who has marketed spaces before means the apartment or home will be filled quickly. After all, if the rental is vacant, then you will not earn the rental income.
Set the Rent Rate
Though you bought the property, you may not know how to rent it. Property managers often have a lot of inside information about what normal rental rates are like for a neighborhood. They will take the time to research recent developments in a community, the best features to highlight and what comparative properties are rented for. This ensures you do not under-estimate the value of the space. If the rent is set too high, the property might be vacant for a while, which costs you money.
Handle All Communication
No one wants to move into an apartment or home only to have an absentee landlord. A property manager is there to act as a liaison between you and the tenants. If something breaks, you may not have the time to drive up and inspect the space or even to return calls and emails. The property manager will address tenant questions or concerns quickly and can even handle the repair. Your property manager is there to respond to complaints about garbage pick-up or noisy neighbors.
Work with Your Schedule
Property managers know you are incredibly busy, which is why you are making this investment in the first place. If you want to be hands on, they can accommodate that, and if you want to be hands off, they are ready for this too. Property management services are there to serve your needs. If you want to meet the tenants or look at applications, the property manager will send them.
Save on the Repairs
Property managers often have relationships with plumbers, electricians and other professionals in the area. In exchange for using their services, these contractors often provide discounts. You can expect to save less on maintenance fees thanks to working with a property manager. Similarly, because they are experts in the rental world, they can inspect the apartment or home before calling a contractor. They know what to look out for if there is a leak, and they may even be able to do some of the repairs themselves.
Lower Tenant Turnover
Life is easier when tenants like their rental and decide to stay for a few years. Turnover means more time has to be spent finding new tenants. Expert property managers understand how to keep renters happy. This means responding to their emails or calls, hiring great contractors to service the rental and making sure people feel heard. When people feel listened to, they are happier. Property managers are hired to serve the tenants and landlord’s needs. When people have a point person to call, they are happier and more likely to stay in the space.
Collect Rent on Time
If someone pays their rent late, it can really disrupt your cash flow. Investing in property management services means that rent is paid on time. Most managers have their fees paid from the rent, so they are just as motivated as you are to have payments come in on time. Property managers will make sure to address if rent is paid late or if a check bounces, and they will enforce any and all lease policies to hold tenants accountable.