If you own an investment property that you’re looking to rent out to tenants, the services of a property management company can come in handy. Property management typically requires more time and effort than what is anticipated by most investors. This doesn’t mean you can’t manage it on your own. If you are familiar with, or have the time to familiarise yourself with, all the rights and duties of a landlord in the particular state, you can consider self-management. However, keep in mind that state laws change frequently and unless you revise your knowledge regularly, you’ll be at a continuous risk.
A competent Property Manager not only possesses a strong understanding of their role, they continually increase their knowledge of insurance requirements, changes to legislation and industry and market trends to ensure all clients achieve the highest level of service at all times
Here are some reasons why most investment properties tend to be professionally managed by property management companies.
Renting to trustworthy tenants
As a landlord, you must ensure that your tenants meet their tenancy obligations without hassles. A trustworthy tenant will take good care of your property and pay rent on time. Finding good, trustworthy tenants can be a time-intensive and exhaustive job if you are going it alone. An experienced property manager from Zenith Realty can take over the job of finding tenants, arranging a viewing, checking applications and conducting background checks of prospective tenants.
A manager can help you market and advertise the property better to attract prospective tenants. He or she will be present at all open house inspections as your representatives and help you secure tenants with good renting history.
Taking care of contracts and legal issues
Our property managers ensure that the appropriate lease documentation detailing all responsibilities of the owner and tenant are in place. They also brief you about your legal responsibilities towards your investment property, such as timely repairs of items that may cause personal injury, to keep litigation at bay. When a tenant wants to terminate his/her contract, our property managers ensure that it is done properly so that new tenants can be sought quickly.
Keeping track of rental rates
There is a tendency among first-time investors to overestimate rental rates, which can discourage prospective tenants. Our property managers conduct a market appraisal and provide an accurate assessment of the rent for your property so it can be marketed effectively.
Handling property viewing and marketing
Prospective tenants will want to visit and peruse your property before they proceed with the lease. You have no choice but to make yourself available on weekends, on evenings or whenever they express their interest to view your property. Not having the time for it can translate into lost tenants. Our property managers can take on the task for you to speed up the process of finding good tenants.
They also handle the marketing side of things, responding to tenant queries online and exploring ways to reach out to them.
Maintaining a professional relationship
It is not uncommon for issues to arise between landlords and tenants during the tenancy period. Disputes can result in late or unpaid rent. Our property managers serve as intermediaries to settle such situations and ensure that rent payment and property maintenance is not affected in any way.
A manager will be able to resolve conflicts faster and better, because of the overall involvement in overseeing the property. Cordial relationships and constant contact between the tenants and your manager will also help make the business relationship more profitable and risk free.
Timely repair and regular maintenance
Our property manager will ensure your property is maintained regularly and kept attractive for new tenants. Repair, restoration and maintenance tasks will be carried out promptly to help increase the value of your property.
Compliance with state laws and audit requirements
It’s the job of the property manager to stay up to date with the latest in state and federal investment laws and regulations. Further, your manager will know the local movement of rental prices and trends, allowing you to make changes in your offer appropriately.
However, if you are convinced that self-managing your investment property is the way to go, we are also able to assist you in starting this process. Contact us today to see what we can do for you.