Why Your Rental Property Needs a Property Manager
As an owner of rental property, there are many responsibilities you have. This can, at times, also lead to many hassles. If you are not really a hands-on landlord, too busy, or you are feeling stressed, it is a good idea to hire a property manager. A good property manager, like Bancroft & Associates can take care of important details revolving around your property. It’s no exaggeration to say that a good property management company is worth every penny with every hassle and headache they save you!
A property manager helps with:
- Screens out difficult tenants
As an experienced property manager goes through several applications, he/she knows how to get to the truth quickly about candidates. Their eyes are better trained than yours in reviewing an applicant’s paperwork and spotting potential red flags. By letting the property manager handle the screening, you will also be avoiding rental scams and discrimination lawsuits directed at owners. Allowing the property management company to manage the tenant screening process can also improve your chances of getting more reliable tenants.
- Reduces tenant turnover
A property manager responds to tenants and takes care of their problems in a timely manner. He/she ensures that tenants are happy. Happy renters, at the end of the day, are less likely to look for new rental homes and more willing to agree to reasonable rent increases.
- Ensures rent is paid on time
Property management companies deduct their fees from the monthly rent and so, are keen to ensure the flow of those payments. If the rent is not received on time, the property manager enforces lease policies. If a tenant persistently fails to pay rent on time, the property manager would know the necessary ways to deal with the situation. You would be free of the worry of tracking down rent payments.
- Shortens the vacancy periods
The period of vacancy between tenants will be remarkably shorter when the property manager oversees the points mentioned below:
- Preparing the property for rent
Before the property is let out, the property manager inspects every nook and corner to make sure that the entire property is in a good condition. If any part is damaged, he/she oversees repair. Other cosmetic improvements also eliminate the scope for any complaint by the tenants later. The tenants) also do not get the chance to negotiate with the price of rent based on inadequacies in the property.
- Deciding on the best rent rate
It is important to determine a rent rate that works both for you as the landowner and potential tenants. As per common knowledge, if the price is too high you are stuck in the lurch, waiting. On the other hand, if it is too low, you could be making a loss. The property manager will do all the research regarding knowledge of the real estate market in the specific area, data on recently sold comparable properties, and access to rental rate tools.
- Publicizing the property
Since an experienced property management company has written several ads, it knows how to get a larger number of candidates in a shorter amount of time. Due to the volume of ads that it regularly publishes, the property management company or rather its property managers can generally negotiate economic advertising rates both online and offline.
- Reduces the number of time-consuming & expensive legal problems
Equipped with the knowledge of the latest landlord-tenant laws, a property manager takes care to make sure that you are not left vulnerable to potential lawsuits. He/she saves you from possible legal and financial headaches that may be caused by troublesome tenants later. This avoids any problems for you. Notably, apart from the federal law, each state and municipality have their own laws. These include but are not limited to:
- Screening of tenants
- Safety and liveable conditions of the property
- Lease addendums
- Termination of leases
- Handling of security deposits
- Collection of rent
- Acts as a point of contact for tenant problems
Imagine something breaking or some problem arising at odd hours in your property. If you are a busy person or reside in another city or state, it is not always possible to go over personally and inspect it yourself. It is here that a property manager comes of use. He/she can address concerns round the clock and arrange for repair or replacement of the item. In case you have a difficult tenant who always seems to have a complaint, whether it is broken appliances or loud neighbors in the locality, you can relax. The property manager will take care of the calls.
Hiring a property management company provides multiple benefits. It lessens your stress and gives you the freedom to live and invest wherever you want.
At Bancroft & Associates in Tucson, AZ, we believe that “Professional Property Management Shouldn’t Cost…IT SHOULD PAY!” We keep our vacancy rates under 2% for our single-family residences, and under 4% for our multi-family properties. We have a preventative maintenance program to cut down on emergency and catastrophic events that would be much costlier to our owners. Our goal is PROFIT in YOUR pocket! We invite you to explore a relationship with Bancroft & Associates and believe that you won’t be disappointed. Call 520.881.4884 today!