Whether you’re a sophisticated landlord with numerous properties or have just acquired your first rental property; the goal of every property owner is to maximize rental income, and minimize operating expense. Property management can offer professional oversight of your property and ensure the long-term success of the landlord and tenant.
1) Eliminating Vacancy
Property managers often have an in-depth knowledge of leasing activity within a given marketplace. This means knowing what leases have recently been completed, and the financial specifics of those deals. As new vacancies come up, property managers can help fill these spaces quickly and reduce the amount of time that a unit is not generating revenue.
2) Expert Representation on Leases and Lease Renewals
Tenants will often involve a real estate broker to assist with reviewing their leasing options. The job of the tenant’s representative is to extract the best deal possible for their client. A good property manager advocates on behalf of the owner and ensures they negotiate from a position of strength.
3) Ensuring Tenants Are the Right Fit for the Property
It’s easy for a property owner to become focused on filling a vacancy quickly. However, putting the wrong tenant into a unit can become very costly down the road. Property managers typically will provide a comprehensive process for checking a tenant’s credit rating and rental history. This will ensure that tenants pay rent in a timely manner and take good care of the property.
4) Provide a Professional Interface Between the Landlord and Tenant
Most Tenants conduct themselves and their business in a professional manner. However, not all tenants are created equal. There will inevitably be occasions, for example, when a tenant is deficient in paying rent, or damages the property, or interferes with the business of neighbouring tenants. Property managers are experienced with handling these matters and ensuring the efficient operation of the property.
5) Professional Image
Part of maximizing rental income is ensuring the property projects a professional image. This will not only help attract higher quality tenants, but also to retain those tenants in the long term. The role of the property manager is to keep the property clean, well kept, and any issues are addressed in a timely manner.
6) After hours Support
No matter how well a property is maintained inevitably issues will arise that require immediate attention. While there is no convenient time for this to occur, it is especially inconvenient after hours, or while an owner is away on vacation. Having local property management offers not only peace of mind for the owner, but also for the tenants.
7) Reduce Maintenance Costs and Unexpected Expenses
Property managers often have a list of preferred service providers they work with on an ongoing basis. Based on the volume of work they oversee; property managers can often leverage their relationships and source work at a reduced rate. Property managers know the importance of being proactive when it comes to preventative maintenance and identifying areas of concern before they become major issues. This can save owners a huge amount of money in the long run.