Do You Own a Home in Gilbert, Mesa, Chandler or the surrounding areas that you plan to use as an income property? While you may think managing it yourself will save you money, more often than not, this isn’t the case. Besides that, the headache of the management process, and all that it involves, almost never ends up being worth the money saved doing it yourself.
Here are 5 Excellent Reasons Why You Should Hire a Property Management Company to Manage Your Investment
- Property Management Companies have Resources and Area Knowledge- Management companies are better able to get and keep your property rented which equals higher returns for you. Additionally they are familiar with the rental market rates and can price your rental properly. While you may think you can rent your property fast, the truth is a management company is likely to already have a prospective tenant for you and possibly one they have rented to before. This means less risk for you.
- Better Screening Experience and Process– Property Managers know what to look for and can weed thru the prospective tenants and choose the right one for your property. There are multiple benefits for property owners in having good tenants such as:
a.They pay rent on time
b. Put less wear on your home/some may even add value to the property
c. Overall cause less problems by abiding by the provisions outlined in the lease agreement
d. Rent for longer periods of time-more stable.
In general, renting to an unfit tenant can mean a lot of costly repairs or even an eviction which is a time consuming and expensive process for an owner, during which time rent is usually not being paid by the tenant.
- Oversee Cosmetic Improvements and Preventative Maintenance – Property Managers will have these on their radar, and will have relationships with contractors who will get the job done at the best possible price. In between tenants they will also oversee the cleaning and fixes that are needed quickly so you can get back to renting it in the shortest amount of time.
- Avoid Legal Hassles- Property Managers know the latest landlord-tenant laws and will ensure you are not leaving yourself vulnerable to a law suit. They are more equipped to notice safety issues on your property that need to be handled so that you may avoid such costly lawsuits.
- Better Tenant Retention-Keeping renters happy means less turnover. A happy tenant will stay longer, be timely with the rent, and keep your property in better shape. Property management companies/managers are in a position to be strict about the rent while still maintaining a positive relationship with tenants. How do they do this? Simple! By acting on behalf of the property owner puts a buffer between the tenant and the owner. This allows managers to be strict about rent collection without being the bad guy, since the tenants understand they are simply carrying out the wishes of the owner.