If you are a landlord who is looking into the possibility of hiring a property management service, there are some advantages you should know about.
It can be a tough decision to hand over a property to someone you don’t know.
You depend on the rental income and maybe you even lived in the property yourself, or perhaps had your business in your commercial property for some time, so you would want to know it’s in good hands. After all, the goal of a landlord is for the property to stay occupied with good quality tenants who are reliable and will treat the property with the same respect they would.
It’s all about finding the right property management company to take care of everything for you. If they can meet all your needs, you won’t have to worry about every little detail of keeping your property rented, or turning it over to new tenants.
Here are some things that you should expect from a property management company that if done well, will give you a huge advantage over other rental properties, keeping your investment rented and cash flowing.
Property Management Marketing
One key advantage of having a property management service working for you is the marketing aspect of the service. A property needs to be rented to be profitable, so it’s important that it be well marketed to attract new tenants.
A good property management service will advertise your property through various avenues in a way that attracts attention. They will have access to key marketing methods that a property owner may not have access to. They should take good pictures of the home and be available daily to show the property or answer questions. Since this is part of what they do every day, there is minimal delays in getting the property rented.
The Property Turnover Service
A property management service will make sure that the property is ready to show again very quickly after a tenant moves out. Most will be able to accomplish the property turnover within three days (for residential properties). The property may need to be painted and various maintenance tasks performed prior to renting. The carpeting, floors, shelving, and walls should be clean and pristine looking.
The property management company has access to local contractors who do quality work. They’ve gone through contractors already and chosen those who do the best work at the best prices. A landlord would be on their own to find the various contractors needed or would be doing everything themselves.
Dealing With Problems
Whether it’s a leaking water heater in the middle of the night or a tenant who refuses to pay rent, there is a myriad of problems associated with being a landlord. A good property management company will have procedures in place to deal with any problem. They know all the tenant and property rental laws and regularly stay current on the requirements of both landlords and tenants. They know exactly what to do for an eviction to help you recoup the most possible from the situation. Also, the tenants have access to 24/7 emergency repairs which are all managed by a qualified property manager.
One of the jobs a property management company has that you may not know about is to perform research on local real estate marketing trends. They will be able to tell you the maximum rent you can collect and what you may be able to do to maximize your investment.
This is very valuable information because if the rent is too high, the house will sit empty for long periods. If it’s too low, the landlord will be losing investment income. If the house needs to be updated in order to rent at a good price, the property management company will be able to advise you about what repairs will make the most difference. In the end, if you follow their advice, the rent and home will be attractive to a good tenant.
For a free property analysis in the San Diego Region, Call Makana Property Management, Inc. today!