The Benefits of Professional Management Services

Better Quality Tenants

Tenant screening is nearly as much art form as it is a duty. Your professional property manager is the gate keeper and their experience helps them to recognize “Bad Tenants” quickly. Certainly it is possible to get a bad tenant out, but it’s a real hassle and you are so better never letting them in the gate in the first place. A complete screening process results in reliable tenants that:

• Pay on time

• Stay longer

• Care of the unit better

• Usually cause less problems

Experienced property managers have screened thousands of applications! They are keen to various rental scams that are out there and are usually able to spot a “professional tenant scam”. They know how to become a regular detective when things do not look right. Professional managers are also not personally involved in the process, they take the emotions out and make decisions based on verifiable facts and are not afraid to say NO to avoid risk to your property. Professional property managers help protect owners from fair housing violations and discrimination lawsuits from inconstant screening processes. These things take time and experience to learn and are one of the best reasons to use a professional property management services. 

Shorter Time on the Market

Professional property management are experience with getting properties rent ready and on the market. This will affect how long a property may sit without income.  

Property managers know what it will take to improve and prepare the property for quick rent. They may suggest inexpensive cosmetic items to improve the appearance for rentals. Most managers also have access to an assortment of vendors who are skilled in rental turn over. 

Experienced managers research the market often and know the local market. They are able price the property at the best rental rate. Too high and a property will sit too long, too low and the property is losing money. Access to all local market data enables managers to set pricing realistically. 

Professional property managers are skilled in writing your ad copy and placing it in various media quickly. Most are automated to hundreds of rental sites around the country. This brings in a larger pool of potential renters to choose from. Professional managers also dedicate a good deal (if not most) to answering leasing calls, setting showings and pre-screening tenants.  

Increased tenant retention

Tenant turnover is extremely expensive. Each time a tenant moves out there are expenses for cleaning, repairs, utility transfers, painting etc. It takes time and money every time a tenant moves out. There are many reasons that professional management companies have a higher retention rate than DIY landlords. Here are few items that tenants have stated why they are happier with professional management services. 

• They feel safer with a professional person acting as their manager.

• They enjoy access to 24/7 maintenance services.

• They can easily make payments online. 

• They receive quicker maintenance response times.

• They feel protected working with a business vs. an individual. 

Quicker Rent Collection

Professional property management services have very strict rent collection processes. This can mean the difference between success and failure for a landlord. Most management companies have tried and true processes that ensure each tenant is treated the same way when it comes to rent collection, late fees and notices. Your manager is able to act as a buffer between you and a tenant who is having a hard time paying rent. This is where property managers have a real advantage, most tenants understand that they are doing their job and must enforce the lease. It is much easier to collect someone else’s money, most property managers attest. 

Property managers are also well vetted when it comes time to begin the eviction process and most know that waiting to file an eviction is never going to end well. Knowing the laws in your state and how to legally evict a tenant can save you some major problems. The court process can be challenging to navigate even for skilled professionals. This is not an area where you want to be on the learning curve. 

Professional management will get through the eviction process as quickly as possible and be ready to deal with the turn over after it is completed. This helps get your property back to making money as quickly as possible. 

Reduced maintenance expenses

Speedy maintenance and proper repairs help keep tenants happy and also preserve the value of your investment. Hiring professional management firm you gain access to both their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been screened for quality and price. Property managers develop these relationships over time and most have a very loyal team ready to do what it takes to help them out. These relationships have their perks as well, many times contractors offer additional discounts to property management companies because of the volume of work they receive from them. This is a huge advantage for landlords.  

Personal Benefits

• Reduced stress- No late night maintenance calls, dealing with late rent ( and excuses), not having to go to court for evictions

• Freedom - Live wherever you want with the constraint of needing to be close to your property- just in case. Travel without being tied to a computer or phone 24/7 for emergencies. 

• Enjoy your time - Time is money, and for many investors, their time can be more profitably spent in areas. When you hire professional management you’re working ON your business, when you self manage your properties you work IN it. Rental property is supposed to be Passive income.

A final thought

Professional management can be a blessing when choosing the right one to fit your needs. There are a lot of different models out there. Some serve the needs of owners who want to be somewhat hands on; others are better suited to investors who just want to see their check each month. Take time to really talk with your prospective management company to make sure that you’re aligned with similar values and needs.   

Are You Looking for Property Management? Contact Results Realty for a Free Quote Today. 702-685-9999