If you own an investment property that you’re looking to rent out to tenants, the services of a property management company can come in handy. This is because managing rental property is almost like working full time or running a business. There are multiple tasks to be handled and legalities to fulfil. Here are some reasons why most investment properties tend to be professionally managed by property management companies.
Renting to trustworthy tenants
As a landlord, you must ensure that your tenants meet their tenancy obligations without hassles. A trustworthy tenant will take good care of your property and pay rent on time. Finding good, trustworthy tenants can be a time-intensive and exhaustive job if you are going it alone. An experienced property manager from Professionals Real Estate can take over the job of finding tenants, arranging a public viewing of your property, checking applications and conducting background checks of prospective tenants.
Taking care of contracts and legal issues
Our property managers ensure that the appropriate lease documentation detailing all responsibilities of the owner and tenant are in place. They also brief you about your legal responsibilities towards your investment property, such as timely repairs of items that may cause personal injury, to keep litigation at bay. When a tenant wants to terminate his/her contract, our property managers ensure that it is done properly so that new tenants can be sought quickly.
Keeping track of rental rates
There is a tendency among first-time investors to overestimate rental rates, which can discourage prospective tenants. Our property managers conduct a market appraisal and provide an accurate assessment of the rent for your property so it can be marketed effectively.
Handling property viewing and marketing
Prospective tenants will want to visit and peruse your property before they proceed with the lease. You have no choice but to make yourself available on weekends, on evenings or whenever they express their interest to view your property. Not having the time for it can translate into lost tenants. Our property managers can take on the task for you to speed up the process of finding good tenants.
They also handle the marketing side of things, responding to tenant queries online and exploring ways to reach out to them.
Maintaining a professional relationship
It is not uncommon for issues to arise between landlords and tenants during the tenancy period. Disputes can result in late or unpaid rent. Our property managers serve as intermediaries to settle such situations and ensure that rent payment and property maintenance is not affected in any way.
Call or drop into a Professionals office near you for more information on property management.