A property management company can be a great resource for property owners who are looking to rent out their property. Property managers will come up with a property lease agreement and make it easy to collect, manage and disburse rental payments on time for the property owner’s tenant. The following are some of the most important benefits of using a property management company.
Efficient property management
A property management company will typically handle advertising and screening potential tenants for the property owner so that he doesn’t have to waste his time doing this part of the rental process. They also will handle showing the place to prospective renters, helping them sign leases and making sure they pay rent on time. The more difficult parts of running property such as ongoing maintenance will typically be handled by property management companies as well.
Trained property managers
A property management company that manages a large number of properties and property owners is likely to have professional property managers that are very experienced in property management. This means that your property will be kept in top shape and you won’t need to worry about whether things like collecting rent, paying taxes and other important tasks for your property are being handled correctly.
Tenants screened by property managers
Property managers typically screen potential renters thoroughly before allowing them access to the property owner’s rental property. They will look at tenant history as well as current financial information such as where they work and whether they’ve had any past encounters with law enforcement agencies so the property manager can weed out those who might not pay rent as well as those who might cause property damage.
Prompt property tax payments
A property management company is likely to handle property tax payments on time and make sure that they are paid by the property owner as well, so you won’t have to worry about whether your property taxes will be paid before they’re due.
Maintenance handled by property managers
Property managers typically hire and oversee maintenance professionals for the property owners that they work with. This means that your property will always receive prompt care and attention whenever it needs anything repaired or maintained. It also means that routine maintenance such as lawn mowing and garbage removal can often be taken care of all at once rather than having individual tasks delegated to different tenants who live in the rental property and don’t know when it’s best to schedule property maintenance.
Prompt property lease renewals
When your property needs a new property lease agreement, property managers will typically be able to negotiate and renegotiate the terms of the property lease with prospective tenants so that their clients can save money on property leases when possible.
Property management company saves you time
Time is one of the most valuable resources in life and using a property management company means that you won’t have to spend any time advertising for renters, interviewing potential renters or screening them for past encounters with law enforcement agencies.
“I have found clients with investment properties managed by property managers are often far quicker to go off the market because there are effective strategies in place from the get go” says home designer Gary Hamer.
Property management companies handle this part of property ownership all at once and ensure that only responsible tenants who are likely to pay rent on time move into your rental property.
Easy property repairs
When property repairs are needed, property management companies often have professional repair people on staff who can make them right away rather than having to wait for the property owner to find time to do it.
“We have fantastic relationships with property managers who enlist us to make repairs at the homes they manage” says the flooring specialists from Quality Timber Flooring, “Because we have long-standing history with property managers we often prioritise those jobs”.
This means that your home’s property value will be preserved and you won’t need to worry about whether or not your rental property is still in top shape.
No property tax surprises
Property managers typically know what property taxes are owed and when they’re due so you won’t have any unpleasant surprises regarding property taxes as long as your property is managed by a reputable property management company.
Property manager saves you money on insurance
The cost of renter’s insurance goes down substantially when you hire a reputable property management company and this means that property owners can save money on renter’s insurance premiums whenever property management services are used.
“Our clients often enlist us for added security and optimised insurance” explains security company Sunshine Security, “We find clients who use property managers have even lower premiums”.
Property manager saves you money on property taxes
If property taxes aren’t handled correctly, property owners can pay far more than they should in property taxes and property managers help their clients avoid overpaying on the property taxes that the rental property is likely to owe each year. This is another area where property managers often save their clients a substantial amount of money every year.