Higher Quality Residents
An experienced property management company has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs. By allowing a management company to handle the screening, you will also be shielding yourself from rental scams directed at owners and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time and means avoiding bad residents, scams and lawsuits. It is arguably one of the most significant benefits a property management company will provide.
Fewer Costly and Time Consuming Legal Problems.
Landlords know it only takes one troublesome resident to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-resident laws and will ensure that you are not leaving yourself vulnerable to a potential law suit.
Shorter Vacancy Cycles
By determining the best rent rate and effectively marketing your property, an experienced property management company can effectively determine the best rental rate and knows how to effectively market your property to ensure shorter vacancy cycles.
Better Resident Retention
A good property management company will have a time-tested resident retention policy that ensures happy residents with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.
Tighter Rent Collection Process
The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your residents need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the resident which allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.
