Trying to manage your own rental property, while working and taking care of your family, can just about stress anyone out. Making sure that your property is well maintained and that the rent is getting paid can sometimes seem like a full-time job in and of itself. That’s why most real estate agencies that you deal with will tell you that a good rental property management company can be worth their weight in gold.
But just what does a property manager do for you outside of the obvious like collecting rent? We have decided to detail some of the most important jobs that a good rental property management company would perform.
Find and Rent to Higher Quality Tenants
Let’s face it, there are “good” tenants and “bad” tenants. We certainly are not talking about any specific race or creed of people but are talking about the financial responsibility of the potential tenants. The kid who has just moved out of his mom’s house that works part-time flipping burgers, and who has never paid a bill, may not be as good of a tenet than the engineer with a family of three.
This is because the family man will most likely make sure that the rent is paid in order to support his family, while the kid can always move back into mommy’s basement so why not spend the rent on video games.
If you do let a “bad” tenant move in, it is much harder to get them out of the rental property, so the tenet screening process is vital. A good property manager will have the skills and experience to streamline the tenet screening process and will know how to spot a “bad” tenet immediately.
The Mitigation of Legal Concerns
If you have been a landlord for some time, you will know all it takes is one bad apple to create a world of headaches. People will go to extraordinary lengths to try to get out of paying their bills and involving the courts is just one tactic they will use. Having a property management company who is up to date on all of the latest landlord-tenant law, as well as the legal experience so they can immediately and correctly oppose any court filing is essential.
There are a great deal legal concerns that a property manager can take care of. Things like evictions, inspections, the termination of leases and lease addendums can be easily handled by a professional who is knowledgeable in landlord tenet law. Even a single lawsuit that is avoided will more than pay for your property management fees.
Tenant Retention and Better Rent Collection Process
Having a constant turnover of tenants coming in and out of your property is surely a hassle. Not only does your property not collect rent while it is empty, after each and every move out you have to clean, as well as repair any damages, change the locks, clean or even replace the carpet and more. Then there is the marketing of the property that is for rent as well as the constant showing and screenings of potential renters after a move out.
If your tenant is taken care of, and knows that if there is an issue, they will get immediate attention, that tenet will stay living in your property. A streamlined system of care and tenet attention will be the landmark of a good property management company, and this process will keep your tenants happy and living in your property.
The system and process of collecting rent as well as how you handle late payments will make or break the success or failure of your property. Nobody wants to be the “bad guy,” however it is important that your tenants know that paying the rent on time is non-negotiable. Using your rental property manager as a buffer between you and your tenants is one of the best reasons to hire a Rental Property Management company.
Lower Maintenance Costs and Increased Value of Your Investment
A good rental property management company will have a well-established network of contractors and handymen and will respond and repair any damage to your property immediately. Stating on top of these repairs will mitigate the large repair bills that tend to occur if left untended. Knowing that the repair is going to be done correct the first time, will also save you a tremendous amount of money.
Another upside of hiring a property management company is they will have systems in place that will offer “preventative maintenance” for your property. This normally requires a written agreement with the tenant, where a repair man will regularly come and inspect the property for any damage or issues. This will stop any small issues from turning into large problems that would require massive repair bills.
Why You Should Pick The Rental Lister for Your Rental Property Management
The Rental Lister is the premier Las Vegas rental property management company. We have been in the business for over 20 years and have hundreds of happy clients. We guarantee that if we cannot rent or lease your property within 21 days, your first two months of management fees will be waived.
Also, if you are not happy with our property management service within 90 days, we will cancel your contract and return all of the fees that we have collected.
Call us today!