You may know that property managers screen applicants for past evictions, poor credit and criminal backgrounds. And that they collect rent payments and send someone to deal with maintenance issues.
But did you know property managers can also rent your property faster, make your life easier and save you money?
What Makes a Good Property Manager
Before we get into specifics, let’s first establish what distinguishes a good property manager from–well, a bad one.
In addition to helping you find qualified, reliable tenants, a good property manager knows rental laws, keeps you in the loop about your property and works to help you maximize returns. Some are investment property owners themselves. They communicate well with you and your tenants and remain professional at all times. In most areas, qualified property managers will be licensed or certified.
Benefits of Working with a Property Management Company
Beyond the basics, here are five ways that professional property management can help you reduce costs, increase revenue on your property and save you hassles.
A rental property manager can rent your property faster by using survey marketing tools to analyze the marketplace, getting you the best price for your property without scaring away tenants.
Attractive Photos and HD Video Tours
In real estate, photos matter. Renters expect to see them in rental ads. Choose a property manager who uses a professional photographer who can work a camera to maximize space and use lighting to its advantage, and you’ll attract more prospects. Even better, a company that uses HD video to showcase the interior and exterior of your property. The more people who are interested in your place, the faster it will start earning rent.
Accessible Online Portal Applications for Owners and Tenants
Maintain control of your property with the right technology. With property management companies that use an online portal, you can access account transactions, financial reports, and tenants can pay their rent online anytime. Financial transactions happen more quickly and you’re never in the dark about your investment.
No Contractor Markups
When I speak to property owners, their biggest complaint is contractor markups – a percentage fee that some managers add to the cost of any work done on your property. Hire a company with an in-house maintenance staff and cut your costs. And instead of markups, some property management firms get a deal with preferred contractors, savings that gets passed on to you.
Tax Preparation, Utility Bill Payments and Eviction
Need an accountant? Some rental management companies can hook you up with a CPA, take care of your utility bills and handle evictions.
Gordon James Realty provides property management services in D.C. and VA.
– By Stacy Sare Cohen