When you are thinking about renting out your property, you will more than likely begin to wonder what you’ve gotten yourself into. Renting and maintaining your own properties for tenants can be a difficult process if you’ve never done it before. Fortunately, with companies such as property management businesses, you can get all of the help and support you need to ensure that the transition from building owner to landlord is a seamless and profitable one.
There are many different benefits to hiring on a property management company to do the work for you, but what are they exactly? Well, the top reasons that experienced and inexperienced landlords now hire management companies are:
- Often times, property management companies will require a higher standard of tenant to rent your property. Usually this leads to the assurance that your tenants will pay on time, rent for longer periods, cause less problems overall, and will usually put less wear and tear on your property.
- There are fewer costly and time-consuming legal problems. Through the screening of tenants, maintenance of property conditions through professionals, inspections, evictions, terminating leases, handling security deposits, rent collection, lease addendums, among many other sticky situations, you are ensuring that your rental property is in capable and expert hands.
- With a property management company in your corner, you will have your rental property filled longer than it sits vacant. With the ability to repair and improve the property after the prior tenant has moved out, this will ensure that the unit is ready to be rented out quickly and efficiently.
- The retention of loyal tenants is much higher. If there is a high turnover rate due to the inability to keep up with the problems on your own, your business will be hemorrhaging money that you need to maintain the properties. Fortunately, property management companies are experienced in keeping their loyal tenants happy, which boost the retention and lessens turnover rates greatly.
- At the end of the year, filing your taxes when you are a landlord can be difficult. This is another bonus of hiring a property management company; they can help you to understand each and every deduction that you can claim when you are renting out your properties.
- They come with a much lower maintenance and repair cost as they often times hold contracts with local professionals. This will enable you to have any tenant’s maintenance problems resolved quickly and efficiently.
As a whole, there is very little to lose from hiring on a property management company, and much to gain from them. The biggest task that you will face is trying to find the right one for you and your property.
Ingrid Peterson is a freelance blogger for Real Property Management East Valley, a property management Chandler AZ business.