A good property management company can prove to be an asset to the continued success of your business. Many investors will say that the value added of a great property management company is like finding a pot of gold. We're a little biased but we have seen the proof over and over in our business because by freeing the owners from the day to day operations of the property, they have more time to explore other opportunities and think more strategically of how they want to manage all their investments. The result is a much better ROI, even with our fees.
Let's look at some specifics as to what a good property management company can do for you:
Higher Quality Tenants
Screening potential renters is a process that many investors simply don't have the time to go through. Rather than getting a bad tenant out of your home, the better scenario is to never let them rent in the first place. A thorough screening process results in reliable renters and can:
put less wear and tear on the unit
have better and easier on time rent collection
will generally attract tenants who will rent for longer periods of time
eliminate renters who are likely to cause problems over the term of their lease.
We do this by spending the time necessary to determine all the information potentially available for a client and analyzing that information for proven warning signs. A good property management company, not only finds reliable renters but also protects the owner from potential scams.
Shorter Vacancy Cycles
A property management firm should be able to decrease your vacancy cycles by:
Maintaining or improving property for rent
Knowing the market
Effective marketing for tenants
We know what potential renters are looking for because we do this everyday. We suggest improvements that can increase the value of the property to the renter and maximize the rent which we can charge.
By knowing the market, we are knowledgeable in what like properties are renting for. Rather than decrease profitability, we often find that individual investors or home owners are actually charging LESS for the property than they could get.
We write hundreds of ads and know what copy sells. Our experience in attracting tenants is based on how successful each of these ads has been. Practice does make perfect.
Fewer Legal Problems
We spend a significant amount of time keeping on top of changes in legislation that can affect the legalities of a landlord-tenant relationship. Legal problems are expensive and time consuming and sometimes emotionally draining. Making sure these problems don't happen to our clients is what we do best.
Tighter Rent Collections
The process you use for rent collection and late payments is often the best indicator for success or failure as a landlord. If tenants don't have consequences for late or missed payments, they will pay late or not at all! Property managers have the process for handling these situations and also act as a buffer between the tenant and the owner. It's a classic good guy/bad guy routine but it works and takes alot of the headaches out of rent collection for the property owners.
Increase the Value of the Investment
We have a process that allows us to "catch" maintenance and repair issues before the renter complains. Repair problems can turn into rent collection problems and general headaches. By fixing or catching maintenance issues before the tenant, we can add to the renter's positive experience which, in turn, can lead to better referrals.
If you'd like more information on our services you you can return to the home page: Florida Property Management