Renting out your investment property is one of the most effective ways to achieve stable returns over a long period of time. However, the key to success here lies in hiring a dependable property management company that can manage your rentals with efficiency.
You can expect to eliminate the following potential challenges and hurdles by hiring a property management company that you would have otherwise faced as a landlord.
Uncertainty About Who Is A Quality Tenant
You need renters who are financially sound, have a long-term stability, and are committed to fulfilling their responsibilities as a tenant. It may be hard for you to identify the best applicants on your own because almost every applicant looks amazing on paper.
A high quality property management company will be an expert in the tenant screening process that will help ensure that you don’t accept renters who may end up causing property damage or who habitually fail to pay the rent on time.
Inefficient Transitions
When the tenant transitions occur in a smooth and efficient manner, your property stays rented. This is one of the key challenges you may face on your own as a landlord. But if you entrust a property manager to take care of your rentals, they will have systems in place to ensure efficient transitions.
Your property management company will typically require adequate notice from the renters before they leave. They will also make it a point to show your property to a new tenant while the previous one is still in residence. This will help you overcome the hurdle of expensive gaps that inefficient transitions will cause. Vacancy expense is often the highest expense you’ll incur as a landlord.
Low Retention Rates Of Good Tenants
You need your quality tenants to rent your property for as long as possible. However, in reality, good quality tenants are hard to retain because they have equally high expectations from you. Studies have shown, for instance, that the single most critical aspect a quality tenant cares about is maintenance response time.
Similarly, good tenants are demanding about the general amenities as well as dedicated service and attention to their concerns. When you work with a reliable property management company, they will do everything to retain quality renters by providing an outstanding level of service 24×7. Happy tenants are more likely to stay in your property for longer time periods.
High Incidence Of Payment Delays
If your rent collection systems are lax, the incidence of payment delays is going to be higher, no matter what is the overall quality of your tenants. Similarly, if the renter is required to pay an additional bill for some services, or reimburse the cost of repair for tenant damage, you need these payments made on time.
Experienced property managers put in place collection procedures to minimize delays and defaults. To begin with, a property manager will ensure that the terms and conditions of the lease agreement are robust enough to protect you against rent payment default or property damage.
The property management company will digitize the payment collection systems to make it more convenient for tenants to pay because convenience increases compliance.
The Right Management Company By Your Side
AllView Real Estate Management has an experienced team who can optimize everything about the leasing and management process—from start to finish. At AllView, delivering exceptional real estate management experience is our obsession. AllView Real Estate Management is Orange County’s premier property management and investment firm. We offer not only exceptional property management, but also real estate investment consulting and management. Call us at (949) 400-4275 or send us an email at info@allviewrealestate.com for real estate investment expertise.