When it comes to managing a rental property, it can be tempting to adopt a do-it-yourself method. This involves self-managing your property and understanding the rules and regulations related to your rental. However, in most situations, this is simply too inconvenient. You will end up spending too much time on your property – time that should be spent on other things that are more important to you.
Hiring a professional property management company can relieve you of your day-to-day duties. They will ensure that your property is always well-maintained and generates the greatest amount of cash flow. In addition, a professional property management company can add value to your real estate investment, which is why so many seasoned real estate investors partner with one.
If you’re thinking about working with a real estate investment management firm, we’ve broken down a few of the benefits below:
#1 Find the Perfect Renter
Tenant screening is a crucial but complicated process. If you don’t choose your tenants correctly, you can end up with an irresponsible tenant who will literally break your real estate asset. A professional property management company can tell who is and isn’t a “worthy” candidate for your rental property.
By renting only to responsible renters, you’ll be able to prevent problems such as late rent payments, property damage, and more. South Florida property management firms follow a strict tenant screening process and are skilled in identifying the ideal tenants for your specific property. Furthermore, they’ve been in the business for years – they know what “red flags” to look out for.
#2 Less Legal Issues
Real estate investment managers are well-versed when it comes to property management law. They can help you prepare a fool-proof contract, so you won’t have to worry about your renters going against their obligations. The contract will cover everything, so you can guarantee that there won’t be any disputes between you and your tenants down the road. You’ll also be able to collect fines and fees in accordance with the law.
A property management company can make sure that you comply with current local law. Laws are ever-evolving, which is why it’s vital to stay up-to-date. This, however, can be challenging if you don’t have the time. But if you’ve partnered with a property management firm, you’ll be able to be in full compliance at all times, even if you aren’t that well-versed.
#3 Shorter Vacant Periods
If your rental property isn’t filled, you won’t be able to earn rental income. Fortunately, professional property management companies can fill vacancies fast.
They will use multiple marketing methods such as social media advertising, listing homes on the Multiple Listing Service (MLS), and more. They will also evaluate when tenants are more likely to move – for instance, families will be more likely to look for a new home in the summer. More importantly, they know where to market your property – for instance, if you want to rent to the young crowd, they’ll likely list it on social networking sites.
A reputable property management agent will also remember to market your property before it’s even vacant. That way, the “gap” between two tenancies won’t be that long.
#4 Professional Tenant Management
Your property management agent will be your point of contact for all tenant-related matters. This translates to no late-night calls and complaints from tenants and a lot less stress for you. In case your tenant calls to report a crisis (e.g. a leaking faucet), your point of contact can arrange for a contractor to take a look at it. They’ll be able to make choices on your behalf so that you can “take a break” from property management from time to time.
They will also deal with tenant-related disputes. If two tenants are in a disagreement, your property management agent will de-escalate the situation and attempt to mediate. Property management agents are professionals when it comes to conflict resolution. You won’t have to worry about problems between neighboring tenants.
#5 Efficient Rent Collection
The collection of rent is a critical component in rental property management. Rent needs to be collected on time every month to provide consistent cash flow. Unfortunately, not all tenants understand the importance of rent collection. They end up either paying their rent late or not paying their rent at all.
By engaging the services of a property management agent, you’ll be able to delegate the task of rent collection to professionals. Property management agents can be the “good cop” who ensures that rent is paid on time, and that fines are implemented, if needed.
#6 Proper Eviction Handling
It can be tricky to deal with contract violations, but a reputable property management company should be able to deal with them professionally. In the event that a tenant violates the terms of their rental contract, a property management company will ensure that the proper eviction procedures are followed. That way, you will be able to avoid litigation, and guarantee that the law is followed at every stage.
#7 Access to a Vetted Vendor Network
Don’t waste your time looking for vendors. When you work with a property management agent, you’ll be able to benefit from their network of vetted vendors. Whether you need a plumber to take a look at a leak, or a contractor to improve the property, they can connect you to any industry professional.
As a bonus, they can obtain certain services at a lower rate. They’ve established a network of vetted vendors whom they can count on to provide top-tier services for a fraction of the standard price. This can save you a significant amount of money, considering how often you’ll have to conduct property repairs, improvements, and more.
Looking to Partner With a Professional Property Management Company?
For professional property management in South Florida, look no further than Luxury Property Care. Our experts are here to provide you with unparalleled property management services, ranging from tenant screening to repairs. We’ll make sure that your property is properly managed, and that you continue to generate high rental income for years to come.