A professional property management firm can add substantial value to your real estate investment. This is one of the main reasons why investors often prefer to employ their services in case they need to rent or sell their properties.
At first, glance, managing a property may appear relatively simple. For most people, it’s all about finding a tenant, collecting the rent, and having a repair man fix a few things here and there. Even though this might be true in certain cases, it is still never that simple. Just like with any other industry, doing something the right way requires time, experience, and the right resources.
If you hold the belief the belief that hiring a property management firm is an unnecessary cost, it is time you rethink your priorities. One thing you should know is securing professional property services eliminates most of the hassles associated with owning a rental property, which in turn helps you to save on future costs. The following are some of the main benefits that come with hiring a professional property manager:
Benefits of Outsourcing to a Local Property Management Company
Getting a bad tenant is something no property owner would want. As a result, you should have a thorough screening process in place that will help you to pick the most reliable ones. A professional property manager can adequately perform such tasks. They will assist you in picking tenants who:
Pay rent on time
Rent for longer periods
Cause less wear and tear on the unit
Don’t cause many problems
An experienced property management firms see’s thousands of applications every year. This means they can quickly dig for through candidate’s information and determine which ones might be a cause for concern.
By allowing a professional property manager to deal with the screening process, you will also be able to shield yourself from various rental scams directed at owners, and discrimination lawsuits due to inconsistent screening processes.
Fewer Legal Issues
Veteran property owners know that it only takes one difficult tenant to cause substantial legal and financial problems. An experienced property management firm has all the knowledge regarding landlord-tenant laws and will ensure that you are not left vulnerable to potential lawsuits. Each state has its own set of rules, so it’s important that you hire a firm that deals with Atlanta property management.
Shorter Vacancy Cycles
A professional property manager will assist you to perform 3 critical tasks that will affect the period it takes for you to fill up your vacancies, they include:
Improving and preparing your property for rent
A professional property manager can suggest and oversee any cosmetic improvements that will help to increase your revenue.
Establishing the best rates
If you set your rent too high, you might end up waiting for months before your vacancies are filled. However, if you set it to low, you could lose money yourself. Establishing the right price requires knowledge regarding the local market, information on recently sold or rented properties, and access to real estate records. A professional property manager has all these on hand to ensure that your rates are set just right.
Marketing your property
A professional Atlanta property management firm practically runs hundreds of marketing campaigns each year. This means they know what to say, and which markets to target in order to get a larger pool of potential clients in a shorter period of time. In addition, due to economies of scale, they can create and market ads at more affordable rates than if you attempted to do them yourself.
Better Tenant Retention
Even though it is easy to see the effects of lost rent, there are still other equally serious issues that come with a high tenant turnover rate. This is because the turnover process normally involves changing the locks, thorough cleaning, painting the walls, setting in new carpets, and marketing costs. All these activities are time-consuming. However, you can avert by employing the services of a professional property manager.
Hiring a professional Atlanta property management firm offers a great way to avoid unnecessary real estate costs. Even though you might have to go into your pocket to acquire their services, you will find that a property management firm is worth its weight in gold. Just like with any other profitable investment, it is essential that you have the right people work for you.