The Importance of Property Management to Landlords and Tenants
Should I hire a property management company or self-manage my rental property? This is a question that gets asked quite a lot by landlords, especially newbies. If you have been asking this very question, then you are at the right place.
Upkeep Media Inc. suggests hiring a property management company due to the numerous benefits for both landlords and tenants. Best of all, you can rest assured knowing that your property is being taken care of by professionals.
As a landlord, for example, you’ll stand to benefit from the local knowledge the property management company has in finding quality tenants. Tenants, on the other hand, stand to benefit from quick and prompt responses to their repair and maintenance requests.
It goes without saying that hiring the right property management company can save you time, money, and stress.
Below we’ll go into detail on how a property management company can benefit both you and your tenant.
It’s almost impossible for you to run a successful rental business without having a good, professional relationship with your tenants.
Without a good, professional relationship, collecting rent, for instance, can be rather stressful. This is especially true if your tenant is prone to making late or, on some occasions, no payments at all.
Hiring a professional property management company can help alleviate this problem. They have the experience to handle delinquent tenants according to the stipulations laid out on the lease.
Benefits for Landlords: Working with a professional will help ensure strict adherence to lease terms. In addition, you may also enjoy better marketing strategies and tenant screening processes.
Benefits for Tenants: Tenants may enjoy high quality services. They will no longer feel like they are disturbing you by calling you at the middle of the night due to a plumbing issue.
By establishing a good, professional relationship, you stand to benefit from improved business.
For example, quick responses to tenant maintenance issues can lead to longer leases. This can lead to maximized profits. Also, a better tenant screening process can help ensure that only high quality tenants get to rent your property.
Benefits for Landlords: Landlords can enjoy low vacancies, quality tenants, and generally stress-free life. The free time can enable you focus on other things that matter most to you.
Benefits for Tenants: Nothing frustrates a tenant more like delayed repairs and maintenance issues. By working with a professional property management company, tenants can rest easy knowing their concerns will be attended to quickly and professionally.
The landlord-tenant relationship is one that is governed by a smorgasbord of federal, state and local laws. What’s more, these laws get being updated on a regular basis. Keeping up with these laws can, undoubtedly, be daunting for a landlord.
Fortunately, a property management company can help. They are not only knowledgeable about these laws, but they also usually have regular in-house trainings.
Benefits for Landlords: Landlords can rest easy knowing that their property is legally compliant. You’ll no longer have to worry about adherence to laws like the Federal Fair Housing Act, the landlord-tenant law, and habitability laws.
Benefits for Tenants: Tenants can rest easy knowing that their rights are respected. For example, a professional property management company is knowledgeable on tenant’s privacy laws.
As such, they will ensure not to infringe on a tenant’s right to quiet enjoyment of their homes.
Managing tenants can be a real pain. This is particularly true if you are a first time landlord or if you are managing multiple rental properties. Luckily, stress will be a thing of the past if you hire a good property management company.
You’ll no longer have to worry about things like:
Rent Collection: A professional property manager will ensure rent is collected without unnecessary delays. And, in the event that delays do occur, you can count on their experience to resolve the matter professionally.
Tenant Issues: Repairs and maintenance issues are usually the main concern for most tenants. Hiring a professional can help ensure such issues are handled promptly.
Quality Tenants: A property management company has the experience to find good, quality tenants. That is, tenants that pay on time, care for the property, and rent long-term.
Tenant Eviction: A property management company can also help you get rid of a problem tenant.
Clearly, a property management company can be a huge asset to any landlord. They can help you advertise your rental property, screen prospective tenants, collect rent, protect your asset and more.
That said, you can only get to enjoy these benefits only if you hire the right company. Thus, always do your due diligence prior to hiring one.