The term “haggard” comes to mind as you field tenant complaints, chase after monthly rent checks and begrudgingly fulfill your new role as maintenance guru. Date nights, weekly bowling and shaving have come to a ceasing halt as you ponder the last time you slept in. Your bank account is dwindling and you are guzzling Malox at the speed of lightening. Your dog no longer recognizes you and you wonder what in the world you were thinking when you elected to forgo hiring a property management company.
Screening: Experienced property managers fly through thousands of tenant applications with hawk-like precision in a matter of hours. Red flags such as low credit ratings, poor references and exotic pets are no deterrent for professionals who thrive on pairing quality tenants with prime properties. Property managers are trained to sniff out potential pitfalls, thus considerably increasing your chances of renting to a high caliber tenant. Such process decreases the likelihood of frequent tenant turnover as the company will strive to keep the tenants happy.
Payment: Property management companies generally subtract their fees from monthly rent collected from tenants. This means that they are motivated to ensure the timely and efficient flow of monthly rental payments and understand appropriate processes in the event that eviction becomes necessary. Property managers understand lease contract lingo and are experts at enforcing rental policies.
Maintenance & General Concerns: Property managers facilitate general maintenance and repairs as well as field overall tenant concerns and complaints. This means that you are now free to go on vacation because the next time Mrs. Waters calls to complain about the neighbor’s dog, you won’t be the one answering the phone.
Bottom Line: Property management companies are experts at handling the day-to-day operations of the rental world and are a great asset for rental real estate owners. When you consider the burdens alleviated by such seasoned professionals, choosing a property management company to work for you is a rather wise investment.