The importance of good property management

If you own a rental property, good property management is essential to insuring continued income from that property. Whether you own one rental or several, whether you intend to hold it for the monthly income or you just can't sell your previous home, you need to take care of that property to protect your investment. You have three choices when it comes to property management. 1) Do it yourself. This may work well for you if you only have one property and it's located near your home or place of business. You can visit it when needed to perform repairs. 2) Hire someone to take care of the property. This option works whether you own one or one hundred properties. Maybe the property isn't located near you, so visiting it for regular maintenance would be a challenge. Or maybe you just don't want or have the time to be the one responsible for repair needs. 3) Do nothing and let maintenance slip, lose tenants due to poor living conditions, and end up with a totally trashed house that you can't sell or rent. Obviously, option 3 isn't really a wise choice.
Let's look at some of the duties of a property manager, whether you are caring for your own property or hiring someone to do it.
1) A good property manager collects rents on time. If tenants are tardy, they are consistently reminded and or reprimanded. If tenants cease to pay rent, a good property manager will handle the eviction of the tenant for failure to pay agreed rent.
2) A good property manager screens incoming tenants to be sure they are a good fit for the property. This may include background checks, calling references including employers and landlords, and credit checks. If the owner has  stated that they do not want tenants with previous evictions, then the manger must screen for that. (Obviously, managers may not discriminate due to race, sex, or all that other legal stuff that's always in fine print.)
3) A good property manager takes care of maintenance issues promptly. Whether it's a leaky roof or a blown electrical circuit, a safe and well maintained home means happy tenants who pay their rents on time.
4) A good property manager promptly fills vacancies. The manager will use whatever advertising means necessary to fill the vacancy so that the owner doesn't lose money.
5) A good manager saves the owner money! By doing all these things, a good manager saves the owner money in the long run. The well maintained property keeps tenants longer, decreasing vacancies and costly major repairs. The owner saves money and time in trying to hire maintenance people or do the maintenance personally, and in trying to fill vacancies.
So you see, a good property manager is worth the money spent on them. Where do you find a good property manager? Start by contacting us! You can review our pricing here. We look forward to hearing from you.