Benefits of Using a Property Manager
If you own an investment property that you’re looking to rent out to tenants, the services of a property management company can come in handy. Here is a look at the key benefits a property manager can offer you.
1. Fewer problem tenants
Experienced property managers see hundreds of rental applications and are experienced at screening tenants, reference checking and reviewing rental history to ensure you receive high-quality tenants. You of course have the final say as to who rents your property.
2. Handling property viewing and marketing
Prospective tenants will want to visit your property before they proceed with the lease which means you will have to make yourself available on weekends, in the evenings or whenever they express their interest to view your property. Not having the time for it can translate into lost tenants. Our property managers can take on the task for you to speed up the process of finding good tenants.
They also handle the marketing side of things, responding to tenant queries online and exploring ways to reach out to them.
3. Taking care of contracts and legal issues
Our property managers ensure that the appropriate lease documentation detailing all responsibilities of the owner and tenant are in place. They also brief you about your legal responsibilities towards your investment property, such as timely repairs of items that may cause personal injury, to keep litigation at bay. When a tenant wants to terminate his/her contract, our property managers ensure that it is done properly so that new tenants can be sought quickly.
4. Reduce your risk
By engaging a property manager you reduce the chance of having a vacant property therefore lowering your risk of lost income. Also reduced risk of damage with regular inspections and detailed reports to you. Allowing you to maintain the condition of the property in a managed time frame.
5. Service fees are tax deductible
A property manager costs approximately 7-10% of your total rental income, however the services and expertise offered by a good property manager is worth much much more than this fee, plus in many cases the agents service fee is tax deductible.
