Most rental property owners love reaping the benefits of being in the rental property business until they hit a roadblock. Often, it’s because they matched with the wrong tenant.
Nothing is more frustrating for a rental property owner than a disruption in their income stream because a renter refuses to pay rent, has partaken in illegal activity, damaged the property, or has not informed the landlord about urgent repairs on time.
If you’re in the rental property business in a big city, whether you’re in Toronto or Florida, then it’s advisable to use the services of a good property management company for the following reasons:
Many potential landlords avoid using a property management company because of the costs. However, the right company’s services pay for themselves. For one, a landlord that uses antiquated mediums to find a tenant such as for rent signs and classifieds will suffer from lost revenue due to poor market reach resulting in longer vacancy.
The right property management company usually has renters waiting because of their proven marketing system. They will use their platform, connections, and multiple high-volume channels to quickly find several applications for your rental property.
What’s more, they can use their experience and expertise to help you set the right rent rate. If your rent is too high, then you’ll suffer from higher vacancy rates. But if your rent is too low, then you’ll lose revenue.
Matching with A Good Renter
One of the best ways to avoid the frustrations of dealing with an unreliable renter is to carefully screen all applicants before signing a tenancy agreement with one. This requires time and resources. Even if you like an applicant, just showing them the rental property on multiple occasions can take valuable time. You’d rather spend that time relaxing on the beaches or visiting local attractions.
Here, a good property management company can do the heavy lifting for you by managing the tenant selection process. They can examine employment information, reference checks, letters from previous landlords, identification documents, and credit reports to match you with an A+ renter who will pay your rent on time and treat your property with the love and respect that it deserves. Some property management companies even use the services of an experienced criminologist to identify any red flags.
To further save you the hassle, modern property management companies will manage showings, offer lease signing and other documentation services. They may even provide digital rent collection so that you don’t have to hear the sentence “the check must have been lost in the mail!” ever again.
After Lease Support
While some people enjoy being landlords, others don’t want the stress. They’re only in the rental property business to collect paychecks. If you’re interested in after lease support, then partner with a property management company that provides comprehensive services.
Such professionals will manage all communication with the tenant. They’ll fulfill most landlord responsibilities, including repairs, maintenance, and upkeep. Instead of having to drive across town to examine a bathroom leak, you can have the property management company manage the problem for you.
When things go wrong, the rental property business can be frustrating for a landlord. With the right professionals in your corner, you can generate revenue hassle-free.