Rent Collection: A professional residential property management company has systems and strategies to improve rent collection and on-time rent payments. This allows you to ensure swift and consistent rent collection, which is absolutely critical in this real estate market where good cash flow can mean the difference between success and failure as a real estate investor.
Local Knowledge of Rental Rates: Property Managers have extensive local knowledge of rents and the ability to determine the highest rental rate possible for your property. With the internet and the ability to do large scale searches for rental properties, knowledge of rental rates is a key factor to fast rentals and quick cash flow.
Tenant Screening: A Property Manager requires a detailed written application from each adult. Additionally, Property Managers will run credit checks and also call past and present employers, landlords and other references. Property Managers have set requirements and standards for accepting or declining an applicant and thereby ensuring you comply with fair housing rules and other local and state regulations.
Marketing Expertise: Property Managers have years of experience in how to best market your properties so they are rented in the quickest time possible. Both offline and online marketing to maximize your properties exposure and find qualified tenants quicker which will reduce your carrying cost of a vacant property.
Property Laws and Regulations: Property Managers have extensive and up-to-date knowledge of property laws and regulations and will assist you in making sure you are in compliance with your local, state and federal rules and regulations. The rules and regulations include complying with fair housing regulations, the Americans with Disabilities Act and other applicable local, state and federal laws. Avoiding one law suit will more than pay for any Property Managers fees many times over.
Tested and Reliable Professionals: Residential Property Managers will already have numerous vendors, suppliers and contractors to make sure they provided good quality work at reasonable prices. Many Owners overlook this function because they do not know how to do it or because it is a time consuming and laborious process but could be a costly mistake.
Inspection Reports: Property Managers perform property inspections before, during and after a tenancy. Additionally, most Property Managers will perform routine property inspections to ensure the faults in your property will be found quickly and can be resolved before they become expensive items of disrepair.
Financial Records and Security Deposit Escrows: Property Managers will provide detailed income and expenses reports along with end-of-year tax reports for your accountant or financial adviser saving you the bookkeeping headache. Additionally, the managing Broker will also manage your security deposit escrow funds and make sure you are in compliance with local and state regulations.