Owning residential investment property is potentially an effective way to make money. However, extracting a profit out of that investment is not as easy as it seems. Owning a real estate property is one thing, but managing and maintaining it is another.
So, as a responsible owner, you must ensure that your real estate property is appealing, all its basic utilities are working fine, and the common areas are well-kept and clean.
Now, this is where the services of a professional property manager come in. If you own multiple real estate properties, hiring professional property management services can be a great idea.
A professional property manager or property management company will not only take proper care of all day-to-day concerns of your real estate units but also conserve your valuable time and money in the long run.
How do Property Managers Help?
Below listed are 7 ways that professional property managers can effectively help you save money and make the most out of your real-estate investment.
1. Keeping Your Rental Property Occupied
There’s no doubt that a vacant rental property is a drain on your resources. No tenant means no income to cover taxes or amortization. Professional property managers have one or more leasing agents who can conduct promotion activities, tours, and viewing to find prospective tenants.
2. Advertising Your Property
Empty real estate properties usually require proper advertising to minimize vacancies. Professional property managers are well connected and follow the most effective advertising techniques. They can easily bring you the best tenant applicants that want to rent your property.
3. Tenant Screening
A bad tenant can cost you hundreds or thousands of dollars. Property managers can run credit and background checks on rental applicants and qualify those prospective tenants based on standards that follow legal regulations. One of the most important aspects of having a profitable rental property is proper tenant selection and retention.
4. Attending Real Estate Unit’s Repairs
Every real estate property needs on-going repairs and maintenance. Whether it is plumbing leaks, broken floorboards, or a leaking roof, an experienced property manager will work together with his repair crew to address all repair issues at your property. This will save you a lot of valuable time and money.
5. Implementing Maintenance Schedules
Conducting regular preventative maintenance inspections of your property, appliances and equipment is another best way to save money. A professional property manager will not only perform the necessary routine inspections in your real estate unit but also address unexpected breakdowns to avoid unwanted repair costs.
6. Enforcing House Rules
Ensuring that your tenants are not violating the basic rules and guidelines can be time-consuming for you. Checking on your tenants is usually challenging, but with a professional property manager by your side, they can ensure that all your rules and guidelines are being followed by your tenants.
7. Ensuring Timely Rental Collections
One of the best things that professional property managers provide are timely rental collection from tenants, usually at the start of each month. Moreover, a professional property manager will also ensure that the tenants in your real estate unit are happy and satisfied and have no possible reason not to make their rental payments on time.
The Bottom Line
Using the services of a professional property manager is the best way to satisfy all your major concerns regarding your rental property’s occupants and save you time and money in the long run.
Are you looking for property management in San Jose, Los Gatos, Campbell or elsewhere in Santa Clara County? Call Valley Management Group at (408) 286-4200 and talk with property management professionals who can take care of all the management needs of your rental property.