Property investors don’t just need resources to find properties, they also need resources to manage properties. This is why so many rental property owners use the services of a property management company.
The best way to avoid assuming the full-time job of a landlord is to hire a property management company to take care of your rentals. When choosing a company, find one familiar with the area. So, a company that property management in San Antonio would be perfect if your property is located in the San Antonio area. These professionals will be familiar with the market there.
5 Resources Property Managers Bring to the Table
Although it may seem that you are saving money by not hiring a property management company, it is costing you money to do everything yourself. Besides freeing up your time to travel anywhere you want and adopt any lifestyle you’d like, a property management firm will do a better job for you when it comes to organizing your business because they will have more people on the job working with a wealth of property management resources.
Here, for example, are five resources that professional property management companies routinely use that can be leveraged by property investors.
1. Marketing Skills
Property management specialists know how to find the best tenants based on understanding how to advertise effectively. Online marketing skills are also important for lead generation and identifying the best tenants.
2. Sales Skills
Property management experts understand how to respond to telephone inquiries to persuade people to visit the property. They also know how to showcase the property in the best way possible, explaining exactly what tenants can expect once they sign up.
Their after-sales skills include showing tenants appreciation and keeping them informed on relevant issues. As a result of this courteous treatment, satisfied tenants consistently renew their leases without hesitation.
3. Screening Skills
First impressions don’t count for much when interviewing tenants because most people can present themselves as good tenants. Because professional property management companies realize that it’s easy to be deceived by people with good interview skills, they have a comprehensive screening process.
A property manager assigned to your rental property will have prospective tenants fill out an application. They will then run a credit and background check and contact previous landlords. Interviewing the tenant is the last step.
4. Managing Troublemaking Tenants
Despite careful screening, some tenants can change from good candidates to troublemakers. They start falling behind on their rent, dispute late payment charges, and fail to take proper care of their rental unit, sometimes causing considerable damage through ad hoc renovations or wild parties.
It can be nerve-wracking to confront such obstreperous tenants, especially if they are habitually intoxicated or tend to be belligerent. Experienced property managers know how to patiently work with disruptive tenants. They may either draw boundaries on what is permissible based on the lease agreement or arrange an eviction process based on their intimate knowledge of housing laws.
5. Handling Tedious Paperwork
Depending on how many properties you own, the amount of paperwork involved in managing them can be overwhelming. There is paperwork for marketing, paperwork for accounting, paperwork for leasing, and even paperwork documenting communication with tenants on various rental issues. This paperwork is not only tedious and time-consuming, but it can expand in scope because follow-ups may be necessary, too.
If you’re looking for cash flow to travel around the world for fun then real estate is a good place to generate it, particularly rental real estate, where tenants pay you month after month, year after year.