Being a landlord is a full time job that requires a lot of efforts and complete dedication. Though investing in a rental property proves to be a great source of income, many people hesitate to take it up due to the abundance of responsibilities that come along. If you live far away from your rental property or have other personal commitments to take care of, hiring a property management company can be a good option. It offers a myriad of benefits and allows you to reap maximum returns from the venture, both personally and professionally.
Given below are some of the benefits of hiring professional property management services:
Find High Quality Tenants
The biggest concern for most landlords is to find responsible tenants for their rental homes. This ensures timely payment of rent, proper maintenance of the home and fewer problems during the tenancy period. Professional property managers have a well-defined criteria for screening the applicants and finalizing on the most suitable occupant for your property. With experience in scrutinizing thousands of rental applications, they know how to extract the real facts and identify warning signs. They conduct an in-depth research about the tenant’s background, employment, rental records, income criminal history, previous rental experiences etc. to make sure that you are letting your property to the right person.
Efficient Property Advertizing
A property manager will use the most efficient techniques to advertize your property to a larger pool of prospective tenants. By posting high quality images and virtual tours of the home on popular MLS listings, he will help to set your property apart from the rest. You can even count on the property manager for some effective staging tips. He will evaluate the condition of your home and suggest improvements that can increase its rental value.
Strict Rent Collection Process
Collecting timely rent every month is important to ensure a consistent cash flow. However, at times, it may be difficult to handle tenants’ excuses and following up with the tenants who are behind on their payments. This is particularly true if you have to manage multiple rental properties. When you work with a property management company, you can rest assured that they will collect the rent on time and deposit it into your bank account. They ascertain that the tenants follow the lease terms and pay the rent by the due date. In case of delays, they know the proper and legal ways to deal with the situation.
Timely Maintenance And Repairs
Performing maintenance and repair tasks on time not only ensures a comfortable stay for the tenants, but also retains the value of your investment property. By hiring professional property management services, you can outsource the task to someone who has association with licensed and qualified contractors. This saves you from the hassles of attending to frequent maintenance requests and spending time on searching a reputable repairman. The property manager will conduct regular inspections of the rental home to identify and repair any potential issues before they pose bigger problems.
Better Tenant Retention
Property managers act as a point of contact between the landlord and tenants. When all the maintenance issues are addressed timely, tenants are less likely to look for another place to live in. This, in turn, will lead to shorter vacancy cycles for your rental home. You will also be saved from all the efforts of finding and screening new tenants, marketing, arranging visits, re-painting the home etc.
Fewer Financial Issues
A property manager will also assist you with the tax implications of owning a rental home. He will help you to understand and apply for the tax deductions that you may be eligible for. The agent will also arrange all the necessary forms and other documentation to file for the claim. Having in-depth knowledge of the tenant-landlord laws, the property manager will ensure that the process is carried out in a legal manner, saving you from any trouble in the long run.
We, at REAL Star Property Management, LLC, offer complete property management services in Killeen, TX. We can help you to find quality tenants and increase the returns from your investment property. For more information, you can call us at (254) 693 – 7850 or visit 3901 E Stan Schlueter Lp Ste 100, Killeen, TX 76542.