Owning rental property can be a great investment; however, keeping it appealing to potential renters can be a hassle at times. There are a lot of things to consider, and, in today's blog, HIP Realty w…Read More
One of the most annoying parts of being a landlord, surely, is maintaining constant, trustworthy tenants. This is especially true if you own multifamily housing and have to balance multiple apartments at once. It can be hard to meet everyone’s expectations on a daily basis while maintaining the integrity of your property overall. Indeed, more tenants means more profit, as well as more responsibility, and it’s easy to make the mistake of missing that correlation. Many landlords will find themselves overwhelmed with customer demands and then find themselves earning bad reviews at the end of the lease term.
However, a property management company can make earning good reviews and keeping tenants turn over to a minimum. They work day and night to ensure that every one of your tenants is happy and satisfied and don’t have ongoing repairs that still need to be resolved. They’re prompt about rent and often provide a payment portal that makes paying on time far easier.
This preemptive approach to tenet treatment and customer service ensures long-term tenants who stay around for longer amounts of time and decrease the amount of vacancies you have to fill at the end of each lease.
Additionally, when vacancies inevitably happen, property management companies have strategic and effective means to get those vacancies filled faster than ever. They have more marketing dollars at their disposal, they have tried-and-true methods for filling vacancies, and they know where their marketing efforts will go farthest. This makes keeping vacancies to a minimum far easier and increases profits over time as they build long-term relationships with good, happy tenants.
A good property management company doesn’t just have access to better marketing strategies to help you fill those vacancies. They’re better at weeding out potentially undesirable candidates. They have years of experience across multiple properties and multiple areas that have helped them be able to spot a good tenant and recognize a bad tenant more readily than ever. This expertise could help you avoid investing unnecessary funds into the apartment later on. A bad tenant will likely leave your place worse off than they found it. They may smoke until the paint on the walls absorbs the tobacco. Poorly-behaved pets might ruin the carpet, and other disasters could occur.
Identifying the sort of tenant that’s prone to ruining what’s not theirs is a skill. One that is based on years of experience and careful analysis. Property managers are quick to spot it, and when one slips through the cracks, they’re already prepared with an arsenal of skilled team members that will ensure quick tenant turnover, and even navigate leases that have been rendered null and void by the tenant’s behaviors.
With a laundry list of things to do before a new tenant comes into a home, it can be hard work to keep those todo lists in line and get them done on time. With a property management company that you trust at your side, however, you’ll be able to turnover and repair your units with ease. Property management companies are known far and wide for making the tenant move out and in process far easier. You can rest assured that their team of cleaners will ensure the place is spotless, and they’ll manage any complaints that the tenant provides afterward. This eliminates your need to own a carpet cleaner, invest in new painters all the time, and get scrubbing on your hands and knees.
They also provide services that maintain the cleanliness of the property overall, beyond just the look and feel of the interior.
Developing relationships with contractors of any kind is a time consuming process. You’ll need to find a contractor, try them out on a property and hope they complete a satisfactory job. If they do, you’ll repeat the process for all of the things you can’t do for your properties, ranging from landscaping to plumbing and beyond, to replacing appliances and more. If the original contractor should fail at any point, you’ll be back to square one, trying to find a partner that will help your business succeed and take a little of the load from your shoulders.
With a property management company, you won’t have to worry about that. They’ve already done all the vetting and testing of the contractors they use to re-paint, re-carpet and even clean your house or multifamily apartment building. You won’t have to ever consider it again.