If you own apartments or other rental units, you may not have the time, energy, or industry knowledge to manage your property properly. Still, you may be apprehensive about hiring a property manager.
Here are a few benefits that a professional property manager can offer.
Screening of Tenant Applicants
Great tenants can protect your property and your peace of mind. A tenant who is uncooperative can create issues that rapidly consume your time and money. Thus, finding the right tenants for your property is important.
Many property owners may only look at the financial capabilities of their prospective tenants. However, property managers are paid to delve a bit deeper into the qualifications and background of tenant applicants.
A professional property manager screens applicants to ensure that they meet specified criteria. They check databases to ensure that a prospective tenant is not a felon or listed as a sexual offender. Additionally, they verify the person's employment and may speak to prior landlords about the tenant's behavior at previous properties.
The intensive verification process helps protect you and your property. On the front end, you know whether or not the tenant can pay the rent in a timely manner and whether they have exhibited destructive behavior that could damage your property and its brand. The screenings also help ensure that you are not unduly liable for issues that may arise from having a felon living in your building.
Helping to Ensure Your Property Stays at Maximum Occupancy
In order to maximize your rental income, you need to maximize your occupancy. Empty units don't yield income.
A property manager can help ensure that a unit is immediately ready for a new tenant when a renter decides to move out. They can inspect the space and order repairs and replacement items as needed. Additionally, they may be tasked with overseeing the marketing of your property to make prospective tenants aware that your property exists.
Even if there is no current space for another applicant, the property manager can maintain a list of qualified prospects to move into a space as soon as it becomes vacant.
Responding to Tenant Needs
In order to keep tenants happy, it's important to respond to their concerns promptly. Issues such as leaky faucets or insect infestations can cause a tenant to look elsewhere for their next lease.
Property managers can respond to the needs of your tenants quickly and efficiently.
If you would like to learn more about the benefits of property management, schedule a consultation with a real estate professional in your local area.