If you are reading this, there is a good chance you are considering hiring a professional property management company, but are not sure if you should or not. We’ll break down three benefits and talk about the associated costs.
If the property stays vacant for long, you will not earn any rental income, but your expenses continue for somewhat of a double whammy. Since getting the right tenants is not easy, let professional property management companies do the work for you. They can find you tenants easily, thereby avoiding dry months when there is no rental income coming to you. They get you a fair market price which is the number one criteria for getting a property rented quickly.
Professional property management companies have seen and leased hundreds of features, study market trends, and have access to data that helps them prepare an in-depth market analysis, tools, and experience that help them find the optimal price to attract tenants and provide steady rental income.
Top companies know that nice professional photos make your property stand out to busy online searchers. Hire an experienced professional property management company that has worked with many renters. They know what amenities tenants are looking for and how to highlight the strengths of your home. They definitely know how to make your property shine. If your property requires some minor upgrades to increase the home’s marketability and rental income significantly, the company will know what to recommend so you can get your rental ready for tenants.
Strong knowledge of all local, state, and national fair housing and landlord-tenant laws are required for you to manage your rentals properly. If you make rookie mistakes, like asking the wrong questions and taking too long to make certain repairs, you’ll be lead to hefty fines, lawsuits, and other legal problems. For instance, landlords usually find themselves in legal cases over security deposits which they charge tenants for property damage. This is because what the landlord sees as damage, the law and tenant may see as normal wear and tear.
On that hand, property management companies have years of experience handling such cases following the law. Moreover, they can save you, the owner, significant losses and hassles that come with a lawsuit. They can track changes in the rules, and many companies like RentVest will regularly consult with real estate lawyers to ensure that their practices remain compliant in all areas, such as lease administration, holding, and returning security deposits, rent collection and enforcement, issuing late notices and fees, doing inspections, and allowing entry to the rental property, and processing eviction procedures.
A thorough screening process can help avoid many problems that come with problem tenants. This will help you not get unruly, irresponsible people without a track record. You can get higher paying tenants who request less for repairs, thus saving you a lot on maintenance fees, damage to property, and headache. Professional property managers will ensure that you get a proper screening of possible residents to avoid these problems later.
A rental manager will have the tools in place to check criminal records, credit, work history, bankruptcies, and evictions. They also make out time to call prior landlords and other references provided by the tenant. They can ask the right questions, can identify any red flags, and may even listen for reports and make phone calls. They do all this to ensure that the problem of the problematic tenant does not arise.
The fees vary from each professional property management company. One company that charges $75 flat per month may be more expensive than one that costs $99 a month because of additional fees. RentVest is not talking hidden or junk fees. These are fees that other property management companies openly charge you up front once you are ready to sign a contract.
RentVest charges a couple of fees depending on the area you are located. In Arizona, we are revolutionizing the industry by charging only one price for a complete property management package. We charge only $99 a month, which saves owners an average of $892 even after considering the flat rate that other companies that charge less per month!
In other areas, we charge a flat rate of $80 a month plus 50% of first month’s rent once a tenant is placed. Additional fees include $250 lease renewal, inspection fees, and rent-ready charges to get your property in tip-top shape.
Vendors are vetted and qualified and bill you directly. You have access to our discounts for lawyers and accounting and other benefits.
RentVest is a leading professional property management company and is among the fastest growing in the nation. Through affordable pricing, personal service, and transparent communication, we make investing in rentals a pleasure. Contact us for more information.