Investing in real estate is a great idea until you find yourself struggling to collect rent and find quality tenants. Hiring a firm like Keyrenter in Richmond is one of the best ways to add significant value to your property. A good property manager takes it upon themselves to ensure you have quality tenants, and you are making money from your property. Here are just a few of the reasons why it’s time to hire a property management firm.
Attract Quality Tenants
Perhaps the greatest struggle of owning a property is finding quality tenants. There have been numerous occasions when a tenant starts out great, but soon they start to fall behind on rent or they end up with other concerns such as noise complaints. Keyrenter Richmond uses a thorough screening process to ensure the right tenants are found. Experienced property managers can dig through thousands of applications and find the tenants that are the most promising. When you hire a property management company, you are entrusting them to protect you from rental scams and other red flags from applicants.
Avoiding Legal Problems
A major concern for landlords is dealing with legal problems. Hiring a property manager allows you to avoid costly and time-consuming legal problems. Keyrenter Richmond has the knowledge of the latest landlord-tenant laws and protects clients from potential lawsuits. Some of the legal battles include:
- Proper tenant screening
- Property maintenance and safety
- Security deposits
- Rent collection
- Terminating leases
- Lease addendums
Reduce Vacancy Cycles
One of the worst things to deal with is when you have a large vacancy time period. If a property is left open, you are losing money. Hiring a property management firm is a great way to avoid vacancies or to drastically reduce vacancy cycles. Some of the things you can expect include:
- Preparing and improving a property for rent. Simple things like cosmetic improvements to recommending larger remodels can aid in preparing a property for new tenants.
- Selecting the best rent rate. Determining the best rent rate can be tricky. Professional firms have access to rental rates across the United States, making it easier to identify a fair rate for your property.
- Proper marketing of the property. Quite often one of the hardest things about owning property is trying to figure out how to market it to find tenants. Professional firms have a large network to use when it comes to marketing. Due to the volume of properties being managed, it can be easier for a property management firm to acquire cheaper advertising rates in newspapers, magazines, and online.
A key factor in hiring a property management company is to avoid losing tenants. Tenant retention is vital as it keeps a good tenant in the property for a long time. Tenant retention can avoid a number of expensive costs from remodeling expenses to advertising and marketing costs.
A good property management company will have a great tenant-retention policy that aims to keep tenants happy. For more information about property management, contact Keyrenter at Richmond today!