When you pick the right property management company, you’re going to get a lot for your money. Even with the property management fee, you’ll have better cash flow coming in on your rental property. The point of professional management is to get you better marketing, better tenants, longer tenancies and shorter vacancies between tenants. When you work with an outstanding property manager, you have less delinquency, shorter vacancies between tenants, less turnover, and volume discounts on maintenance. These are the things you can expect to get for your money.
There is also an investment relationship in place. Your property manager is going to know all the laws – and there are a lot of them. There are local, state and federal laws, licensing regulations and HUD fair housing guidelines to understand. There are FTC laws on satellite dishes and a long list of things you need to know as a landlord. These are just a few examples. A property management company like ours will help you navigate those laws and keep you compliant.
One of the most important things a property manager can do for you is to provide a great tenant and ensure a great tenancy. We want to find you someone who is in the top five percent of tenants so you have a responsible adult living in your property who will take care of the house and pay rent on time. Every single tenant will be screened for income, credit and criminal backgrounds. A thorough tenant screening adds tremendous value to your residential rental. It ensures consistent cash flow and good stewardship of your investment. Remember that this is your most valuable asset and you don’t want to leave it in the hands of someone who isn’t qualified to care for it.
An experienced property manager will make decisions that maximize your cash flow, lengthen tenancies and keep your home rented to good tenants. At 33rd Company®, we have an average tenancy of three years. People are always willing to renew our leases, and that provides value for our landlords.
Finally, remember that documentation is important. You need rock solid leases, written processes and procedures and documented disposition summaries. Good documentation will help you get results with your property.
If you have any questions about property management and what you can expect, please contact us at 33rd Company®, and we’d be happy to assist you.