Why let a home sit empty when you can rent it out for some extra income? I know what you’re probably thinking, “being a landlord is too much hassle and work, and I just don’t have the time.” While it’s true that the rental business is a fulltime job in itself, hiring a property management company, such as Paramount Management & Realty, can deal with all the problems associated with renting while you sit back and enjoy the profits.
A property management company thoroughly screens potential tenants to help reduce the chance of renting to a bad one. While a bad tenant can be removed from a property, it typically takes an extended period of time and an abundance of effort on the part of the landlord. With proper screening however, which a property management company provides, you are more likely to have reliable tenants that rent for a longer period of time, pay the rent by the due date, and cause less problems.
One of the main purposes of a property management company is to fill your property and keep it filled. In order to do this, they must properly prepare and improve the property. This means providing regular maintenance to keep the property looking its best. They also have the knowledge to the optimal price, which is vitally important to keep it desirable for tenants while still making you money.
Reduction in Tenant Turnover
The rate as to which your property experiences tenant turnover can make or break your profits. When a tenant leaves the property, you are left with the cost of cleaning, painting, carpet replacement, repairs, and changing locks. That’s not including the costs associated with finding new tenants. With a property management company, they work hard to keep the tenants happy and satisfied so that they stay longer.
Improved Rent Collecting Process
Collecting the rent is one of the most difficult tasks associated with renting property. It’s a sensitive situation that can leave you frustrated and stressed. A good property management company knows how to successfully navigate the rent collection process, making sure the rent is paid on time every month. This gives you a consistent flow of cash without having to be the “bad guy”.
While hiring a property management company does take a piece of your rental income, it saves you the stress, frustration, and hassle associated with renting property. The benefits that property management provides far outweighs the cost.