There are many investors who understands the benefits of buying, renovating and renting out properties. There is so much money to be made. But when renting out properties there are important things you must address, and it can become overwhelming and time consuming. Using a Property Management Agency can help you through the process.
First is Marketing your Property
You have a rental property ready to go. Now you have to market your property. But who do you target? How do you market? Property Managers are experts in this process. They get to know your needs and adapt their marketing process to fit what will bring in the best renters.
Next, Screening Renters
This can be a time consuming and expensive process. Going through the rental applications and running credit reports are important steps that can’t be overlooked. A renter who has not been properly screened can cost you so much more on the back-end which decreases your revenue substantially. A great property manager knows exactly how to best screen applicants to protect your investment.
Point of Contact
Emergencies will happen. Without a property manager, you will be the one getting a call in the middle of the night for a water leak and every other problem that occurs. You will also have to handle all the questions and regular contact. Even with only one property, this can be overwhelming. A property manager will be the point of contact for most everything. Of course, they will address any major decisions with you. But for the day to day they are equipped to handle all the basic issues.
Getting Paid/Legal Issues
First and foremost, a property manager knows the legalities of the lease agreement. They will ensure that as a property owner, you are fully protected. They will help develop the lease terms and assure the execution before the renter moves in.
Then the terms must be enforced. Most importantly is the payment of rent. A property manager will ensure that the rent is paid on time. They will also be able to inspect the rental for any breaches of lease terms. A property manager will help protect you and they will ensure the income stream is not interrupted.
Repairs and Maintenance Costs
A great property manager has spent years establishing relationships with repair and maintenance companies. When there is a problem with your rental, they know who to turn to and in most cases, you will get a better rate. Because these maintenance people have worked with your property manager in the past or might even be employed by your property manager, you can be assured to have repairs and maintenance done quickly and efficiently.
Reputation of landlords is so important. If past renters have had problems, you can be assured that they will post it all over social media. This will be a problem when trying to rent your active properties. Also, if you are treating your renters well, they are more likely to stay. We all know that turnover will cut into your profits. A property manager will ensure that your reputation as a landlord is great. They will handle all the issues giving you the time to focus on ways to increase your revenues through investing in more properties.
A great Property Management Real Estate Agency understands your concerns and will help you through managing your property every step of the way.
Giraldo Real Estate Agents are here to help you every step of the way. At Giraldo Real Estate, we believe:
Everything starts with an idea that solves a problem!
We invite you to reach out to us today to help with any of your Real Estate needs.