6 Ways A Property Management Company Helps Protect Landlords
As a real estate investor, you are always looking to purchase new turnkey rental properties that bring great returns and passive income on your investments. Because of this, you know that it’s often necessary to invest in rental property that isn’t located near where you live. This means that you need to have a property management company in place to handle the day-to-day details, and much more. If you wonder just how valuable a property management company can be in keeping things running smoothly, here are six ways your turnkey rental property management company earns its money and protects your interests at the same time.
1. Screening Tenants
As a landlord, the last thing you would want is tenants coming and going who are always causing you one headache after another. Whether it’s skipping out on rent, being late with rent payments month after month, damaging your property, or having various problems that have police at your property as much as the tenants themselves, relying on a skilled property management company to screen tenants can make your life much easier. By verifying a potential tenant’s income and employment history, conducting a background check, and contacting references, your property management company ensures that you consistently get only the most responsible tenants for your rental property.
2. Pricing Assessments
Like any investor, you aren’t buying property to lose money. Even if you are an experienced investor, the ever-changing real estate market can be tough to judge at times. By having a skilled property management team already in place, they can compile regular rental market analysis reports. Along with giving you an instant view of current market conditions, these reports can also make sure you don’t lose out on possible leasing rate increases that are currently taking place within the market. Ultimately, this will help protect your profit margins.
3. Knowing the Law
Even if you are the best landlord on the planet, there will be times now and then when certain legal situations may present themselves. Since all towns and cities have different regulations about rental properties, it is a complex process that can be confusing, especially if you don’t live near the rental property in question. By making sure you have a well-trained and knowledgeable property management company handling things for you, they can always stay on top of local regulations and ensure your properties are always in compliance with existing laws. When this occurs, you keep more money in your pocket, rather than spend it on fines and penalties. As an added bonus, owning problem-free properties makes tenants more eager to rent from you, keeping your properties full and rent payments coming in, month after month.
4. Upkeep and Maintenance of Property
As a long-distance landlord, you of course cannot be expected to be hands-on regarding the upkeep and maintenance of your rental property. Again, this is where a property management company you trust can prove to be invaluable and make your life much easier. Whether it’s plumbing or electrical repairs, keeping the grounds looking their best, or perhaps tending to the installation of a new roof, your property management company serves two key functions in this area. First, they will ensure that the work gets done in a timely manner. But perhaps more importantly, your property management company will screen potential contractors to make sure they are experienced, licensed and insured, and can do the work at rates that are reasonable, and that will not eat into your profits.
5. Regular Supervision
Since you won’t be nearby to check on your properties on a daily or weekly basis, having your trusted property management company around to handle general supervision tasks can give you quite a bit of peace of mind. Having your property management company on hand locally to keep an eye on your turnkey rental properties staves off potential issues before they even have a chance to start. In fact, when tenants know that there is a local property management company in place, it gives them peace of mind as well.
6. Accessible Support
Last but certainly not least, having a property management company in place to oversee and manage your turnkey rental properties means there will always be accessible support to handle any problems in an expedient manner. Whether it is a pipe that breaks in the middle of the night, an issue that requires the presence of law enforcement, or other matters that require immediate expertise from those who know all aspects of real estate, you can rest easy knowing your property management company will be at the ready and up to the challenge when you need them most.
When you buy a turnkey rental property from MartelTurnkey, your investment property already has a property management company in place. You can continue using them, or you can always hire a different property management company of your choosing. However you want to do it, you’ll be able to rest easier knowing that your property management company is on hand to serve your needs.
“What I liked about Martel Turnkey compared with other turnkey companies is that they rented the property out before selling it to me. They signed the lease and sent it over for me to review before closing. This is something that other turnkey operators haven’t done for me in the past.”
~ Steven, Long Beach, CA