A thorough screening process results in reliable tenants that:
Several areas including but not limited to:
There are three critical tasks that affect how long it takes to fill vacant properties:
While its easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing, screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.
A good time-tested tenant retention policy that ensures happy tenants in the long term. These types of programs require a consistent, systematic approach.
The way you handle rent collection and late payments can be the difference between success and failure. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. If late payment, the rent should be chased down rent and when necessary, evict the person living in your property.
Good maintenance and repairs keep tenants happy and preserve the value of your investment which is a very important part of property management. By having both in-house maintenance staff, as well as a good network of licensed and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the firm able to get volume discounts on the work, but they also know the contractors and understand maintenance issues such that they are capable of intelligently supervising the work.
Preventative maintenance is achieved by through putting systems in place that detects and deal with maintenance and repair issues early on, before they grow into larger more costly problems. This requires a written maintenance check program, detailed maintenance documentation and regular maintenance visits. The management firm can also offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.
Less stress - Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who do not maintain their property, any rental scams, lousy vendors, access paperwork. Free up more of your time - Time is money and for many investors, their time can be more profitably spent in areas other than servicing their properties. Owners can allow the Property Management to focus on their properties, allowing them to work on ways to grow their business.
Contact us to see how we can Manage your property