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Why You Should Hire a Property Management Firm A good property manager can offer substantial value to your investment, the reason experienced real estate investors always recommend hiring a reputable management company. Here are the most important ways this can help: Good Tenants
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The most vital part of rental property management is tenant screening. It is definitely possible for a bad tenant to be booted out of your property if they’re already in, but it’s a big hassle and you will be much better off never taking them in for starters. A comprehensive screening procedure brings in tenants who will:
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> Pay when due > Rent for a longer time > Cause less wear and tear > Cause fewer problems in general Less Expensive and Time-consuming Legal Issues Experienced landlords know it just takes a single problematic tenant to cause major legal and financial issues. A well-performing property manager has knowledge of the most recent landlord-tenant laws, especially those that cover: > Screening tenants > Property safety and conditions > Evictions and inspections > Lease addendums > Termination of leases > Policies on security deposits > Collecting rent Shorter Cycles of Vacancy A property manager provide help as you perform three vital tasks which impact your vacancy cycles, including: preparation and improvement of the the property for rent; knowing the best rental rate, and marketing. Better Tenant Retention A good property management firm uses proven tenant retention policies and techniques, ensuring you have happy tenants who are likely to stay around. Such types of programs follow a regular, methodical approach, which is how a good property management firm will excel. Stricter Rent Collection How you handle rent collection and delayed payments can spell the difference between your success and your failure as a landlord. To maintain consistent cash flow every month, you have to be able to collect rent on time, and your tenants should understand you’re not negotiating. Tax Assistance A property manager can teach you which deductions you can claim, as well as how to prepare the necessary forms and documentation so you can make such claims. Moreover, property management fees on their own are already tax deductible. Lower Costs for Maintenance and Repair With good maintenance and repairs, you can keep your tenants happy and uphold the value of your investment, which make them an essential part of being a landlord. When you hire a management firm, you have access to both their internal maintenance staff, as well as their contractors who are licensed, insured and bonded, and have already been evaluated for quality work and reasonable pricing. Boost Your Investment’s Value Preventative maintenance can be achieved by putting in place certain systems that spot and manage maintenance and repair issues early on, before they have the chance to become bigger and more costly to fix. Lastly, there must be a written maintenance check program, maintenance documentation complete with details, and continuing maintenance visits.