Property management takes time, even for the most organized, patient individual. Fortunately, you don’t have to go it alone. A property management company can save you time in the following ways:
1. Tenant churn
Tenant churn is common in the Conejo Valley. The area is home to several universities, a healthy job market, and a large population. People move in and out all the time, leaving a slew of vacancies in their wake. If you aren’t working with a property management company, you’re responsible for everything—preparing and marketing the property, fielding phone calls and emails, showing the available properties to prospects, and screening and selecting new tenants.
2. Tenant screening
Property management companies use a legally sound, comprehensive process for checking credit rating, rental history, employment, and criminal background of potential residents. In addition, they have the time and resources to call prior landlords and other references to ensure tenants will pay rent in a timely manner and take good care of the property. They also know what questions to ask and what red flags to look and listen for in the reports and phone calls, ensuring they eliminate problem tenants before they ever move into your property. A professional screening and selection process minimizes the possibility of fair housing violations and lawsuits, too.
3. Systematic rent collection
A property management company acts as your shield. They manage tenants and enforce lease terms through a structured rent collection process. This ensures timely, dependable cash flow as well as adherence to all legal regulations for rent collection and dealing with late payments. This allows you to avoid legal problems with your tenants and present a reliable record of payments if issues arise.
As a landlord, you’re on call 24/7. If a pipe leaks, it’s your responsibility. If the A/C goes out, again, your responsibility. When maintenance issues arise, particularly when related to utilities, infestations, or safety, you have to drop everything and resolve the problem. Let a property management company do the heavy lifting. They’ll not only be on call but also able to search for reliable service providers, coordinate with tenants to arrange a time to fix the problem, and schedule follow-up inspections.
Property management takes time, but it doesn’t have to take up all your time. A property management company will save you time, not to mention stress.