Benefits of Hiring a Property Manager for Rental Properties

If you want to rent out your property for extra income, but you don’t think you will be able to manage all the added work, then this article is for you.

Managing your own property no doubt needs a lot of time and money. The biggest problem a property owner is likely to face is renting the property to the wrong people. Nobody needs the extra headache of running after tenants for problems like damaging their property, not paying rent on time, etc.

So, how do you deal with this and so many other problems associated with a rental property? The best solution is to use a Detroit property management company.

Here’s what your property agent will do for you:

Screen Out Problem Tenants

Screening for a tenant who has a clean record takes time and effort. While it may cause you a lot of trouble to look for the right tenant in so many applications, the property manager can do it quickly as they have the right training and expertise for the job. They can easily find you a tenant that is quick in paying rents and caring for the property.

Point Of Contact

Owning a rented property indeed has its monetary benefits but the owner also has the responsibility of keeping up with maintenance and repairs of the house. Plus, they will be accountable for responding to other complaints related to the property as well. This can be a big problem if the property is at some distance from the owner’s house.

The good news is that a property manager can take care of the maintenance of the property and the tenant’s complaints. They usually have contacts with all the service providers of the area and are in the best position to immediately resolve the repair and damage issues.

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Market Your Rental

Marketing the property well is the key to get as much financial benefit as possible from it. The property manager can market your property locally and through online rental sites. Using his real estate knowledge, they will ascertain the competitive rent for the property. Moreover, they will highlight the pros of the property to make it attractive and will be available for on-site visits of potential tenants, increasing your chances of good income.

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Decrease Tenant Turnover

Furthermore, the property managers are quick to respond to tenant complaints and to resolve them efficiently. This prompt response increases tenant satisfaction, and they will probably extend the lease even with periodic rental increment. The happier the tenant is, the more they are going to stay at your place. And with a manager at your hand, you don’t have to worry about keeping the tenants happy as well.

On Time Payment

Property managers’ pay is covered through monthly rent received from the tenant. Therefore, it is in their interest to ensure timely rent collections. People on rent often have a tight budget, and consistent demand for rent on time from the property manager helps timely payments. If the tenant fails to pay on time, the property manager will take standard actions required in these circumstances. This includes issuing warning and eviction notice against the non-complying tenant if and when necessary.

Legal Responsibility

Keeping track of legal issues regarding a property rental is where a property manager can be most helpful. These professionals have the knowledge of local property laws of rental properties along with owner’s as well as tenant’s rights. They can hold all lease agreements and keep a record of repairs, damages, and payments for the owner. They will also make note of any violations by tenants and take action when necessary. This will likely save the property owner money and hassle in the long run.

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Property Upkeep

Prevention is better than a remedy. It can be quite an uphill task keeping the rental property well maintained to avoid any emergency calls. The property manager can arrange for regular visits of service providers to stay ahead of any potential disaster like busted plumbing, malfunctioned wiring, etc. They will most likely get the discounted rates from a local maintenance service provider so it will be cost-effective as well.

Stress Free Life

Owning a rental property is financially useful, but it can quickly become a source of mental strain if not managed properly. It requires long term commitment and lots of paperwork, constant care of the property as well as keeping tenants happy. Hiring a property manager gives the owner a hassle-free rental property as all the workload is shifted to the property manager.

Conclusion

So these were some top perks of property management. While giving out your property on rent is a monthly income, no one likes the bother of keeping up with the long list of responsibilities. However, if you are still contemplating whether or not you should get a property manager, read all the above again to clear your mind.

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What Services Can I Expect from a Property Management Company In Detroit, MI?

08 Jan, 2021

We've all heard horror stories about problematic tenants and absent property managers, but what does the average experience of working with a property management company offer? Like most things, a lot will depend on the company you choose to work with, but overwhelming landlords and tenants will say that working with a good property management company makes everything easier. A property manager isn't just responsible for collecting the rent every month. Many companies offer a full-service approach to provide ease and peace of mind to landlords and an excellent experience for tenants. Preparation and Tenant Screening Great property management companies are involved in every step of the renting process, from preparing the unit, to maintaining it throughout the tenancy. This starts with property marketing. Property managers know the importance of not having vacant units for an extended time. View our available properties in Detroit The advantage of a company specializing in attracting and maintaining good tenants is that they know how to attract the right people. After a suitable applicant has been found, the property management company will then handle the entire screening process. This will include background checks and the removal of high-risk applicants from consideration so that landlords are left with the most qualified leads. The management company will also handle property showings, walkthroughs, inspections, and the documentation of the property's condition during both move-ins and move-outs. They will also take care of any necessary repairs that need to be done. Maintenance & Rent Collection In Detroit, MI, an exceptional property management company will also be responsible for maintaining the property while the tenants occupy the unit. Instead of needing to contact contractors or repair people and juggle their schedules with yours and your tenants, the property manager will handle it all from start to finish. Often, excellent property management companies will have their own connections and dedicated technicians to address emergencies on-site. Learn more about our Detroit Property Management Services Rent collection is another service that is provided by property managers. They will collect the rent on time every month and will be the ones to follow up with tenants if the rent is late. In the worst-case scenario, if you have a problem tenant, the property manager will also be the one to begin the eviction process and deal with all of the legal considerations of tenancy issues. Financial Reporting & Business Streamlining Ultimately owning a rental property is a job all on its own. Working with a professional property management company means regular updates on the business’s financials and access to accounting and financial services. The ability to have all of the expenses and revenue reflected and organized through a third-party can take a lot of stress and pressure off landlords. Get in touch with Suite Properties today Further, the peace of mind offered by a Detroit property management company can not be overstated. The time saved from showing suites, running background checks, vetting references, arguing about late rent payments, or dealing with problematic tenants is often well worth a management company's cost. Besides the time saved, it can also reduce a lot of stress and headache that occurs with problematic tenants or even just the regular upheaval of move-in & move-outs and the various steps associated with preparing the unit for a new occupant.