Investing in rental property is an exciting business opportunity, though becoming a landlord does also come with its share of responsibilities and tasks. In many cases, the best decision a landlord can make is to partner with an experienced property management service.
In this blog post, we will break down 4 of the primary benefits of hiring a property management company. These include securing high-quality tenants, shorter vacancy periods, more efficient rent collection, and efficient property maintenance.
Here in southern California, your premier choice for a property management company is HomeRiver Group. Let's get started.
1. Find High-Quality Tenants
A property management company will undergo a thorough tenant screening process to ensure that you find the most suitable tenants. A screening process will include the following:
- Background check
- Criminal record check
- Rental history check
- Credit check
- Employment history check
- Proof of income
High-quality tenants are those that pay their rent on time, do not give any trouble, and stay for an extended period of time.
2. Shorter Vacancy Periods
As we have highlighted above, finding high-quality tenants will reduce the likelihood of frequent tenant turnover. This increases income from rent collection and reduces the time, money, and effort spent on finding new tenants.
A property management company will prepare properties for rent (including making improvements that help to maximize revenue) and also determine the optimal rental rate. A rental rate that is too high, for example, may mean that prospective tenants are put off, while a rental rate that is too low might mean that the landlord loses money.
3. More Efficient Rent Collection
Collecting rent is an essential part of being a landlord. However, it can be a complicated process. While there are a number of methods of collecting rent from tenants, the most efficient way is for a property management company to oversee it.
A property management company will ensure that you avoid scenarios where tenants pay late and that any late payment penalties are paid.
4. Efficient Property Maintenance
A property manager will oversee the day-to-day duties of a property, which gives landlords peace of mind that their property is in a good condition for tenants. A property management company will have contacts with reputable local contractors for the speedy repair of issues if and when they arise.
This also gives landlords less stress and more free time. This is particularly beneficial if the landlord does not reside in the area where they have rental property and are therefore unable to monitor them personally.
Benefits of Hiring a Property Management Service
As the above information highlights, there are many undeniable benefits of hiring a property management service to oversee rental properties.
In southern California, choose the trusted team at HomeRiver Group. We will oversee all aspects of your rental property's management and ensure that both you and your tenants are satisfied. Contact us today to learn more.