Benefits of using a Property Manager
If you've owned income property for any length of time, you know that rental property can be financially rewarding. At the same time, you've also likely discovered that rental property management requires a large commitment of time and effort.
While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting many hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. With this in mind, here are some critical tasks that The Franks Team as property managers will help you with:
- Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
- Collecting and depositing monthly rent payments on time: If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
- Marketing and advertising your property: Through long experience and out technical knowledge, The Franks Team will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
- Finding the right tenants: The Franks Team as property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
- Managing tenants: In addition to finding good tenants, we will manage all aspects of the tenant-landlord relationship. As your property manager we can handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
- Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only can we get you the best work for the best price, but we can also oversee any necessary maintenance or remodeling projects.
- Ensuring that you're in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
- Enabling you to invest in geographically distant properties: If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish. We can keep you up to date with investment properties as they hit the market for sale and help you expand your investment portfolio.
- Maximizing the profitability of your time: By having the Franks Team take care of the day-to-day aspects of managing your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
Call The Franks Team today to see how our property management services could benefit you.