Hiring a professional Gainesville property management company can add a lot of value to your rental property investments. Investing requires making informed decisions, great attention to detail, and a large time commitment for dealing with tenants and everything else that comes with owning a rental property. Here are some of the benefits of using a property management company to protect your investments.
Connections to Service Personnel
It is almost guaranteed that maintenance issues will arise with each tenant, and the chances of your property manager having established connections to local service companies is very high. Hiring a property manager gives you access to professional maintenance, often at a discount due to the volume of rental properties that they manage.
Handling maintenance requests efficiently is also important for keeping tenants happy. A Zillow Rentals study on tenant retention cited maintenance issues as one of the top reasons they moved out.
Shorter Periods of Vacancy
A property manager can help prevent your rentals from staying vacant for too long by preparing the properties between tenants, creating effective marketing strategies, and determining the optimal rate for rent. A property management company will know how to maximize the revenue coming from your property through the monthly rental fee and cosmetic improvements made before putting a property back up for rent.
High Quality Tenants
Finding tenants that will stay on top of rent payments and keep the rental property in good shape can be very difficult, and if the owner does not have much experience in the rental/real estate industry, they might end up choosing tenants who fall behind. Professional property management companies have reliable and verified tenant screening processes in place to select tenants who pay rent on time, have sufficient funds, and maintain the integrity of the property.
Act as the Point of Contact for Tenant Concerns
When a tenant has an issue with their rental, it is not always feasible or possible to go and inspect the unit, especially if you do not live in the area of the property. A property manager makes themselves available 24 hours a day, 7 days a week, so that the owner doesn’t have to handle the difficult tasks of maintaining a property. This is especially helpful in emergency situations.
Retain Long-Term Tenants
One of the most important things to remember is that happy tenants are far less likely to look for another place to rent after their lease is up, even after an increase in rent. A property manager’s knowledge and relationship building can prove to be very helpful in retaining good tenants in the same rental property for multiple lease cycles.
Less Legal Problems
When renting out properties, there are many rules and regulations that must be followed to prevent possible lawsuits and issues with tenants, such as landlord-tenant laws and fair housing laws. A property management company that you trust has a lot of knowledge on legal practices, and they can protect you from potential lawsuits and vulnerabilities.
Professional Marketing for Your Rental
Property managers typically have experience creating ads, taking high-quality photos, and setting up tours for potential residents. They are also able to help set a competitive rent price since they have deep knowledge about the market. That marketing experience can help find a tenant for your property sooner, reducing the time of vacancies in a unit.
Final Thoughts
These are just 7 of the most notable benefits of using a property manager, but there are so many reasons why hiring a property manager is an advantage to the owner.
Not to toot our own horn, but KnR Property Management was voted Best Gainesville Property Management Company for the last two years running. We earned that distinction by doing all of the above and more to protect our owner clients’ investments. To learn more about our company, check out our FAQ for Property Owners page.
If you’re an owner interested in hiring someone to manage your property, give us a call us at (352) 213-6410 for a free consultation, or shoot us an email at rent@knrpm.com! We look forward to learning about your goals and developing a custom property management strategy to suit your needs.
