As a property owner, there are some big decisions you have to make regarding your rental property. One of which is how to handle the management of your property.
Should you self-manage your rental property or should you hire a property management company?
Self-managing is an option if you have the time, skills, and industry experience. If you lack any of these, then you may be better off hiring someone who is qualified to manage your rental property for you.
A good property manager can help you and your property in many ways. He or she can help you fill vacancies with the right tenants, set the right rent price, handle repairs and maintenance, and much more.
Let’s take a look at 7 benefits of hiring a property management company in Jacksonville.
1. Get peace of mind.
Freeing up time is one of the main reasons why landlords choose to hire a property manager. You’ll no longer have to worry about:
- Tenant issues. You won’t have to worry about things like late rent payments or late-night emergencies.
- Finding tenants. Your property management company will help you find and screen all prospective tenants on your behalf.
- Legal compliance. Your property manager will help you stay compliant in regards to all relevant federal, state, and local laws.
- Tenant evictions. A good property manager will have conducted a couple dozen evictions. Their experience will help you ensure an eviction at your property goes without further issues.
- Property repairs and maintenance. They have the skills and experience to ensure your property stays in top-notch condition at all times.
2. Market your rentals to the right audience.
A good property management company will help you market your property to the right audience. This will not only speed up the time it takes to get a tenant, but it’ll also help you save money.
To achieve this, a management company will use a variety of marketing channels. For example, “For Rent” signs and online listing platforms.
3. Find you good quality tenants.
Renting to the right tenants is key to the success of your rental business.
How exactly do you find good quality tenants?
You need to know how to filter good tenants from potentially problematic ones. You can only do this by having a good screening process which involves checking the tenant’s level of income, creditworthiness, and rental and criminal background.
Fortunately, a good property management company can help you. Since they are in charge of managing the tenants, they’ll be more inclined to find great tenants.
4. Help you rent to long-term tenants.
Tenant turnover is a nightmare for landlords. They are costly and result in zero income at the end of the month. A good property management company understands this. They will make it their goal to ensure your property is rented at all times.
How can a property management company help you find reliable and long-term tenants?
They can achieve this by:
- Ensuring the property is always in top-notch condition.
- Treating tenants with respect and responding to all maintenance issues promptly.
- Properly vetting all tenants when they apply for the unit.
Doing so can lead to a tenant feeling valued and appreciated. In turn, this incentivizes them to rent for a longer period of time.
5. Keep your property legally compliant.
Legal problems cost a lot of money and take up a significant amount of time. Without good experience, you may find yourself in constant legal issues. From rental ads to tenant screening to habitability laws to tenant evictions.
Hiring a good property management company can help you avoid these potential legal issues. They will help you perform:
- Good tenant screening process free from any bias or discrimination.
- A smooth eviction process that follows all laws to the letter.
- Lawful inspections that don’t violate the rights of your tenants.
- Right rent collection practices.
6. Can help you maximize your rental income.
A property management company will have experience, knowledge, and partnerships from the years they’ve been operating.
This can help you as a landlord to reduce your operational expenses, helping you maximize your rental income.
For example, their partnerships with local service providers and vendors can help you in two ways:
A) Get high-quality products and services.
B) Get bigger savings on any repair or maintenance task.
7. Can help you simplify the rent collection process for you.
If you have to deal with problematic tenants, rent collection can be a very difficult process.
Hiring a good property manager can help guarantee you a steady flow of income, as well as a stress-free rent collection process.
With this in mind, there is no doubt that hiring a property manager in Jacksonville can help you achieve your investment goals. Remember, though, not all property managers are created equal.
It is important for you to do your due diligence by interviewing all potential property management companies. This alone can make all the difference.