A good property manager adds significant value to your investment, which is why many experienced real estate investors will tell you that a good management company is worth their weight in gold. Here are few Property Management facts.
- Increase the value of the investment
- Tenants stay longer
Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on, before they grow into larger more costly problems. This requires a written maintenance check program, detailed maintenance documentation and regular maintenance visits. We can offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.
While it’s easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing, screening, and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.
At Carlton Realtors we have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where we really shine.
Tenants take better care
Managing a rental property takes time. Don’t believe anyone who tells you it’s an utterly passive investment. If you don’t have the time to keep track of tenant activity and protect your investment, hire a property management company that does. It’s well worth the expense. Tenants will take better care of your property if there are strict and precise lease agreements that makes them understand and follow rules and procedures expected from them as tenants. At Carlton Realtors we have a team that understands these rules and know how to put them in place timely and clearly. Also, we know how to handle things if the tenants break any of these rules or breech the lease.
Peace of mind is priceless!
The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring us as your property manager, you put a buffer between yourself and the tenant, and allow us to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.
If you let them, your tenants will walk all over you. They have to be trained to follow every part of the lease or deal with the consequences. We have an advantage because tenants realize that we, unlike the owner, are only doing our job and are obligated to enforce the lease terms.
Assistance with taxes
As a property management company, we can help you understand which deductions you can claim, as well as organize the necessary forms and documentation to make those claims.
Lower maintenance and repair costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment which make them a very important part of land-lording. By us, you gain access to both our in- house maintenance staff, as well as our network of licensed, bonded, and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only are we able to get volume discounts on the work, we also know the contractors and understand maintenance issues such that we are capable of intelligently supervising the work.
PERSONAL BENEFITS FOR OWNERS
Less stress – Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, piles of paperwork.
More freedom – Live and invest wherever you want with the constraint of needing to be near your properties. Additionally, you can live and travel without the requirement of always being available in the event that your tenants have a need you have to tend to. Once you have found a good management company, it doesn’t matter if you live in the same state. Some landlords live in other countries and simply collect their check every month without ever seeing the property.
Free up more of your time – Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. When you focus on asset management you’re working ON your business, when you manage your own properties, you work IN it. Additionally, you have more time to spend with family or friends doing things you enjoy.