In order to get high returns on investments and add significant value to it, an investor must get in touch with a competent property manager from reputed property companies. Some of the ways in which a property manager can benefit the investors are discussed below:
- High quality residents: A good property manager will easily sort the tenant list and look for the best possible match for the property unit. Bad tenants can really be troublesome and it can get real hard to wash your hands off them. So avoiding them in the first place makes things way smoother and better. Moreover, if tenants are acquired with the aid of property firms, the investors are protected from discrimination lawsuits arising from inconsistent screening methods and rental scams aimed at owners. A property manager will carefully look for a reliable tenant who will pay on time, stay for long and cause less damage to the leased unit.
- Low-cost and legal shield: If one falls prey to a troublesome tenant, the cause of headaches can range from legal problems to financial matters. To avoid this, an owner can take the aid of property managers who are armed with laws and regulations related to this field. They can carefully sort the tenants and make sure that the landlords are not threatened by a potential law suit. A few potential legal issues include tenant screening, eviction, discrimination, rent collection, permits, lease addendums, security deposits and inspections.
- Tenant retention: Long lasting tenants are always preferred over the short term ones. If a tenant lasts for a long time, the cost behind frequent marketing, screening and settling can be avoided. A property manager will effectively sort the list based on time-tested retention policy.
- Rent collection process: The only way to ensure success in obtaining sustained cash through leasing is by collecting the rent on proper time. However, it is very difficult to obtain the right price at the right time. It is very important to understand for the tenant that the rent and the payment time are not negotiable. This becomes much easy when the landlord puts a property manager between him and the tenant as then, it is the manager who faces all the excuses and stands firm against them. The tenants also become less adamant about holding on to their excuses since they are aware that property managers only perform their tasks and are shielded against any emotional influences. They can cause eviction if they are compelled.
- Tax reduction: A property manager can lay down all the deductions that a property investor can claim and then arrange for the required forms and documents to actually claim it. In fact, the manager fees are also, to some extent, tax deductable.
- Low maintenance price: A property manager gives access to the firm’s network of licensed, insured and bonded constructors. The firm gets volume discounts on such services which in turn benefits the investor. For example, such services can be found in commercial property to rent in Cape Town and several other growing cities.
- Investment value increased: The property firms provide preventative maintenance, which later on saves huge overhead costs. The managers also provide maintenance documentation, written maintenance check and regular maintenance visits.