Owning rental properties is not an easy task, but it is rewarding. There are many aspects and duties that contribute to owning a property and hiring a property manager takes all that weight right off your shoulders. If you own a rental property in Gwinnett County, you know how much effort it takes to efficiently manage your own property, especially if you own more than one. Property Managers take all the hassle out of owning properties. From tenant screening to lease renewals, property management companies can assist you in the property renting process to leave your free time available, and money consistently coming into your pocket. Check out these 9 ways a property manager can make your life as an owner easier.
Provide Market Assessments
Once you hire a property manager and send over your property information, your property manager will perform a local comparative market analysis for other homes in the area to make sure you are getting the best return out of your rental property. The property manager will then guide you in the direction of raising or lowering the rent to guarantee your home is priced correctly. Comps also assist in judging the appreciation of your property, based off surrounding homes in the area.
Prepare Your Rental For Lease
Before a tenant moves in there is always work to be done. Whether it is a fresh coat of paint, carpets that need cleaning, or just a general dusting, all of these tasks can quickly add up. With a property manager, they will assess every aspect of your home, and tell you exactly what needs to be done before a tenant can move in. Any cleaning or improvements that the property manager suggests, is to better the appearance of the property so it is looking its best for showings and incoming potential tenants.
Marketing and advertising are two of the key aspects of renting properties efficiently and quickly. A property manager will head out to your property and take pictures to then be posted on many syndicated rental websites. Property managers also schedule multiple showings to ensure any potential tenants have seen the property before they sign a lease.
Finding and placing tenants can be a stressful experience if not performed correctly. Between fraud and under-qualified tenants, finding the best tenants without proper resources could lead to potential issues down the road. Property managers have years of experience behind their backs and know exactly what to look for in a tenant. Through an extensive screening process, property managers use past rental history, criminal background checks, and other contributing factors to place only qualified tenants in your property.
Lease Preparation & Signing
Without legal help when creating a lease, you could potentially cause issues with tenants finding loopholes. Property managers generate leases with legal assistance to prevent any problems and un-clear guidelines. Negotiating a lease can be difficult but it is important to make sure that the tenant and property manager or owner are on the same page from the beginning.
Monthly Rent Collection
One of the most stressful ongoing duties of managing a rental property is monthly rent collection. Property managers enforce payments using the same regimented policies for all tenants, to ensure all tenants are clear on when rent is due, and what the consequences are if rent is not paid.
When a property is being lived in, chances are there is upkeep needed throughout the property to keep it looking its best. If you don’t have a property manager, it could get overwhelming scheduling maintenance visits and contractors whenever a problem arises. Property managers use trusted and insured contractors and vendors to prevent any worry when work needs to be done on your property.
Negotiating renewals can be a hassle if you have multiple properties or need to raise or decrease rent. Property managers generate lease renewals and always send them out in a timely manner.
Managing Move-Outs and Potential Evictions
If a tenant decides not to renew their lease, the move-out process begins. Move-outs are crucial because you need to make sure there was no property damage, and the property looks as it did when the tenant moved in. It is also important to make sure you and the tenant are on the same page if there will be a fee deducted from the security deposit. Property managers take care of every aspect of move-outs effortlessly, including evictions.
No property manager or owner ever wants to perform an eviction but sometimes it is necessary. Property managers have the experience and background to make sure every eviction and move-out is executed the correct way.
Owning and managing properties has many benefits but also can be a handful if you don’t have adequate time or experience. Hiring a property manager takes all the weight off your shoulders from owning a property. Managing properties is a daily job and can be very difficult if not gone about the correct way. Here at Real Property Management of Greater Gwinnett, our property manager has 7+ years of experience behind his back and would be glad to assist you in managing your property as well!
If you are looking to move into Gwinnett County, contact us today and we will help you find the perfect rental home! If you own a home and would like to rent it out in Gwinnett County, reach out to us and we will be glad to assist you in the process!
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