Reasons to use a Property Management Service
A house is a huge investment. If you decide to rent your home, there are several questions you will need to answer ahead of time. Working with a property management service will make the rental process easier. A property management service is a company whose function is to protect your investment and make the Landlord’s life easier. Here’s how…
Questions BEFORE you rent your property.
- How much rent can you charge? A Comparable Market Analysis should be done when determining the lease price.
- What should you do to get your house in shape for the market? Let the people who deal with renter requests and complaints be your guide on this. Ask for suggestions on repairs or improvements to your property which will make it more desirable to tenants.
- If I Rent it, will they come? (This is the question that you hopefully researched prior to your purchase.) Even the most glorious of homes at the best price will go vacant without the proper marketing. Listing your home on the MLS (Multiple Listing Service) along with several rental websites is a must. (These are the same type of services that Real Estate Agents use to list homes for sale.)
- How do I know if I can trust a future renter? Get an extensive background and credit check on all potential tenants to ensure that they will be a good fit for your home. Unless you happen to work for one of those 3 letter federal companies, you need someone who is trained to do this. The PMG (property management service) can offer this type of service.
- Are you good at managing paperwork? Keeping good records and handling lease documents is an important part of the rental process.
Hooray, you have a renter! They want what?
The world is full of a diverse set of people and personalities. Hopefully, you will have the perfect fit with your tenants. But, at times you will wind up with a tenant who enjoys calling at all hours for various “problems” like, the light bulb needs to be changed. Wouldn’t it be great if you did not have to handle these calls and explain things to them? Unless, you are starved for conversation, having a point of contact other than yourself is one of the great advantages of a property management service. That being said, the majority of calls from tenants will most likely be legitimate needs. These need should be handled in a timely fashion to keep your tenant happy and your rental income pouring in. Your property management service will handle these for you as well.
Some Examples Are:
- Maintenance Calls – When the faucet is leaking or the heater is rattling you need someone to fix it in a timely manner.
- Rent Collection
- HOA Compliance – Sometimes tenants will be unaware of HOA regulations, or may think they are more like “guidelines”. Therefore, you need someone watching your back. If compliance issues arise, they’re handled in a timely and diplomatic fashion.
- Inspections – Inspections are a much-needed part of the real estate business. When leasing property it is even more so. An inspection when the tenant moves in to list any problems that need addressing, An inspection during their residence with you, and an inspection when the lease is up to check for problems and repairs that need to be dealt with. Have you heard the horror stories of people renting a property to someone for several months and then after they move out, it is trashed? We’ve heard stories of hot tubs caked in pet dander, pests infesting property due to lack of cleaning, broken appliances, and destroyed flooring. Sometimes just the knowledge you may be inspected is enough to keep a tenant in line.
If you are interested in becoming a landlord and would like to discuss property management services in Arizona, please contact Pete Baldwin with Platinum Realty Network at 480.326.6521 or Email Pete