Today on our blog we are talking about the differences between professional property management and owner self-management. Can a property owner get his own tenants? Absolutely. But you have to consider which properties the best tenants are looking for.
Highly qualified tenants will look for properties that are rented through property management companies. There are a few reasons for this. Tenants feel more secure when a property management company is involved. There are a lot of online scams out there, and good tenants don’t want to be victims. Tenants will also feel more secure that the property is not in danger of foreclosure. They know a property manager will check the property out before putting it on the rental market and make sure everything is in order.
Tenants who don’t qualify to high standards will look for rent by owner properties. These are individuals who have had evictions, bad credit histories, lots of animals or all of the above. Those are the tenants looking for private owners because they know they won’t be scrutinized by a professional.
Professional property managers know the market. They can provide timely and consistent rent increases based on their market knowledge. This is important because if you raise the rent on a great tenant, you run the risk of losing that tenant. If you raise the rent when the market isn’t increasing, you’re also in danger of losing tenants. A property manager will make sure your rental rate is consistent with what the market supports so you retain tenants and protect your income.
You’ll get a thorough, battle-tested lease and a detailed tenant screening process when you work with a professional. There’s a better chance you’ll get an excellent tenant who will pay rent on time, stay for the long term and take great care of your property.
Property managers have experience in all stages of the rental business. We deal with everything from marketing to collecting rents to inspections. Owners benefit from that experience, especially when it comes to protecting the property. A lot of owners who manage themselves will assume everything is okay if they don’t hear from their tenants for a while. A lack of communication doesn’t mean that everything is okay. Property managers communicate regularly with the tenant to ensure the property is being well maintained. On a day to day basis, we know what needs checking and attention.
If you have any questions or you need information about professional property management, please contact us at Select 1 Realty, and we’d be happy to tell you more.