It may seem counter-intuitive that paying a monthly service fee can increase your bottom line, but one must never underestimate the power of hiring a property manager ! Here are 7 ways it can save you money:
• High Quality Tenants The best way to reduce vacancy is to keep units occupied with good tenants. A professional property manager has a sixth sense when it comes to interviewing tenants but will never skimp on the credit check, reference checks, rental history, and the good-for-measure Google search.
• Reduced Vacancy Periods Professional property managers literally make it their business to find good tenants for your property as quickly as possible. Aggressive marketing, diligent follow up and streamlined processes eliminate or minimize rental losses.
• Tight Rent Collection and Eviction Processes Experienced professionals will greatly decrease the time it takes to get bad tenants out, good tenants in and money in your pocket. Knowing the legal processes inside out means no time is wasted in collecting what is owed to you and placing new tenants.
• Regularly Scheduled Inspections Proactively inspecting the property’s foundation, HVAC, mechanical equipment & appliances can identify small issues before they become big, expensive problems.
• Reduced Maintenance Expenses Professional property managers have established relationships with local service professionals. They likely pay these partners at a discounted rate and will pass on those savings to you.
• Reduced Operations Costs Take advantage of a property manager’s accounting and property management software instead of buying your own.
• Competitive Rent Rates If it’s too high, it will be vacant longer. If it’s too low, you are leaving money on the table. Get it right – trust a pro to help you determine the optimal rent for your unit.
Natasha Cultraro is a real estate investor and owner of Investor’s Choice Property Management. She has over 10 years of experience managing properties in Oshawa/Durham region and Peterborough. For more information, visit ICPMpros.com or email Natasha at info@ICPMpros.com