Did you know that 20% of new businesses fail within two years of being open? 45% fail during the first five years and 65% of businesses fail within the first ten of their lifetime.
Only one-fourth of companies last 15 years or more. Here's a question - how long do you want your real estate business to last? Landlording is difficult; maintaining and growing your business can be tough.
Property managers offer plenty of helpful information and duties. Below is a quick guide on how hiring a property manager can help you grow your real estate business. Read on if you're curious to learn more.
Property Managers Help With Tenant Screening
You need tenants to bring in rental income to keep your business running, but how do you find these people? Tenant screenings are when property managers look into prospective tenants to see if they're a good fit.
Here is what the tenant screening process includes:
- Background checks
- Rental history checks
- Eviction history checks
- Financial history checks
- Checking your ability to pay rent
Landlords can and often do run tenant screenings. But they can take weeks to finish and take time from other landlord duties. Property managers take on this job so property owners can fulfill other obligations.
Property Managers Handle Maintenance
Growing your property portfolio helps increase rental income. However, the amount of rental properties you've got is irrelevant if they're in poor condition.
Hiring someone to manage property maintenance ensures renters renew their leases. You can't expect people to pay to live somewhere unclean and unsafe. Property upkeep involves:
- Landscaping
- Property inspections
- Common grounds upkeep
- Safety checks
- Trash removal
- Electrical work
Managing property maintenance, like tenant screenings, is involved and time-consuming. Property managers hire professionals who can probably do better work than a landlord with a few DIY skills.
Property Managers Handle General Tenant Relations
"Tenant relations" refers to how property managers, landlords, and renters interact. Technically, anything involving the tenant experience (like tenant screening) is considered tenant relations.
Other parts of the tenant experience include:
- Onboarding and moving in
- Includes helping with the move-in administrative work
- Answering renter questions during the transition
- Tenant communication
- Maintaining open lines of communication with renters
- Rent collection
- Collecting rent and handling delinquencies as outlined in the lease
- Handling disputes
- Resolving disputes between tenants vs tenants
- Or disputes between tenants vs property owners
- Tenant retention
- Includes benefits and incentives for renewing the lease
Property managers have the skills to preserve relationships via positive interactions. Their job is to keep the landlords' properties generating income. The idea is to keep renters happy so they don't want to leave.
Here's How to Grow Your Business
Property managers find good renters through property screening and they handle property upkeep. They take care of rent collection and other aspects of tenant relations.
Are you looking for a good property manager? PropM Inc. can help. We're a property management company dedicated to delivering quality service to our clients.
We offer property portfolio management year-round and emergency after-hours support. Don't let landlording get you down, contact us for aid day or night.
