Managing a rental property seems easy enough. You find a tenant, you sign a lease, and you collect your rent.
It’s rarely that simple.
Finding a tenant may end up being the easiest part of your property management venture. Are you prepared to handle the maintenance emergencies at 2:00 in the morning? Will you be able to enforce the late fees when rent doesn’t show up on time? Can you find a maintenance vendor who won’t over-charge you when you need an emergency plumbing repair or roofing fix?
Most people don’t have the time or the knowledge that’s required to effectively lease, manage, and maintain a rental property. You have a lot to gain and very little to lose when you stop with DIY management and turn your investment over to a professional Killeen property manager.
Establishing Rental Values and Collecting Rent
One of the first things you’ll do when you put your rental property on the market is establish a rental value. This can be complicated in Killeen, especially if you don’t understand the local market and you don’t have access to data that tells you what an appropriate rental value may be. A professional property manager understands the local market and the requirements of well-qualified tenants. You need competitive rents that will attract good tenants and avoid long vacancies. Pricing a home too high can be just as damaging to your ROI as pricing a home too low.
Your property manager will be accurate and strategic when it comes to pricing.
Once you have a tenant in place, you’ll need to collect rent consistently and on time every month. This sounds simple, but it isn’t always. You may have tenants who forget or pay late. Property management companies provide online tenant portals that allow residents to pay rent electronically. This dramatically increases the number of on-time rental payments.
Rental Property Repairs and Inspections
A professional property manager will conduct regular inspections, typically when a tenant moves in, throughout the lease, and when the tenant leaves. Through regular inspections, a property manager will be able to recognize problems before they become too expensive.
You’ll have someone checking for deferred or unreported maintenance, and you’ll be sure your tenant is following the terms of your lease agreement.
With a property manager, you also have the advantage of lower maintenance costs and access to reliable and reputable vendors and contractors. At Shine Residential Management, we have a preferred list of vendors who do excellent work. They provide fair pricing and efficient service, which means maintaining your home is cost-effective.
This ensures you’re receiving quality and cost effective work. It’s a huge advantage when you have a plumbing emergency in the middle of the night.
Professional Property Management Resources and Technology
Property managers have systems and processes in place that have been perfected over an entire career of managing rental homes. As a self-managing landlord, you may struggle to find the best ways to collect rent, conduct a move-in inspection, serve a notice, or negotiate a lease renewal. Property managers do these things every day, and we have the expertise and the resources required to make things effective and efficient.
We also have the benefit of technology. With all the property management platforms and accounting software available, we can automate most of the processes in leasing and managing your home, providing a cleaner, more consistent and transparent management experience. This leads to a better experience for you and your tenants.
If you’re worried about the property management fees, remember that they’re tax-deductible. And, owners generally find that they earn more and spend less when they use a professional Killeen property management company. You’ll have lower vacancy rates, better tenants, and increased ROI.
Contact our talented team at Shine Residential Management to learn more about the advantages of working with a professional and responsive Killeen property management company.