Your rental property demonstrates a significant investment that must be maximized as efficiently as possible in order to provide you with the best return on investment (ROI). Doing so helps you keep costs down while spurring the generating of additional revenue. Here's how a property manager can help!
1. Keep Your Home Occupied
The best way to ensure that your ROI is positive is for your rental home to always have tenants. This is a key responsibility of a property manager. They are poised to quickly find another tenant to move in when a renter moves out. Extensive marketing campaigns and the maintenance of wait lists helps ensure that your rental home is not vacant for any length of time.
2. Find the Right Tenants
Of course, making sure that your property is always occupied is only part of the story. It's equally important to ensure that the right renters are in your home. The right property manager has an extensive vetting process that weeds out anyone questionable to make sure that no unsuitable tenants end up in your rental home. A thorough pre-screening process that includes a background check, reference check and meeting income guidelines is a primary tool an experienced property manager uses to do so.
3. Take Care of the Mundane
Part of a property manager's job is to take care of all the tedious and time-consuming tasks that are necessary in order to accomplish numbers one and two on this list. The pre-screening process itself can take hours of dedicated time that you'll have to slip in between your regular, daily tasks. This can be difficult if you work a daytime job or one that leaves little down time for you.
Once an acceptable tenant is found, a property manager has all the legally-binding forms that are necessary to hold the tenant responsible for their behavior. It's important that any forms that are signed by the tenant be vetted by an attorney in the field to ensure that they aren't breaking any laws while still being legally binding. A property manager goes over all the details of the lease, including the responsibilities of the renter and the property manager so, there are no surprises.
At Gassen, we can provide you with the resources you need to help you create the ROI you are looking for on your property. To learn more about HOA and property management visit us online!