How a Property Management Company Helps Quality Tenants
One of the hardest parts of being a real estate investor is finding a prominent tenant to fill your vacancy. What makes an outstanding tenant? The two most important things are that the tenant pays the rent on time and takes care of the property as if it were their own.
According to MarketWatch.com, the considerations for placing a quality tenant in a property are more valuable than even the old adage of location, location, location when investing in the rental housing market. As such, this is one of the most valuable aspects of working with a property management company. A good property management company will find rock star tenants who will not only pay monthly expenses on time, but will also keep the home as beautiful as the day they moved in.
But what do property management companies do to make that dream tenant come true? We’ve outlined some of the most important steps a business can take to protect you and your investment.
The most important aspect of finding a quality tenant is the selection process. A reputable property management company will use a nationwide screening company to ensure the most qualified candidates are found.
Several factors come into play when evaluating a potential tenant. Things like criminal and sex offender history are good places to start. But beyond that, other items that will be checked include credit history, income verification, rental history verification, and looking for past evictions. By thoroughly researching potential tenants, you can feel confident about the tenants you allow in your home.
Also, by being available to receive applications online 24/7, a property management company will be able to quickly process applications received and get a quality tenant in your property faster than if it did. yourself.
A reputable property management company will also have a marketing department that will use as many resources as possible to reach potential tenants. This is particularly important because quality tenants can search for a reputable, more legitimate-looking company rather than working with an individual one-on-one. With rigorous marketing, quality tenants will lean towards properties represented by a reputable company.
A good property management company will always strive to treat tenants with the utmost respect and address their needs promptly. A tenant must feel that the house he inhabits is more than a place to hang his hat, he must take care of the property as much as if it were his own. Even the best tenant may feel unhappy and less motivated to take care of the property when they feel that they are not being treated well and that their concerns are not being addressed.
By working closely with the tenant, a property management company helps keep the tenant happy and willing to do the little extras that sustain their investment. For many investors it is not possible or practical to build this relationship on their own, and by letting a management company take over the work, you can be sure that the tenant will be happy to call their home home.
Plus, keeping a good quality tenant in the property happy means they are more likely to renew, which will keep costs down and keep the steady stream of income from the trusted tenant coming to you.
Finally, in the same way that having a sign for a security company outside your home can act as a deterrent to theft, partnering with a property management company can deter unqualified tenants from applying in the first place. place. Often times, those who cannot meet the rigorous standards set by a property management company will seek out individual owners who may not have the knowledge or resources to help find qualified candidates. When you partner with a property management company, you send the message to potential tenants that you are looking for quality and that they will not take advantage of it.