If you are a property owner who rents out their property, there are many good reasons to consider using a property management company to handle the business of renting for you. Here are two ways these companies ensure properties do not sit vacant for long periods of time.
PROPERTY MANAGEMENT COMPANIES FIND LONG-TERM, RELIABLE TENANTS
Part of a property management company’s job is to find the right tenants for the rental properties they manage. They put processes in place to vet potential occupants based on a variety of factors, including ones important to the property owner. The process typically includes an application, reference checks, and background checks to verify the information that has been provided.
In this way, they make sure whoever rents the unit will be able to pay rent on time, properly care for, and uses it in the ways it was intended to be used while the tenant lives there.
After the occupant moves in, the company is usually responsible for maintenance and upkeep on the property as well as collecting rent. So long as they communicate well with the renter and make sure any upkeep or maintenance issues are addressed in a timely fashion, the chances of the occupant renewing their lease is very high indeed.
THEY REDUCE THE WINDOW OF TIME BETWEEN OCCUPANTS
One of the things a property management company does, besides finding the right tenant for a unit, is make sure the unit sits vacant for as little time as possible. As soon as they know the current tenant is planning to move out, they start the process of finding a new occupant for the space. Doing this ensures the unit is vacant for a minimal amount of time, especially if the new applicant is approved by the time the current tenant is ready to leave.
IS IT WORTH IT?
While finding long-term, reliable tenants and reducing the time between occupants are important considerations, they are not the only things to keep in mind. In the end, there are many factors to weigh before hiring a company to manage rental properties. Do your research, take your time, and find the property management company that best suits your needs before you sign a contract.