There are an endless number of reasons to use a property management company for your property investments. From happier tenants to adding ease to a landlord or investor’s life, there are significant benefits to working with a professional team.
Here are a few of our favorite reasons why hiring a property management company – preferably Blackwell Property Management – will make a world of difference for your property investments.
1. Better Tenant Screening
You’ve put a lot of time, effort, and care into your property investment – and it deserves an equally qualified tenant to appreciate and enjoy the space. Screening tenants is a necessary task – but screening can take a lot of your valuable time away from you. A trusted property management company will have a thorough yet efficient tenant screening process in place, ensuring you find only tenants that have a great reputation for taking care of their rental properties and paying on time.
2. Improved Tenant Retention
Losing tenants is a normal part of property investment, whether it’s due to job or life changes. What you never want , however, is for a tenant to leave because of dissatisfaction with the property itself. When you utilize a company like Blackwell Property Management, you’ll see an increase in tenant retention through improved communication, streamlined services, and maintenance management. Your tenants will be happier, well-taken care of, and have a higher chance of remaining in your property for a longer period of time, saving you from the hassle of screening new tenant candidates.
3. Shorter Vacancy Periods
When tenants leave, a great property management company will help ensure that your properties don’t remain vacant for too long. Below are just a few of the things we do for our clients, to ensure a quick turnover in tenants.
- Improve and prepare the property – We use professional resources to prepare a property for rent through necessary upgrades, cleaning services, and general aesthetic improvements.
- Determine the best rental rate – Setting the right rental rate is critical in a quick turnover rate. We use a detailed competitive assessment process to ensure we’re setting the highest rental rate without scaring away potential tenants. The goal is to give our clients the best return on investment possible.
- Effectively market the property – We use targeted marketing and promotional services to attract new tenants quickly and efficiently.
4. Tax Season Guidance
Efficient record-keeping to track tax-deductible expenses is vital in giving you the best return of investment for your property. It’s important that you understand all of the deductions you can claim, and maintain great records to ensure you have all of the necessary forms and documentation required to make those claims.
5. Fewer Legal Headaches
Experienced property management companies know that even one single bad tenant can cause a great deal of financial and legal headaches. While it’s important that property investors are aware of the legal obligations they have when they own property, such as keeping up-to-date with housing and building codes, inspection requirements, and maintaining health and safety levels, we work with out clients to provide education on potential lawsuit concerns and vulnerabilities. Avoiding a single lawsuit can save you more than what it costs in property management fees — and spare you a lot of time and frustration.
A Final Thought from Blackwell Property Management
While hiring a property management company isn’t necessary for being a successful property investor, we’ve seen time and time again the value-added to your investment when our clients work with us. Our team of competent, experienced, and skilled professionals can help guide you to get the most out of your investment. Contact us to learn more about the many ways we can save you time, money, and headaches with our all-encompassing property management services.