One of the biggest headaches rental property owners face is tenant drama. Of course, many tenants take care of their units, respect the rights of other tenants, pay rent on time, and cause minimal issues. But some tenants are less than amicable and can raise the blood pressure of investment property owners – and that’s no fun.
If you hire a property manager, you’ll have a great deal of help with tenant-landlord relations. You can count on a property manager to help find quality tenants you’ll want to have around for the long haul. Sure, you could operate your investment property and find tenants yourself. But do you know how to increase the odds of finding quality tenants?
Depending on the location of your investment property, the laws could favor tenants over landlords. That means you might have difficulty evicting tenants if the need arises.
One way to lessen the chances of such scenarios is by finding the right tenants in the first place. Are you interested in learning how a property manager can help you find quality tenants for your investment rental property? Here’s a look at five benefits you’ll receive:
1. A Property Manager Will Ensure Your Property Appeals to Your Demographic
Quality tenants know what they want in their rental properties. A property manager will ensure your property is in good repair and aesthetically attractive. They will recommend what should be done to enhance the rental property’s overall appearance – both interior and exterior. If your property needs landscaping or other maintenance and repairs, you can count on the property manager to lead the charge in getting things done.
When you have vacancies, the property manager will thoroughly inspect the vacated units to identify anything that needs to be addressed before new tenants move into the units. The goal will be to ensure that the rental units are ready to be shown to prospective tenants.
2. A Property Manager Will Advertise to Find You the Best Tenants
Another reason to hire a property manager is that the service provider will know how and where to advertise to find the quality tenants you desire. Many people search for rental properties online, so you can count on your property manager to find the best avenues.
But it’s not just about finding the right vehicles for advertising vacancies. It’s also about writing compelling ads that reach the type of tenants you want. When you hire an experienced property manager, you can count on the service provider to know how to reach these renters.
3. A Property Manager Will Ask the Right Questions to Find the Best Tenants
Property management firms know what types of questions to ask to find the best tenants. The one you hire will have gone through this process many times before, so they will understand how to get the information needed to make calculated decisions. Your property manager will uncover any red flag situations that might identify inappropriate candidates. They will ask about things like rental history – and won’t just take the applicants at their word. They will follow up to determine whether or not applicants answered questions truthfully.
4. A Property Manager Will Help Set the Right Rental Rate
How much should you charge? To find quality tenants, you’ll need to consider how much you charge in rent. Property managers understand the market in the territories they cover. They won’t be picking numbers out of thin air. By leveraging your property manager’s expertise in the rental market, you’ll be able to set reasonable rates. Setting the rate too high will turn away the type of tenants you want. But setting the rate too low will attract a mixed bag of applicants and deny you the level of rental income you can reasonably get.
Of course, you’ll get the last say per rental rates. But being able to pick the brain of a property manager experienced at setting the right rates for different markets and rental units will help you to set rates that will appeal to the type of tenants you want to attract.
If you decide to set rental rates at the higher end of the range, ensure what you’re offering justifies this decision. Whether that means hardwood floors, stainless steel appliances, or smart home features, you’ll want to provide rental units that are worth what you’re asking for in rent.
5. A Property Manager Will Screen Prospective Tenants Properly
There’s an art when it comes to screening prospective tenants. If you shoulder this duty on your own, are you confident you can do it well and within the bounds of the law? The last thing you’ll want is for prospective tenants to claim that you discriminated against them by denying their tenancy applications. You can avoid these issues by hiring a property manager to handle the screening process. You can expect a property management firm to conduct a screening process that involves looking into rental history, criminal history, and work history.
Don’t overlook the importance of screening prospective tenants. If you accept the wrong tenants, you’ll be in for a nightmare. Few things are more frustrating than tenants who aren’t paying their rent. That’s especially the case if you’re still paying a mortgage on the rental property. Finding a property manager with a stringent screening process will increase your odds of finding quality tenants.
Finding the Right Property Manager Matters
Are you interested in finding a property management company for your investment property? If so, you’ve come to the right place. At Green Residential, we offer a full suite of property management services for people who own real estate in Austin and Houston. We can help you find quality tenants and even assist with eviction if tenants go rogue. Let us make your investment property strategy less cumbersome with property management options. If you have any questions, feel free to get in touch for a no-obligation consultation.