Top 12 Reasons to Hire A Residential Property Management Firm

1. Local Knowledge of Rental Rates: Licensed Realtor provides you with in-depth knowledge of the neighborhood values.

2. Marketing Expertise: Rental listing network minimize vacancies and maximize advertising exposure.

3. Tenant Screening: Thorough renter pre-screening, background checks, and recommended selction.

4. Property Law and Regulations: Up-to-date knowledge of property laws and regulations, making sure you are in compliance with your local, state and federal rules and regulations.

5. Standarized Lease Agreement: Professional Association Forms provide beneficial terms, conditions, rules and regulations.

6. Preferred Service Provider Relationships: Knowledge of local vendors, suppliers and contractors who provide good quality work at reasonable prices.

7. Rent Collection: Systems to help ensure on on-time rent payments and allow for smooth bank transactions.

8. Inspection Reports: Routine property inspections may reveal faults that if found, can be resolved quickly befor they become even more expensive.

9. Security Deposit Escrows: Manage your security deposit escrow funds and make sure you are in compliance with local and state regulations. Tenants are much more comfortable with initial lease negotiations whey they know their funds are held in a third party’s account.

10. Financial Record Keeping: Provide detailed income and expenses reports as well as cash statements every month saving you the bookkeeping headache.

11. Emergency Calls Buffer: Imagine being shielded from the late night “my toilet is overflowing” call.

12. Property Management Fees: Fees involved in managing your investment property or improving your real estate are usually considered tax deductions. Please consult your trusted accountant or tax advisor for verification.

So how does one go about increasing lease retention? Here a few simply ideas that will go along way:

• Always respond to current tenants’ phone calls, messages and emails before attending to prospective leads. Receiving a timely response to an expressed concern is one of the easiest ways to improve a tenant’s relationship with a building’s management.

• Communicate your plan for addressing tenants’ problems and let them know of any delays or set-backs you encounter while trying to solve their issues. Most tenants will be understanding and gracious if they are looped in on the process.

• Follow up on completed projects and ask for feedback. Was the problem solved to a satisfactory degree? Was it completed in a timely manner? What could have been done better?

Communication is key to keeping tenants in a unit. When people find a building managed in a way that prioritizes their needs, they’ll be motivated to stick around year after year.

What are other ways that you encourage tenants to renew their leases? Tell us in the comments below, on Facebook!

- There is always the solution of furnishing your rental property. Many landlords decide that this is the best possible way to increase the rental agreement on their property and if they do have furniture in excess, it is actually a convenient way to store them and make profit from their use by the tenant.

In case this sounds like something you would be interested in doing, you have to make sure that your rental property is in excellent condition and that the phone jack on the wall and other appliances are in perfect shape.

- There is also the option of partly furnishing your property. This method will appeal to renters who are interested in finding a house that is not packed with furniture that do not match and that they want to bring in some of their own.

But it is always a good idea to offer a nice quality couch, bed, mattress, drawers and kitchen appliances. Nice looking furniture will make your property much more appealing to potential renters and will help you securing the rent you wish to receive every month.

- Do not forget that your property has to be shown to its potential residents clean. Everything has to be as clean as possible and especially the kitchen appliance, cupboards along with the bathroom have to be in great shape. Consider hiring a professional team to do the cleaning and remember that in most cases, providing a clean apartment is among your responsibilities as the rental’s lawful owner.

- Repair ceilings, kitchen cabinets, existing wallpaper, closets and doors. Make sure your contractor will take care of your bathroom damages and ask him to replace the bathroom tiles that have been damaged by the previous tenants or owners. Installing a new bathroom curtain and brand new hooks can further assist your efforts of renting it at the price range you have in mind.

- Repaint with the right light colors the walls of the residence and get rid off difficult to handle paints.

- Increase the existing lighting and replace old blinds with bright new ones.

- Take care of the things the previous owner or tenant has left inside the house and if you are thinking of using some or all of them to furnish the house make sure you write down what you are leaving in there and what type of furniture are missing and your tenant wil probably request you to supply.

- Shampoo carpets and for deep cleaning that helps reduce the allergens and the odors caused by dust mites, pollen, dust and pet dander. It generally advisable to deeply clean your carpets so as to brighten and deodorize their surface…