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Property Management Benefits for Owners

May 13th, 2015 garnerproperties
Saving Money

Taking care of maintaining, finding occupants and keeping up with your rental property is a sometimes difficult and trying process. The day-to-day work involved may seem minor at first, but headaches and renter difficulties can arise at a moment’s notice, demanding your attention. By employing a property management company like Garner Properties to take care of your property operations, you get not only stress-free management, but many additional benefits to make owning and managing your property simpler.

Property ManagementTenant screening and retention

One of the key advantages of using a property manager is tenant screening. Experienced property managers have years of experience in finding and keeping quality residents in the homes, apartments and duplexes that they manage. This includes performing background checks on new tenants, asking for and calling on landlord references, and performing credit checks, as required. By finding out what kind of person a prospective occupant is and what their rental history is like, property managers help ensure that your property is not only occupied, but is also inhabited by responsible, on-time rent payers with good references, and thus less likely to cause excessive wear, tear or damage to your rental.

Another perk to employing a property manager is improving your renter retention rate over time. Home and apartment renters will be in regular contact with your property management company from the day one walkthrough and lease signing, through any issues that may arise, paying rent and renewing their rental terms. Having good interactions helps to make your tenants feel at ease and adds a sense of professionalism and promptness that can make renters at owner-managed properties wary based on previous experiences. It also helps as part of a management company’s approach to tenant retention, with noting that a company’s approach to retention “is where a good property management company will shine.”

Plus, many property management companies employ a comprehensive marketing and advertising strategy to keep your properties occupied. Vacant homes or apartments aren’t just unprofitable, they are also more susceptible to unnoticed damage, burglary, vandalism and pest damages. You can also start to incur substantial costs on your insurance premiums if left vacant for an extended period, not to mention utility costs to keep appliances and lights on for showings and prevent pipes from freezing in colder months. Re-renting a property promptly is key to keeping your rental profitable, and we understand that. At Garner Properties, we leverage our extensive traditional and modern outreach options to market your property through many diverse channels to get it rented quickly. With both traditional print and Internet campaigns, listing on the Multiple Listing Service (MLS) used by real estate agencies, and physical signs in the neighborhood, plus cross marketing to our existing database of renters, our partnerships with placement services and local Section 8 programs, you can rest assured that your property will be back off the market quickly.

Rent collection and daily management

House RentalOnce rented, a property manager will be the first line of contact for both you and your tenants, helping to mediate and communicate any issues from one party to the other and manage all owner-tenant relations. Your property manager will collect rents, deposit them to your accounts, provide receipts to renters, and send any communications, including information about planned maintenance, repairs or move-out notices, or any other need. Property managers handle all of these day-to-day duties for you, allowing you to have a hands-off approach to rental management.

That isn’t to say that you can’t keep on top of your property information easily when using Garner Properties. We offer an innovative and powerful cloud-based management software system to stay in constant touch with the latest information about your properties, including much more than rental receipts. The “Owner Portal” lets you see copies of all expenses, view and approve maintenance work orders, and review more than 20 different financial and marketing reports to see how your property is doing. You can also communicate with instant messaging to our staff, and receive immediate feedback from showing agents after a property is shown to a prospective renter. With so many tools at your disposal, you’ll have a more in-depth and involved rental management experience with Garner Properties.

Saving money and cutting costs

Employing a property manager can also bring you additional tax advantages when it comes time to file each year. As Daniel Holzer of Demand Media notes, the actual costs of using a property management service are tax-deductible. This means that costs you incur hiring and using a property manager are deductible as business expenses. In turn, you will receive detailed receipts from a property manager regarding any repairs, maintenance or necessary remediation that was performed at your property, which can come in handy for itemizing your annual expenses and upkeep costs.

Saving MoneyA relationship that a property manager has with other businesses can also provide you with savings. For example, many property managers work closely with contractors for repairs, snow removal, lawn service and other vendors who often offer their services at a discounted rate for the property management company due to the volume of business that contracted companies receive from the managers. This can provide you with a substantial annual savings on regularly needed services, without the hassle of having to negotiate rates and contracts directly.

Lastly, a management company can serve as an additional layer of protection for your property. Just like an insurance property protects your property from damage or loss, a management company helps to do just the same thing by regularly reviewing and inspecting your property for faults or issues that could lead to problems. Property management companies like Garner Properties take care to ensure that your property is well-kept and maintained. A worn property will not rent quickly or for as much as property in good condition, and keeping your property up to date and in marketable shape ensures both you and your management company can profit from your investment.

Hiring an experienced property management company can save you time, money and hassle with your rental investments. Garner Properties has more than 50 years of success and leadership in the Detroit market, and we recently expanded to serve the Indianapolis region. We enter the marketplace in Indianapolis looking to restore confidence in high-quality management services, a problem that Angie’s List reports has plagued the region for many years, and backed by our track record of providing our customers with results as the largest single-family rental property management company in Detroit. Whether you have a single property, multiple units or just are looking to find reviewed and screened occupants, we can help! For more information on our services or to get started, give us a call today 800-767-2386.

Written by garnerproperties

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