Long term tenants
We have seen in a previous article that a property management company will help you avoid long term period of vacancy. But also important, a good property manager will have a tenant retention policy that ensure that tenants will stay longer in your properties. Which also means that you won’t have to deal with a lot of issues due to a frequent tenant turnover. Issues can be expensive and take a lot of time, that’s why having tenants staying for a long period is better for you! A professional will know how to talk to prospects and make them comfortable and happy. Because we know that a happy tenant is more likely to rent for a longer period of time!
More efficient rent collection
Collecting monthly the rent and fees is an important task if you want to ensure your cash flow. This task that can rapidly become a hard one if tenants don’t understand the issue with not paying on time.
By hiring a property management company, the landlord can relax and have peace of mind as the property manager will take care on collecting the rent at a fixed date. If a problem happens, the property manager will handle it and will handle evictions if necessary. By doing it by yourself, you will have a tendency on being too permissive because you don’t want the tenants to have a bad feeling about you. But acting like this, tenants can walk over you. Someone has to be clear on how important each clause of the contract is, and what can happen if a breach of contract succeed.
If something happens and you have to take strong actions like eviction, the process can be complicated. Law, in every country, is complicated and different. A professional will know everything and will be able to handle the situation without any complications.
These are pretty good reasons to hire a property management company!
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