A professional property management company, like the EA Group can make all the difference to the profitability of your real estate investment, especially as owners and landlords face heightened challenges during the COVID-19 pandemic – with many renters defaulting and refusing to honour their lease agreements. Problems like these can be avoided if an experienced property management company is looking after your property. The benefits of a quality property manager include:
A better calibre of tenants
Screening tenants is best left to a professional who can undertake a thorough screening process – from researching tenants, reviewing and checking references and payment/credit details to analysing thousands of documents for warning signs. An experienced property management company has viewed thousands of applications and can quickly find the real facts about prospective candidates. By allowing a property management company to handle the entire screening process, you are protecting yourself from rental scams, tenants who default in times of crisis and discrimination lawsuits. The end result is a better calibre of tenant who pays on time, rents for longer, looks after your property and reduces wear and tear on your unit.
Reduced legal problems
As many landlords are discovering right now, some tenants refuse to pay when the going gets tough and can cause significant legal and financial problems. An experienced property management company will be well versed in the latest landlord-tenant and lease laws and will ensure that your investment is well protected. With a good knowledge of the law and legal experience behind them, an experienced property management company will be able to conduct all legal aspects pertaining to your property from inspections to collection of levies.
Reduced vacancy
An experienced property management company will help you with three important tasks that will reduce your vacancy cycles. These include advising you on preparing your property for rent so you can maximise your revenue, deciding on the best rental for your property so you can navigate the fine balance between attracting tenants and achieving the optimal price, and lastly a quality property management company will effectively market your property. This includes understanding the best mediums to advertise in to ensure a larger pool of candidates. They will also be able to negotiate better advertising rates for you and effectively close on deals.
Improved tenant retention
A high tenant turnover rate can be just as problematic as having your property stand empty for long periods. A higher turnover comes with many additional costs from cleaning, to marketing to showing, to screening tenants and settling new tenants in. The extra work involved in this can all be avoided if you attract quality tenants interested in long-term rentals. An experienced property management company will attract and ensure tenants remain happy, resulting in longer stays in your property.
Lower maintenance and repair costs
An experienced property management company will have a licensed network of experienced contractors and cleaning staff who will ensure that your investment is kept in the best possible condition. Preventative maintenance will maintain the value of your property and with a sharp property management company looking after your property, you can avoid costly repairs before they happen.
A stress-free solution
Having a professional property management company acting as a buffer between you and your tenant, not only reduces stress but ensures the best possible management of your property. Additionally, you can live and travel where you want to without the worry of having to be available if your tenants need you. For more information about how the EA Group can assist you with your property management, contact us today.