A competent property manager can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold. Here are a few ways that Amanda Johnson Realty deliver an exceptional Property Management experience:
Higher Quality Tenants
Think of tenant screening as the moat and draw bridge around your castle. It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle and you are so much better off never accepting them in the first place. Amanda Johnson Realty has a strict and thorough screening process that results in reliable tenants that:
- Pay on time
- Rent longer
- Put less wear and tear on the property
- Generally cause less problems
As an experienced Property Manager we have seen thousands of applications and know how to quickly dig for the real facts about candidates and analyse that information for warning signs. By allowing Amanda Johnson Realty to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.
Fewer costly and time consuming legal problems
Veteran landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. We are armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to potential legal issues. Each state and municipality have their own Legislation, these cover a number of areas including but not limited to:
- Tenant screening
- Safety and property conditions of the property
- Lease addendums
- Terminating leases
- Handling security deposits/ Bonds
- Rent collection
Shorter vacancy cycles
A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:
- Improve and prepare the property for rent – Amanda Johnson Realty will suggest and oversee cosmetic improvements that maximize revenue.
- Determine the best rent rate – Too high and you are stuck waiting, to low and you’re losing money every month the tenant is in the property. Determining the optimal price requires knowledge of the local market, data on recently sold comparable, and access to rental rate tools.
- Effectively market your property – Amanda Johnson Realty has written hundreds of ads and understands what to say and where to advertise in order to get a larger pool of candidates in a shorter period of time.
Better tenant retention
While it’s easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, painting the walls in some cases and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing , screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.
Amanda Johnson Realty will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where Amanda Johnson Realty shines.
Tighter rent collection process
The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every week is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring Amanda Johnson Realty, you put a buffer between yourself and the tenant, and allow us to be the bad guy who has to listen to the excuses, chase down rent, and when necessary, evict the person living in your property.
If you let them, your tenants will walk all over you. They have to be trained to follow every part of the lease or deal with the consequences. Property managers have an advantage because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms. Many property managers will tell you that it is considerably easier to manage other people’s properties rather than their own for this reason.
Regarding evictions, there are strict laws concerning the eviction process, and doing it wrong, or trying to evict a “professional tenant” can be a MAJOR fiasco. Amanda Johnson Realty knows the law and has a good process for obtaining the best possible outcome given the circumstances.
Assistance with taxes
Property Management fees are deductable. Our Property Management team are happy to provide up to date information on what you can and can’t claim for your investment properties.
Lower maintenance and repair costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment. By hiring Amanda Johnson Realty you gain access to both their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself.
Increase the value of the investment
Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on, before they grow into larger more costly problems. This requires a written maintenance check program, detailed maintenance documentation and regular maintenance visits. Amanda Johnson Realty can also offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.
Personal benefits for owners
- Less stress – Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, piles of paperwork.
- More freedom – Live and invest wherever you want with the constraint of needing to be near your properties. Additionally, you can live and travel without the requirement of always being available if your tenants have a need you have to tend to. Some landlords live in other countries and simply collect their check every month without ever seeing the property.
- Free up more of your time – Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. When you focus on asset management you’re working ON your business, when you manage your own properties you work IN it. Additionally, you have more time to spend with family or friends doing things you enjoy.