Setting the right rental rates: While looking through the classifieds to see what other landlords and property owners are charging for similar properties is one way to ballpark your rent price however, an efficient property management company, like A.I.M. Property Management, will conduct a thorough market study in order to set a rental price for your property. This ensures that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
Collecting and depositing monthly rent payments on time: If you’ve ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Most property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. Be sure to ask the company which software program they use. Some of the better programs are Buildium or App Folio. If they are using an excel spreadsheet that might be a concern. You’ll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
Marketing and advertising your property: Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
Finding the right tenants: Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
Managing tenants: In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that is almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.
Ensuring that you’re in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to adhere to when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
Enabling you to invest in geographically distant properties: If you manage your own rentals, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
Maximizing the profitability of your time: By having a manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
Maximizing the profitability of your money: Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.
A.I.M. Property Management Company is a Certified Property Management Company in Loma Linda, Colton, Redlands, Calimesa, Yucaipa, Highland, Mentone, Beaumont, Bryn Mawr, Banning and surrounding areas in the Inland Empire. A.I.M. is committed to exceptional service by proactively assessing and maintaining each owner’s real estate investment. We strive to increase the value of your investment and we take pride in managing each property as if it is our own. Call us at (909) 375-8113.