A good Phoenix property management company will perform many duties for its clients, and today we are talking about three of those most essential responsibilities.
The best way to increase your revenues is to avoid vacancy. Vacancy will kill your profits faster than anything else. You want to rent your property quickly to a good tenant. Charging higher rent amounts can prolong your vacancy, which hurts your bottom line instead of helping it. Start filling those vacancies early. When your current tenant gives notice or you are preparing to close escrow, start marketing the property. You can advertise a video of the home so tenants can decide based on how the empty property looks, not on how it looks with someone else’s belongings in place. Tenant retention is also a big part of avoiding vacancy. This is the best area in which to save money. You don’t want turnover costs in addition to vacancy costs. It’s much better for you if you can keep good tenants for a few years.
Protecting your Investment
A good property manager protects your investment, and that starts with the screening of tenants. You need a tenant with a strong background. Past performance in previous rentals helps you determine their future performance. Screening for all the basics is an essential duty of property managers. Document the condition of your property with video. This is another good way to protect your home and eliminate arguments about what was there and what wasn’t. Inspections are also important. If you do them on an ongoing basis, you can immediately see bad behavior or particular problems before they get bigger. You’ll also need a strong lease to counteract those problems. Enforce corrections before it’s too late.
This sounds easy, but it takes a lot of experience to see the potential problems that could happen. There might be a pool gate left open or a piece of raised concrete. You must know the law and make sure you are avoiding pitfalls. There are vast requirements, fair housing laws, regulations on service animals and habitability, health and safety, etc.
When you hire a property manager, what you are really getting is someone who can balance all these things while watching over your property so you don’t have to. If you have any questions about how we can help you or you need anything pertaining to property management in Phoenix, please contact us at Service Star Realty.