A proficient property manager like the Hershey Real Estate property management team can add substantial value to your investment, which is why many folks will tell you that a good management company is invaluable.
Here are a few reasons why:
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, useless vendors, piles of paperwork.
- More freedom – Live and invest wherever you want without the constraint of needing to be near your properties. You can live and travel without the requirement of always being available in the event that your tenants have a need. Once you have found a good management company, it doesn’t matter if you live in the same state. 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. Furthermore, you have more time to spend with family or friends doing things you enjoy.
A thorough screening process results in reliable tenants that:
- Pay on time
- Rent longer
- Put less wear and tear on the unit
- Generally cause less problems
By allowing our management company to handle the screening, you will be guarding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. it is arguably one of the most significant benefits a property management company will provide. Our experienced property management company has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs. It is certainly possible to get a bad tenant out of your home once they are in, but it can be difficult. You are so much better off never accepting them in the first place.
Fewer costly and onerous legal problems
Seasoned landlords know it only takes one bothersome tenant to cause momentous legal and financial headaches. Hershey Real Estate is equipped with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself exposed to a potential lawsuit. Each state and municipality have their own laws, plus federal law, 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
- Rent collection
Avoiding a single lawsuit can more than pay for the property management fees, and spare you the personal time and anguish.
Shorter vacancy cycles
We will help you perform three essential tasks that affect how long it takes to fill your vacancies:
- Improve and prepare the property for rent – Suggest and oversee cosmetic improvements that maximize revenue.
- Determine the best rent rate – Too high and you are stuck waiting, too low and you’re losing money every month. Determining the optimal price requires knowledge of the local market, data, and access to rental rate tools.
- Effectively market your property – Since we are an experienced property management company, we have written hundreds of ads and we understand what to say and where to advertise in order to get a larger pool of candidates in a shorter period of time. Hershey Real Estate can usually negotiate cheaper advertising rates both online and offline due to volume of business. Lastly, we are familiar with sales and know how to close when we field calls from prospects and take them on showings.
Better tenant retention
A good property management company will shine with 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.
High turnover rates effect finances, and maintenance fees such as changing the locks, new carpeting, painting, etc. This is time-consuming and could be expensive which can often be avoided by keeping your tenants happy.
Tighter rent collection process
Collecting rent on time every month is the only way to maintain consistent cash flow. By hiring a property manager like Hershey Real Estate, you put a buffer between yourself and the tenant … allowing them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property. Many property managers will tell you that it is considerably easier to manage other people’s units rather than their own for this reason.
Regarding evictions, a good property management firm knows the law and has a process in place for obtaining the best possible outcome.
Assistance with taxes
Hershey Real Estate will organize the necessary forms and documents to assist with taxes and can help you understand which deductions you can claim, Plus, the property management fees themselves are also tax deductible.
Lower maintenance and repair costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment. By hiring Hershey Real Estate you gain access to both our in-house maintenance staff, as well as our 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 searching for a handyman on your own.
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. Hershey Real Estate will offer you suggestions and feedback on upgrades and modifications, how they will affect the rent you can charge, as well as their impact on maintenance and insurance.
Hershey Real Estate is a trustworthy, competent property management company that has over 30 years of quality services ensuring that your investment is safe, secure and provides excellent returns.