Benefits of Property Management

SaraVita Properties takes great pride in serving you. Our goal is to make your lives easier and stress-free. If you are in need of some extra help managing your business, let us show you why having a property management team on your side is the right path to take.

You may be asking,

Is Property Management worth my investment?

Many real estate and financial investors would tell you that hiring a property manager would add significant value to your business and can show you a higher return on your money quickly.

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 A management firm like SaraVita Properties 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.

Higher Quality Tenants

Tenant screenings and credit checks are key to gaining reliable tenants. Although it is possible to evict a bad tenant, it is a frustrating hassle that could have been prevented with better tenant screenings. Efficient credit reporting and screenings help find tenants who  

  • Consistently Pay Rent On Time
  • Rent Longer
  • Put Less Wear and Tear on Unit
  • Generally Cause Less Problems

SaraVita Properties is a management company that selectively chooses it’s tenants to ensure that all tenants are trustworthy and responsible. We carefully analyze all prospective tenants and look out for any suspicious behavior or consistently poor financial behavior. By allowing a management company 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 company like SaraVita Properties will provide.

Less Time Consuming and Costly Legal Problems

A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit. Each state and municipality have their own laws, these plus federal law cover a number of areas including but not limited to:

  • Tenant screening
  • Safety and property conditions of the property
  • Evictions
  • Inspections
  • Lease addendums
  • Terminating leases
  • Handling security deposits
  • Rent collection

Shorter vacancy cycles

SaraVita Properties will help you perform three critical tasks that affect how long it takes to fill your vacancies:

  • Improve and prepare the property for rent – We 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 unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparables, and access to rental rate tools.
  • Effectively market your property – An experienced property management company like SaraVita Properties has written hundreds of ads and understands what to say and where advertise in order to get a larger pool of candidates in a shorter period of time. Additionally because of their volume they can usually negotiate cheaper advertising rates both online and offline. Lastly, they are familiar with sales and know how to close when they field calls from prospects and take them on showings

Better Tenant Retention

While its 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, changing the locks, painting the walls 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.

A good property management company 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 a good property management company will shine.

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 month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the tenant, and allow 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.

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 units rather than their own for this reason.

Assistance with taxes

A property management company can help you understand which deductions you can claim, as well as organize the necessary forms and documentation to make those claims. Additionally, the property management fees themselves are also tax deductible. SaraVita Properties keeps a record of all the finances and expenditures in a up-to-date and easy to read file that gets emailed every month for review or at your request. This takes away all the financial stress and burdens of record keeping.

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 in the event that your tenants have a need you have to tend to. 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. Additionally you have more time to spend with family or friends doing things you enjoy.

These are just some of the ways a Property Manager can help you. A Property Manager is a financially smart way to invest in your business and to watch it grow quickly and efficiently. Stop in to SaraVita Properties in West Los Angeles to get more information on how you can set your business to overdrive!

 

Source: Jordan Muela in Property Management Articles

Link: http://www.managemyproperty.com/articles/what-are-the-benefits-of-using-a-property-management-company-9

 

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