Renting out a property can be a fantastic way to earn passive income and grow a business. Of course, it definitely comes with its fair share of work and responsibility, whether you have one property or dozens. Property management in East Bay can be a great way to lift the burden, and these are our 4 favorite reasons why.
Higher Quality of Tenants
With the help of an experienced property management company, you can be sure that tenants will be thoroughly and effectively screened, ensuring only the highest quality, reliable tenants will get through. This can help you to be sure that tenants will be paying their rent on time, will be renting for longer, and will cause less wear and tear to the property. The tested screening process of a trusted property management company can lead to fewer issues in general when it comes to tenants.
Reduce Tenant Turnover
You probably already know just how costly tenant turnover can be with a single move out costing anywhere from $1,000 to $5,000. Any good property management company will know exactly what it takes to keep their renters pleased. By being responsive and taking care of tenant’s issues, those tenants will be far less likely to look around for somewhere else to move. By choosing professional property management in East Bay, you can reduce what is likely one of your greatest expenses as a landlord.
Make Sure Rent Is Paid Promptly
Property management companies deduct their fees from the monthly rent, so they therefore have an incentive to keep the monthly payments coming. With the average renter spending around 29% of their income on rent, missed payments can be a common occurrence. Property management companies will enforce lease policies, and if tenants are failing to pay their rent, they will know how to effectively deal with the situation.
Steer Clear of Potential Legal Issues
Property management companies know all the legal ins and outs regarding landlord-tenant laws and fair housing laws. This can help you to steer clear of any potential lawsuits and allow the professionals to take over to save you time, money, and energy in the long run.
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