Landlords: Why manage?
A friend asked a tenant about the landlord who lives in the unit above his – “almost every night they stomp on the floor and shout till midnight” When the tenant asked if it bothered him, he replied, “Not really, for I usually stay up and practice my trumpet till about that time almost every night anyway.”
If you are a landlord who is always on the go, chances are that you are looking to maximize the profit from property ownership (as well as maintain and increase the value of your properties) while collecting points to enjoy the financial freedom of traveling. Here are just a few reasons why you should hire a property manager with RentPERKS:
- Increasing your property’s income earning potential with a property manager. While many property owners worry about the added cost involved with hiring a property manager, they don’t realize that they will actually make more money in the long term due to increased care of their property. You will have better tenants who will want to stay longer and won’t have to deal with as much damages or repairs. With a property manager who will periodically conduct a thorough market study before setting rental prices, you will always know that your home is appropriately priced based on the current market conditions.
- Receiving monthly rent payments on time while collecting reward points. Non payment from your tenant can be difficult and can lead to legal battles. RentPERKS has a tried and true system in place that effectively collects the month’s rent and will make the deposit directly into your bank account – where it belongs. This is particularly important to landlords whether you have two properties or twenty properties, because collecting payment on time is crucial to maintaining cash flow. Thus, we make sure that paying rent is the first transaction your tenant makes each month. We incentivize tenants to avoid making excuses such as “I can’t pay the rent as my Mercedes is in the shop, and I cannot afford to pay for both”.
- Marketing and advertising your property online using 3-D cameras. Property managers will know exactly where and how to advertise your place to make it look as attractive as possible. They will also have access to a bigger pool of applicants from their extensive marketing and advertising software. With 3-D camera technology and easy access to an mobile app, your home has never been advertised so elaborately. Users with the right technology may even [enter] your property virtually (VR lenses required).
- Finding you the right tenants – Leave it to the pros! In addition to finding good tenants, property managers will take care of the fine details, which include securing all criminal background checks and security checks; running a credit report through Credilytix; verifying employment and previous landlord references. We even share these scores with tenants on the app so they can improve them. Our model rewards good tenants who consistently pay on time, leave the rental properties in good condition, and re-lease early. We also pre-authorize tenants during landlord negotiations for new properties by highlighting them against new tenants to the program and guaranteeing same day approval for existing clients for any RentPERKS property. This is all done via a handheld app.
- Managing tenants.In addition to finding and placing good tenants, RentPERKS 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. With the property manager’s role acting as a liaison between landlords and tenants allow property owners are able to maintain a professional distance from their tenants and keep it strictly professional. When issues arise, the property manager is equipped to address the problems professionally and effectively.
- Managing risk and ensuring compliance with housing regulations and laws. There is a multitude of applicable laws as well as local, federal and fair housing regulations to abide by when you first buy your property and make the decision to rent it out. A property manager can help you keep your property up-to-date and compliant with regulations in order to avoid potential lawsuits (Did you know that you are required to hold deposits in trust accounts that bear interest and provide that interest back to your tenants?).
- Maximizing the profitability of your time and money. By having a property manager take care of the day to day aspects of your property, you can spend your free time to acquire new assets while growing your investment property. Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. With rates starting at 4.9%, RentPERKS offers full RPM services and reward miles. Rental properties managed by our agents will be a seamless and rewarding process, while saving you more money in the long run!