Real estate investment can be a lucrative venture, providing regular passive income from rental properties. However, managing these properties remotely can present challenges. In this article, we explore how Specialized Property Management can assist in overcoming these hurdles.
Difficulties Encountered by Distant Rental Property Owners
The primary challenge of remote property management is the inability to directly oversee the property. Without being physically present, it’s hard to ensure effective repairs or resolve tenant disputes. Collecting rent and addressing tenant complaints also become difficult tasks when you’re not nearby.
How Specialized Property Management Supports Landlords
Specialized Property Management offers invaluable services for landlords and real estate investors seeking assistance with their properties to maximize returns. They handle everything from advertising vacancies and screening tenants to collecting rent and conducting inspections using cutting-edge industry software that tracks vacancy rates and generates monthly reports.
Benefits of Hiring Professional Property Managers
Hiring an experienced property manager brings numerous benefits:
A. Knowledge of Local Rental Market Trends
Our professional managers are well-versed in local market trends which helps them fill vacancies quickly and advise on rent adjustments as well as lease terms among other things. Additionally, Specialized will propagate your home listing on over 100+ websites in order to maximize property visibility and attract a qualified tenant. We have partnered with some of the most prolific sites, including Zillow, Trulia, Hot Pads, as well as the MLS.
B. Supervision of Maintenance & Repairs
Maintaining a property’s value requires regular upkeep which professional managers have the resources to manage effectively. Specialized Property Management has a network of over 1,400 vendors, which are a HUGE component of our success! We only use contractors who are licensed when required, certified as necessary, and carry proper insurance. We measure every performance metric necessary to give preference to vendors who meet the criteria of being timely, providing quality repairs, and have the best service reviews. As a company managing thousands of properties, we also receive preferential pricing, a savings we happily pass along to you!
C. Tenant Screening & Rent Collection
Professional managers conduct thorough tenant screenings, ensuring only financially stable tenants occupy your units while also providing convenient rent payment options for timely collections.The applicant screening process that we utilize ensures we place qualified tenants in your property. Specialized utilizes a proprietary tenant scoring system that reviews the applicant’s data and compares it to actual rental performance records. This system not only determines a tenant’s ability to pay rent, but also accurately predicts their willingness to pay, allowing us to anticipate the tenant’s future payment activity more accurately. In addition, we utilize a national credit reporting provider to obtain a prospect’s criminal and credit history. We screen all applicants, and either approve or deny an application in strict compliance with fair housing laws. Once an applicant is approved, we will notify you of the approved application. And on your behalf, as your property manager, we’ll enter into a lease agreement with the tenant. Our real estate attorney drafted leases, are electronically presented, signed and executed. Upon execution of a lease agreement, it will be uploaded to your owner portal where you can review it at any time. During the leasing process, a security deposit or surety bond is also collected, which is held in a trust account for the duration of the lease. Rental security deposits and surety bonds are managed in accordance with federal real estate laws and regulations.
Concerns about Hiring Professional Managers
Despite the clear advantages, some landlords may still have concerns such as:
A. Control Over Investment
Landlords often worry if hiring a manager means losing control over their investment – it doesn’t! The manager acts on behalf of the owner who should always read all contract terms before signing up for any service.
B. Property Management Costs
The cost varies depending on the range of services offered and can be tailored to fit your specific needs. Best of all we guarantee results.
QUALITY TENANT GUARANTEE
We guarantee any tenant placed by our team for up to 12 Months!
OWNER PRICE GUARANTEE
We guarantee the pricing and terms of your management agreement for a period of three years!
100% CUSTOMER SATISFACTION GUARANTEE
We guarantee to do everything possible to exceed your expectations, or we will make it right!
Rental property owners investors can greatly benefit from our professional property management services especially when they own rental properties outside the area in which they live.
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