What We Do
Consider these eleven benefits when choosing a property management company. Tropic Sands Property Management LLC will:
Screen out problem tenants
One of the biggest benefits of property management is that the property manager will handle the tenant screening. Experienced property managers see hundreds (or thousands) of applicants, so their trained eyes are more likely to notice potential red flags. When reviewing an applicant’s paperwork. They’re quickly able to spot good tenant qualities, such as paying rent on time, taking care of the property and more. Letting them manage the tenant screening process can improve your chances of landing a reliable renter.
Act as the point of contact for tenant concerns
If something breaks at your property, it’s not always convenient or possible to drive over to the unit to inspect it yourself (especially if you are an out of town/state owner like so many of our local landlords). A property manager can address problems at all hours of the day and arrange for service provider to repair or replace the item. Or, if you have a tenant who always seems to have a complaint- be it the noisy neighbors or the dog who relieves itself on the front lawn- you can breathe easy knowing that the property manager is the point of contact for those types of calls.
Market your rental
Property managers are skilled at rental marketing, including writing rental ads, taking high- quality photos and hosting open houses. They also have local real estate knowledge and will be able to help you set a competitive rent price. Hiring a property manager with marketing experience can help fill your property sooner and reduce the time it sits vacant. Vacancy ultimately means that you have to make monthly payments out of your pocket. If you have an emergency fund, you will be able to survive vacancies with little trouble. If you don't have one, you may find yourself scrambling to pay the rent to the harshest landlord of all – the bank.
Decrease tenant turnover
Good property management companies know how to keep their renters happy. They are responsive and available, and they take of problems when they arise. Happy renters are also less likely to look for another place to live and more willing to accept reasonable rent increases. Of tenants who choose to stay in their current lease, 50% think their home is a good value for the price and 40% say they love the place they rent.
Ensure rent is paid on time
Consistent rent collection is key to receiving rent payments on time and using a property management company will help enforce lease policies if payments aren’t received. If tenants are consistently failing to pay their rent on time (or at all), the property manager will know how to deal with the situation, including issuing an eviction notice if necessary. Payment collection can be a common issue- the typical renter spends 29% of their income on rent, and significant share of rental households are one large expense way from being unable to pay.
Avoid potential legal issues
Property managers understand landlord tenant laws and fair housing laws, which can help you avoid potential lawsuits and save time, money and energy in the long run. They will also typically take care of any lawyer fees associated with evictions on property damage issues. If you’re not comfortable handling things like evictions, signing and terminative leases and handling rent and security deposits, you may need property management company expertise.
Resident Communications
To make things easier for all parties, all resident communications should go through the property manager. If there’s anything that needs your attention, such as a major repair or resident grievance, your property management company should bring it up with you immediately, but all communications about the matter should still go through them. Likewise, if a resident reaches out to you with an issue that your property manager is supposed to handle, you should direct them to the property management company immediately and refrain from answering their question or solving their problem yourself.
Managing vendor relationships
Property management companies have relationships with maintenance works, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, but they’ll also oversee any necessary maintenance projects.
Ensuring that you’re in compliance with housing regulations and property laws
There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
Enabling you to invest in geographically distant properties
If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
Maximizing the profitability of your time
By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities of otherwise furthering your career. It’s hard to measure peace of mind, and if you have a great management company that’s working hard to keep your costs down and your profits up, the management fees are often well worth it. Remember, in most cases you can also deduct your property management fees on your taxes, making professional management a benefit in several different ways.
Please feel free to contact us. We’d be happy to talk further about our fees and anything pertaining to our local real estate market.
