Published By: Beckham Realty Group, Inc. January 21, 2017
Finding good tenants is hard, and managing them can present a lot of challenges. However, having a professional property management company do the job for you gives you a lot more flexibility while providing many additional benefits that are often overlooked. While it’s important to have someone else manage the workload for you, it’s just as important to also have a trustworthy, knowledgeable and professional property management company that puts your best interests at a priority. Here are 5 key benefits to hiring a good property management company.
- Higher Quality Tenants: A good property management company typically will have a thorough screening process with access to the best resources for reviewing applicants. Usually, if you are having a third party do the work for you, you have a better screening process resulting in longer-term leases, better quality people with better track records who will not abuse your property, and rent paid in a timely manner due to the contractual consequences. Beckham Management actually uses an extensive screening process that includes a background credit check from the 3 main bureaus, looks at employment history and 10-year living history. Because of the experience of dealing with applicants regularly, a good property management company usually can detect a poor tenant quickly.
- A good Property Management Company will Actually Increase the Value of Your Investment: Through regular and routine communication with your tenants, maintenance checks that lead to lower maintenance and repair costs, property managers typically can prevent disasters before they happen. Also, because they are in the business of managing properties regularly, they are likely to have better access to a network of contractors that they work with and therefore may even be able to negotiate better rates for upkeep costs than you would on your own.
- Property Management Companies Have Greater Knowledge on Rental Pricing: Property Management companies consistently interact with and manage multiple properties with the access to tools from local market data to rental rate measures. Also if you have a company like Beckham Management Realty, they have the real estate knowledge of the local Myrtle Beach housing market and can compare prices for homes just sold and on the market currently to better gauge an accurate rental rate. This saves you time from potentially losing out on good renters for too high of a price, or renting too low resulting in less profit potential for you. In addition to knowing where to price your rent, the property management company usually has the know-how on Marketing your property to the best and most qualified tenants, without leaving it sitting empty longer than it would if you aren't properly marketing it on your own.
- Hiring a Property Management Company Can be More Affordable than you Might Realize (If you find the Right One!): Beckham Management Realty offers a very competitive and lower set up fee than many local Myrtle Beach companies. The setup fee is as low as $500 and only 10% of the gross income is charged, a very reasonable cost that will be hard to find if you are shopping around the area.
- Less Stress Overall for you as an Owner: It goes without saying that having a property management company saves you a load of headache. Without having to chase month after month on rent, having a third party do all the work for you saves you time and hassle. With the relocation from other states so high In the Myrtle Beach area specifically, many landlords have their second home in the area and/or reside full-time in another place where it can be too complicated to manage their rental properties long distance. With a property management company like Beckham Management, you have the flexibility and sense of peace knowing your property is in good hands, looking after your best interest.