5 Key Marketing Benefits of Hiring a Property Manager
Your investment can experience significant increases when you hire a competent property manager. It's for this reason many real estate investors will advise that a good management company are invaluable.
For those who aren't hands-on and would rather not work on maintenance calls, expense management, or collecting rental income, hiring a property management company is ideal. Not only will they handle these details for you but they'll also streamline your business. Here are some key marketing benefits of hiring a property manager.
Benefit #1: Higher Quality Tenants and Screening Process
Property managers with experience view hundreds of applications. They're trained to see red flags. In doing so, they can improve their chances of obtaining higher-quality tenants that are reliable. Ideally, the objective is not to allow bad tenants to pass the screening process. Those moving through the screening process results in reliable tenants who will:
- Pay rents on time.
- Stay in the rentals longer.
- Respect the property units and treat them well.
- Cause fewer problems overall.
Property management companies with experience will use the information from the applications they're viewing to dig out facts. These efforts will help property owners avoid rental scams and other potential lawsuits.
Benefit #2: Reductions in Time Consuming and Costly Legal Problems
It only takes one tenant who is troublesome to cause significant financial or legal issues, and veteran landlords know this. Good property managers have the tools and knowledge regarding tenant-landlord laws. Therefore, property managers are never left vulnerable to potential lawsuits. They'll help landlords with the following legalities:
The conditions of the property including safety
Evictions and terminating leases
Collecting security deposits
Monthly rent collection
When landlords can avoid lawsuits, this means they can use those funds for hiring a property management company. In doing so, it will help them save time and headaches.
Benefit #3: Decreases in Tenant Turnover
When landlords use an excellent property management company, these professionals know how to keep renters happy. They are available, responsive, and address problems immediately. When renters are delighted, they're less likely to leave. They're also more likely to accept rent increases so long as they're reasonable.
The same is true regarding vacancies. Property management companies are excellent resources for handling vacant rentals. Not only will they handle the tasks for the property, but they'll ensure they won't stay empty long. Here are some of the jobs a property management company can do:
- Prepare rental units: the company will perform cosmetic improvements to help increase rental revenues.
- Optimize rental rates: when landlords set their rates inappropriately, they're losing renters. If they're too high, the rental may stay vacant for too long. If it's too low, then they could be leaving money on the table. Property management companies know the market and will help landlords determine the right price.
- Effective marketing: writing effective marketing ads is like second nature to property management professionals. They know where to place the ads, negotiate better rates, and how to target the best candidates. They're also familiar with how to field calls and close deals when prospects inquire.
Benefit #4: Renter Retention Rates Increase
When property managers are working for landlords, the turnover rate decreases and retention rates increase. It's easy to understand the detrimental effects landlords experience when losing rental income. However, turnover rates also cause problems with having to change locks, completing thorough cleanings, work on repairs, paint walls, and replace anything that's broken. That's not to mention the marketing, showing, and screening that will have to occur.
Working with a seasoned property management company eliminates those issues. They'll use their marketing and screening skills to ensure tenants are happy and will have lengthy stays. Under most circumstances, property management companies have retention policies in place. These policies typically include clauses like respecting the tenant's privacy and utilizing fair pricing.
Benefit #5: Rental Payment Collections are Efficient
While landlords may have thought their methods for rental income was efficient, they may have had tenants skipping payments from time-to-time. When using a property management company, they’ll find the process is streamlined and has more controls. It’s easy for landlords to become permissive and, as a result, tenants will walk all over them. Property management companies have no problem being the bad cop and collecting these monthly payments.
The property manager will also help landlords work through the eviction process if tenants refuse to cooperate. Strict laws are in place for handling this process. Proceeding without following the steps could cause significant problems. Therefore, it’s critical for landlords to work with the property management company to ensure they’re handling the issues correctly.
Beyond the Increase in the Value of Rental Properties
There are many key marketing benefits of hiring a property manager behind the increase in the value of rental properties. Landlords will experience personal benefits including less stress, more freedom, and more free time. The property manager can handle marketing their rentals to ensure they aren't vacant, experience the best rental prices, and renters remain happy.
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Keep yourself protected against unsavory tenants who cause nonstop problems. Our application process includes detailed screening, with financial & background checks. We only place great renters.learn more +
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Why Choose Green River Property Management?
Learn what makes us the perfect partner for your investment.
Healthy, Effective Communication is Our Priority.
As Jacksonville property managers, our goal is to create a healthy working relationship with every client we represent. We keep you aware of what's happening in your home and we return calls & emails quickly.
Our Team Understands the Needs of Modern Renters.
We work with tenants day in and day out, and we know what renters want to see in potential properties. We use this expertise to help our clients optimize their homes for success. Lower turnover rates & happier tenants say it all.
We Never Sacrifice Our Integrity or Commitment to You.
We build mutually-beneficial partnerships with our clients and base every interaction on our commitment to honesty and transparency. We'll never hit you with hidden fees or take advantage of you—our desire is to help you succeed, plain and simple.
Looking for Experience? You've Found It.
When it comes to rental properties in Jacksonville and the surrounding area, you won't find a more accomplished or experienced team. We've helped countless property owners over our 15-year history on Florida's First Coast.
Thinking About Investing in Real Estate in Jacksonville?
The area that today is known as Jacksonville has a long history - originally inhabited for thousands of years by the Timucua people, it then became a French colony in 1564. In 1821 American settlers planned a town and named it after President Andrew Jackson.
Jacksonville grew to become the most populous city in Florida and has an estimated population of 892,000 residents. As a harbor city, it is a major military and civilian deep-water port with naval establishments like the Naval Air Station Jacksonville, the U.S. Marine Corps Blount Island Command, and the Port of Jacksonville. Jacksonville's military bases and the nearby Naval Submarine Base Kings Bay form the third largest military presence in the United States. It is also a rail, air, and highway focal point with Jacksonville International Airport serving the city.
Jacksonville enjoys natural beauty from the St. Johns River and the Atlantic Ocean and has many parks that provide access for people to boat, swim, fish, sail, jetski, surf and waterski. Several parks around the city have received international recognition.
THINKING OF INVESTING IN JACKSONVILLE?
Jacksonville is centered on the banks of the St. Johns River in the First Coast region of northeast Florida, with its residents and visitors having access to breathtaking natural views and ocean pleasures.
It has long had a regional legacy in banking and finance and Jacksonville is home to many prominent corporations and organizations, including the headquarters of four Fortune 500 companies. Other significant factors in the local economy include services such as insurance, healthcare and logistics. As with much of Florida, tourism is also an important part of Jacksonville's economy, with golf being an especially popular draw.
There are more than 500 neighborhoods within Jacksonville's vast area, with single-family homes comprising roughly 60% of the properties there and apartments 23.7%. Trends in Jacksonville show a 7% year-over-year rise in median sales prices.
WHO IS GREEN RIVER PROPERTY MANAGEMENT?
We are Jacksonville property managers with a goal to create lasting, healthy relationships with our clients. More than just rent collectors, we use powerful marketing tools to make sure your property doesn't stand empty, thoroughly screen potential tenants and deal with the maintenance of your property. Our knowledgeable staff understands the needs of modern renters and have helped countless property owners over our 15-year history on Florida's First Coast. Green River also offers a free rental analysis of your property to determine how to maximize its earning potential and how to increase it.