If you own a rental property or would like to enter the market, one of your biggest challenges will be finding tenants who are responsible, reliable and able to pay their rent on time every month. A high tenant turnover rate leads to your rental gathering dust rather than generating revenue, and the headache of advertising, screening potential tenants and writing up contracts can turn into a huge time investment with no guarantee of success. Instead of dealing with this hassle on your own, consider these four benefits of finding tenants with the help of a rental property management company like Cambridge Companies.
Reaching the Right Markets
Rental property managers work within the retail market on a daily basis and understand all of the little tricks that will get a property noticed. By relying on professional advertising, your property can attract a wider pool of candidates to choose from and encourage applications from serious individuals. This increases your odds of finding suitable tenants quickly, making your property more productive in the long run.
Conducting a Thorough Screening Process
When you entrust another person with your property, you probably want to know that they will maintain it, treat it with respect and make enough income to pay for it. Screening candidates with background checks, interviews and references weeds out risky tenants and leaves you with a stable group of qualified applicants from which to choose. Rental property management companies can conduct these tests for you efficiently and inexpensively, returning to you with a short list of applicants who are already proven to be worth your time.
Drafting Strong Rental Agreements
With any luck, you and your new tenants will get along well and run into few disagreements, but should things go sour, you will want a strong legal argument on your side. Hiring a lawyer can be expensive and a hassle, while cobbling together your own contract leaves you vulnerable to loopholes and oversights. Relying on experienced retail experts to draft your rental agreement can save both you and your tenants from a legal nightmare later on.
Collecting Initial Payments
Depending on your agreement, a rental management company may only collect the initial deposits associated with rentals, or it may continue collecting rent for the remainder of the lease. This largely depends on how "hands-on" you want to be as a landlord; if you are comfortable and have the time to see each of your tenants every month, you may not need this service. Opting to have your rental property manager collect rent can free up hours that would otherwise be spent more productively elsewhere. No matter what level of service you eventually choose, leaving your rental in the hands of professionals can save you money over time and dramatically reduce the stress of finding the right tenants for your property.