Owning rental property can be an overwhelming experience for both new owners and longtime investment veterans. Fortunately, that’s why help is available in the form of a professional Residential Property Management Company. But is this the right decision for you? Here are the top 10 reasons you should consider hiring a residential property management company and letting that company be Prime Resource Realty and Property Management Inc.
1. RENTAL COLLECTION: Prime RPM Inc has systems and strategies to improve rent collection and on-time recent payments. This allows you to ensure swift and consistent rent collection. Quick and consistent rent collection is absolutely critical in this real estate market where good cash flow can mean the difference between success and failure as a real estate investor.
2. LOCAL KNOWLEDGE OF RENTAL RATES: Prime RPM Inc has extensive local knowledge of rents and the ability to determine the highest rental rate possible for your property. With the internet and the ability to do large scale searches for rental properties, potential tenants know if your property is overpriced, even by $25. Overpriced properties sit empty while other properties get rented. Knowledge of rental rates is a key factor to fast rentals and quick cash flow.
3. TENANT SCREENING: Prime RPM Inc requires a detailed application from each adult with photo identification. Additionally, we run criminal, and credit checks (to check for bankruptcy and judgments) to determine if the application is accurate. Past and present employers are called for verification, as well as landlords and any other references that may be needed. We have set requirements and standards for accepting or declining an applicant and thereby ensuring you comply with fair housing rules and other local and state regulations.
4. MARKETING EXPERTISE: We have years of experience on how to best market your property because of our Real Estate background. Because of this we are usually able to rent out your property faster than the rest. Here at Prime RPM Inc we use offline and online marketing to maximize your properties exposure and find qualified tenants quicker. In order to rent your property as quickly as possible we can utilize up to 30 different techniques, which reduces your carrying cost of a vacant property.
5. PROPERTY LAW AND REGULATIONS: Prime RPM Inc has an extensive and up-to-date knowledge of property laws and regulations and will assist you in making sure you are in compliance with your local, state, and federal rules and regulations. These regulations include complying with; fair housing regulations, the Americans with disabilities Act, and other applicable local, state and federal laws. Avoiding one lawsuit will pay for any Property Manager fee’s many times.
6. TESTED AND RELIABLE PROFESSIONALS: Residential property management company’s will already have vetted vendors, suppliers, and contractors to make sure they provide good quality work at reasonable prices. Failure to properly vet these professionals can be a costly mistake. Many owners overlook this function because they do not know how to do it or because it is a time consuming and laborious process.
7. INSPECTION REPORTS: Prime RPM Inc conducts inspections before and after each new tenant. We also provide routine property inspections that are done every 6 months if not more often. With these inspections we will provide you with a written report as well as pictures for each of your properties that we manage. Faults in your property that are found quickly can be resolved before they become expensive items of disrepair.
8. FINANCIAL RECORDS AND SECURITY DEPOSITS: Here at Prime RPM Inc we will provide you with detailed income and expense reports as well as cash statements every month saving you the bookkeeping headache. Additionally, we manage all security deposits in an escrow account, and make sure you are in compliance with local and state regulations. End-of-year tax reports are also given for your accountant or financial advisor.
9. EMERGENCY CALLS AND SHIELD YOU FROM TENANTS: Hiring Prime RPM Inc as your property manager will relieve you from emergency maintenance calls and tenant headaches. Just imagine having your time to yourself and not having to deal with tenants and the headaches like “my toilet is overflowing” calls.
10. LOW COSTS: Prime RPM Inc will only charge you management fees in the range of 8% to 10% of the monthly rent collected. Assuming a monthly rent rate of $2000 per month that is a fee of $160 to $200 per month. This is less than $6 per day! Can you possibly do all these things for less than $6 per day?
