The housing and rental markets are highly competitive, especially in today’s economy. Drawing in prospective renters can be a challenge for investors looking to create substantial rental revenue. One of the benefits of working with a property management firm is the fact that any vacancies on your property will be consistently and widely advertised until they are filled. Owners of rental properties stand to lose a significant amount of funds without tenants to make monthly rental payments. Vacancies disrupt cash flow and can make remodeling, repairs, and upgrades more difficult. A property manager knows how to attract potential tenants and will work committedly to ensure you are benefiting from your investment.
Putting the Word Out
Marketing to a specific demographic of probable renters often requires more than a “for rent” sign or a single ad in the local paper. Property managers implement a number of advertising strategies to reach out to individuals searching for a new home, including signs, flyers, free and paid ads on listing sites, and ads in the local newspapers and bulletins. While many owners would like to be able to advertise extensively, not all have the time to devote to doing so. However, through property management services, you can be assured that many potential tenants in the area will be reached.
Screening and Selection
Naturally, the more individuals reached by your property manager’s marketing techniques, the greater the selection of prospective tenants will be. Managers are responsible for screening any interested parties and making sure they fit the criteria of a low-risk renter. Depending on how involved you would prefer to be with the management of your investment, you may request your manager consult you before officially choosing any tenants. Investors with large portfolios and very little time on their hands generally leave both screening and selection up to their managers. Regardless, the process of filling vacancies with quality tenants is made easier with property management services. Columbia managers also carry out leasing agreements, move-in inspections, first month’s payment collection, and security deposit collection.
For top-notch management services, contact Real Property Management. They are experienced in effectively advertising and screening interested tenants, aiming to fill vacancies quickly and efficiently. Click here to review their list of services.