To manage a property correctly, landlords must have time, patience, and working capital. Time is a Landlords greatest asset, but you need to utilize each second wisely if you plan to resolve challenging issues. Some days may run smoothly, but always remain vigilant because a chaotic situation can literally occur at any time. As a Landlord, if you are trying to resolve a major maintenance issue or a conflict between tenants, you must be patient and careful with your decisions. As a Landlord, if you have no experience with said issues, it may be best to rely on a knowledgeable and experienced property management company.
Landlord’s Need Working Capital In Order To Attract & Maintain Good Tenants
As a Landlord, you need sufficient working capital and a competent property management team to solve pressing issues quickly and efficiently. Delays and excuses are rarely acceptable when you are trying to attract and maintain good tenants. An experienced property manager can greatly improve your tenant screening, rent collecting, vacancies, and eviction process; all resulting in positive net cash flow for the Landlord. Property managers can also implement a new maintenance and cleaning schedule in order to honor tenant updates and requests rapidly. Therefore making current tenants happy and the building more attractive to prospective tenants.
Why Landlord’s Need To Update Their Properties
Without a financial base, property managers cannot properly sustain the building or amenities within. Providing a safe environment for tenants may be difficult as well because the Landlord’s funds allotted for this might be low. To keep a healthy account balance, Landlord’s will need good tenants who will pay their rent in a timely manner each month. If a Landlord’s current groups of occupants are slow payers, or possible eviction candidates, a Landlord will need to make some very serious changes. This actually costs more in the end, as there are eviction costs and vacancies to deal with. If a Landlord maintained the happiness of the current tenants by doing property updates, this is less likely to occur.
Good Prospective Tenants First Impressions Are All That Matter
Before you search for new tenants, examine your building and ask yourself if you can use an exterior restoration. If you need new paint, or if the facade is filthy, start collecting estimates for painting and pressure washing services. You may also need to set aside funds for landscaping, plumbing, and electrical services. If any units contain old appliances, peeling paint, and heavily stained carpets, prepare to refurbish or replace these items as well. A good property manager can manage all of this for a Landlord, which is why so many Landlords’ hire them.
Time To Find The Right (Hopefully Long Term) Tenant
Once you’ve successfully updated your building its time to place advertisements in noteworthy publications. Try to avoid signs unless they are clearly visible and situated near the entrance of the property. Your building should have a classy look and a bit of curb appeal so you will only attract individuals who most likely have stable incomes. With this method, you will entice people who want to live in your apartment — not people who are just looking for a place to rest their heads. Property managers are great at finding just the right tenants for your building.
Vetting Tenants, It’s Not Just About What’s On Paper
The vetting process should go much smoother once you made the necessary changes to the interior and exterior of your property. By making your property nicer, this will allow the ability to increase the rent. Making building changes also will compel the slow payers and eviction candidates to move out promptly. You may still need to file some evictions for the stubborn tenants, so set aside funds to pay this administrative cost. When you no longer have difficult tenants in your units, you can start filling your apartments with the newly qualified individuals. From start to finish, Property management companies can help every step of the way.
Why A Property Management Company
With a cultivated group of managers, you can start this transformation and replacement process almost immediately. Before you proceed, Landlord’s should understand the significance of this very important investment. Without good occupants, there is no cash flow. Without a steady stream of cash, your property will not be able to turn a decent profit. Our property management team at R.A.M. Property Management in the Augusta Maine area can assist Landlords during this transition if they are seriously willing to make the changes needed to attract quality tenants. We have 42 years of combined experience with proven success for landlords and testimonials as such.