If you currently own a rental property or several properties, then you either want to break even on the real estate or earn an income by renting it. While retaining the services of a real estate asset management company may seem cost-prohibitive, the exact opposite is true. When you make use of a real estate asset management provider, you actually end up seeing a far greater return on your investment.
Place the Responsibilities of Management on a Third Party’s Shoulders
You save money when you align yourself with a management company because you are placing the burden of collecting rents, maintaining a property and filling vacancies on a third party’s shoulders. Therefore, professionals in the field will work more diligently to shorten vacancy periods, make any needed repairs, collect rent and serve eviction notices. So, it is in your best interest to work with a real estate asset management company to avoid vacancies altogether or shorten vacancy periods.
Maintain Your Income Stream
As a landlord, it is up to you to maintain an income stream. If tenants are screened before they rent a property, then you lessen the chance of both late payments and evictions. Therefore, if you want to fill vacancies, your first priority is to make sure you won’t have to refill them anytime too soon by having quality tenants.
Shorter Vacancy Periods
Shorter vacancies also result when an aggressive marketing strategy is used. Landlords who use real estate asset management firms that utilize this approach often are rewarded monetarily. In addition, it is helpful to set the rental rate so it is competitive with the other rates in the local marketplace. In Oklahoma City, Oklahoma, you can utilize management services to keep properties occupied as well as to stay well versed in landlord and tenant rights.
Why Screening Tenants is Imperative
Unfortunately, if you do not use the services of a real estate asset management firm, it can cost you in the long run. A problematic tenant can cost you as much as $5,000 on a $1,000 per month rental. Therefore, hiring a firm to conduct background checks is imperative, especially if you want to reap financial benefits from your real estate.
Conducting Background Checks
By utilizing the services of a real estate asset management company, you can avoid losing a great deal of money. In Oklahoma City, a property management company can keep your rental income stream flowing by running financial and criminal background checks of potential applicants. Screenings include employment checks, credit reviews and review of employment histories too.
Explore Your Options
Needless to say, if you are a serious real estate investor who rents properties, you need to align yourself with a solid management company. In Oklahoma City, this is imperative as the rental market is very competitive. Explore your options. Go with a well-respected full-service firm.
