While the consequences of loss of rent are easy to see, there are other equally severe problems associated with high tenant turnover : the turnaround process includes thorough cleaning, changing locks, painting walls and possibly new carpeting or minor repairs, not to mention all the effort involved in marketing, introducing, verifying and setting up a new tenant. A good property management company will have a proven tenant retention policy that will ensure happy tenants have a long stay on your property.

The success or failure of your landlord will depend on how you manage your collection of rent and late payments. Collecting rent on time every month is the only way to keep cash flow steady, and your tenants need to understand that this is non-negotiable and let them be the bad guy who listens to excuses, chases rent, and, if necessary, evict a living person. on your property. If you let them in, your tenants will leave you.

When it comes to evictions, there are strict laws governing the eviction process and wrong execution or attempted eviction of a “professional tenant” can be a BIG fiasco. Property managers have an advantage because tenants understand that they are simply doing their job and have a responsibility to enforce the terms of the lease.

By hiring a management company, you get access to both their internal support staff and the network of licensed, bonded and insured contractors who have already been screened for good value.

Preventive maintenance is achieved by implementing systems that identify and resolve maintenance and repair problems early, before they become larger and more costly problems. Management companies can also offer suggestions and feedback on updates and changes, how they affect rental rates and how they affect maintenance.

Greater freedom - you can live and invest where you want, with limited proximity to your property, if your tenants have a need that you have to provide. Some owners live in other countries and just collect their checks every month without seeing the property.

Frees up more time - time is money - for many investors their time can be better spent elsewhere than servicing their property - when you focus on money management your business is working on it, when you manage your property, you are working on it, plus you will have more time to spend on what you like with your family or friends.

These results can only be predicted if the management company is competent, reliable and suitable for your property, the wrong choice of a management company can cause a lot of headaches.