There are many different ways to manage rental properties – but experienced landlords have found that some methods tend to work better than others.
For those managing any significant number of rental properties, it's often a trial and error type of process. You do a lot more work for a lot less money the first year – and then you figure out what works, and go from there. Refining the process helps to maximize profit and minimize headaches for landlords, tenants, and everyone else.
Let's talk about the process of filling in an empty rental property. Whenever a tenant leaves, your rental will be vacant. An unoccupied property is bad for business because the empty rental isn't making any money, while you're still paying things like property tax and utilities.
To fill an empty rental, property owners have choices. They can call up a family member or a part-time person who works for them, and ask if that person can show the property. Alternatively, they can call their real estate agent, who may be willing to quote a price for filling a vacant rental. On the other hand, they can call a Selma property management company to get tenants into a lease.
So what's the best way to fill an empty rental?
Many experienced landlords go with a professional property management firm every time. They realize that there's a lot of value in having an established company take over to fill empty rental units. Here are some reasons why it pays to go with a property management company instead of someone else.
The Scheduling Problem
When you have an empty rental, the name of the game is to walk many people through the unit and get applications coming in. Then the landlord has to shuffle through these applications and negotiate the final choice.
Property management companies know that time is of the essence, and they have the staff and organization to complete property showings promptly.
On the other hand, an individual real estate agent or someone whom you've asked to show the property generally doesn't have a wide open calendar – they may not be able to get to the property of the specific times that optimize the showing process. Some tenants can’t make it to the property for a showing during business hours! It’s good to have a company that has a wide range of available show times because it tends to get the deal done quicker.
Property management firms are also adept at dealing with unusual situations. What if a renter leaves a lot of personal items behind?
The property management company will have storage facilities in place – and they'll also have firm policies. They'll know whether to keep items for 60 to 90 days, and whom to notify, and how to follow the same consistent process every time. That’s something that an individual real estate agent or other contracted person may not be able to do for you if you find yourself in that kind of situation.
Dealing with Liability
Property management companies also know that the unexpected can and will happen during a showing. That's why they have specific business insurance in place to cover anything from a sprained ankle to a broken water main. Again, someone who is just individually working for you to show your property usually doesn't have anything like this in place – because again, that's not their number one business and they never thought they needed it.
Process and Professionalism
In a very fundamental sense, the reason to hire a property management firm to show an empty rental is that it's their specialized job. Real estate agents have other things that they may do more frequently, such as travel around with individual buyers to look for a deal on properties that are for sale. Many of them are only nominally in the rental business – they might do it for one client, but not as a matter of course.
A property management firm understands the repeat process of filling empty units. They’re efficient and methodical about how they approach showing the unit and helping a landlord to fill it. They have the professionalism and expertise that makes this often complicated process work well and gets the money flowing back in without too much hassle.
Call our experienced property management experts for a helping hand to get your single family rental off of the rental market and back to generating revenue!
Need help choosing the right property management partner? Download our free Guide to Finding the Best San Antonio and Surrounding Area Property Manager for help choosing the right partner in property management for you.