Property management companies may seem like yet another expense to landlords, but hiring a Northridge property manager can actually save you money in the long run by providing specialized services and expertise, including:
- Tenant screening
- Reducing vacancies
- Rent collection
- Legal compliance
Professional Northridge Tenant Screening
Renting to delinquent tenants is one of the fastest ways a landlord can lose money. Between unpaid rent and utilities, property damage, and the court fees associated with filing an eviction, renting to the wrong tenants becomes expensive rather quickly. By hiring a Northridge property manager, landlords can have potential tenants screened properly, making it more likely that the tenants will pay on time and provide them with a reliable source of monthly income.
Reducing Rental Property Vacancies
Reducing vacancies is a crucial aspect of property management, because the longer vacancies are left unfilled, the less income landlords earn from their investment properties. Northridge property managers can prevent these vacancies by finding ideal tenants who will stay long-term, pay their rent, and not be evicted. Aside from the preventative aspect of reducing vacancies through tenant screening, Northridge property managers have the advertising expertise and market knowledge needed to successfully locate and attract prospective renters.
On-time Rent Collection
With a professional property manager collecting your rent, you are spared the chore of collecting monthly rent yourself. As simple as this task may seem, it can often feel like you’re herding cats. This is especially true when you have more than one rental property. Instead of chasing down late rent and following up on payment promises, you can relax while your property manager ensures your rent gets paid on time every month.
Legal Compliance and Liability
Landlords are required to comply with a variety of local, state, and federal laws involving taxes, fair housing, anti-discrimination, and eviction. Failure to comply with these laws can lead to lawsuits and the notoriously pricey legal fees that accompany them. Landlords should hire a property manager to prevent potential claims and lawsuits.
Tenant screening is a crucial service that property managers provide, and you want to make sure it’s handled fairly and consistently. Most landlords don’t intentionally discriminate against applicants, but the wrong wording in an advertisement or a slight variation during the screening process can open you up to fair housing claims.
Rental Property Maintenance
Property maintenance can be time-consuming and costly, but hiring a property manager will help lessen this burden. No matter how large or small your investment property may be, you need to keep your rental home in a habitable condition and respond to maintenance concerns from your tenants. Good property managers are skilled at responding to these concerns and negotiating rates from contractors, saving you time and money.
Some landlords try to save money by managing their own investment properties. But time is money, and self-management is a time-consuming process with a variety of potential liabilities. Don’t put yourself and your property at risk. Hire a professional manager. If you have any questions or need help, please contact us at Core Alliance Property Management.