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Southeastern Wisconsin Apartments for Rent

The Importance of Property Management to Landlords and Tenants

What do tenants look for when checking out a rental property they want to lease?

Among the thousands of things different tenants may look for, Nelson Property Management  team notes two things are common to most tenants. The majority of tenants want a home that is efficiently managed. Most tenants also want a property that has minimal contact with the landlord.

Let us unpack these two top desires of most renters.

When inspecting a rental property, prospective renters will try to assess the ability of the person who oversees the building by looking for telltale signs of their competence or incompetence. They may look for dirt in the common areas and parking lot.

They also want to catch a glimpse of the team that oversees the different areas, systems and structures. The presence of professional cleaners, handymen, janitors, etc., is often taken as a sign that the building is managed efficiently.

But even when a building is clean and efficiently managed, renters will still deduct points from that rental if it is under the direct oversight of the landlord. Most tenants prefer a home where they do not have to constantly run into the property owner.

That is because they expect landlords to be less-objective when dealing with tenants. Most renters will feel as if they are being watched all the time if a rental is supervised by the owner. It can diminish the desirability of the property.

As a result, rentals that are under a property manager’s control get better ratings from tenants. A professional property manager is often the one thing that satisfies the needs of the renters and the property owner.

How do property managers benefit renters?

1.      Better communication

Property managers can focus on providing the best service to tenants. Although landlords want to do the same thing, they are often prevented by their attachment to the property. They are more focused on their investment. That can impair the relationship with tenants. Property managers are more business-like, and tenants value this.

2.      Familiarity with local laws and regulations

Property managers usually have a better grasp of the laws that govern landlord-tenant relationships. Since they approach the rental property as a business, tenants can trust them to implement these laws fairly. For instance, with property managers, tenants know the security deposit will be handled as specified by the law.

3.      Comprehensive systems

Because they have a lot of properties under management and hundreds of tenants to deal with, property managers can afford to spend a lot of money on property management systems. As a result, they have more robust solutions that make it easier for tenants to report problems, pay their rent or contact the property manager.

4.      More competent team-members

Property managers can attract the best experts. Most professionals –cleaning companies, handymen, janitorial services, attorneys, etc. – would rather deal with property managers than individual landlords. That is because they make more money by concentrating their effort on a few properties.

5.      Faster solutions

As a result of their being more familiar with local laws, having better systems and working with the best teams, property managers can provide faster solutions to tenants’ problems. They can do this without the tenant coming face-to-face with the property manager. Tenants value this impersonal and efficient service.

How do property managers benefit landlords?

1.      Time Freedom

Hiring a professional manager is the only way to transform a rental property into a source of passive income. Landlords who manage their properties by themselves limit the potential size of their investment portfolio. They can handle only a few properties at a time, and those assets must be close to where they live.

2.      Higher-quality tenants

By the mere fact that they do this frequently – instead of occasionally, like most landlords – property managers know how to detect a potentially-bad tenant. They have better tenant-screening systems, and their ability to sniff out problem renters can save the landlord a ton of money.

3.      More efficient rent-collection

Many landlords have difficulties getting tenants to pay the rent on time. That is often because of the landlord’s relationship with the tenants and because owners cannot make this process seamless. The property manager makes the rental more profitable by making tenants pay their rent on time.