Why should I hire a Professional Property Manager?
There are many events in our lives in which we must depend on the training and expertise of others such as
doctors, attorneys, airline pilots, etc. However, the care and management of a rental property does not have
to be one of those times.
Of course, this assumes that you are in a position to devote the time and energy necessary to become your own expert in the areas of comparable market pricing, Federal and State fair housing laws, lease contract negotiations, tenant credit verification, rent collection, late rent collection procedures, security deposit regulations, providing prompt everyday repairs and upkeep, quick and cost-efficient repairs of major items, all the while operating within the Landlord / Tenant rules and regulations dictated by the State and various local jurisdictions.
As a landlord, you will quickly come to realize that the modest monthly fee charged by most professional property managers easily pays for itself many times over in the course of a typical lease.
Managing your rental property might seem like a simple matter, and to be honest it’s really not rocket science. However, as a Landlord you will need to be current on local and federal Landlord and Tenant laws. You’ll also need to use contracts that will hold up in court, and most important – you need to understand that you will be on call 24 hours a day, 7 days a week for Tenant needs. Renters Outlet LLC has been managing properties for many years, and we specialize in the Dakota and Scott County area. Our vendors are all local, licensed (when required) contractors - and based on the volume of business that we give them, they provide their best pricing possible.We use professional property management software, and provide both our tenants as well as our property owners with their own website portal – which allows you to see all property management documents (Lease Agreement, etc.), as well as a full accounting of your property for all income and expenses. We provide our tenants with the required CRP (certificate of rent paid) in January, and also provide the property owner with the required 1099, showing all income received, as well all expenses relating to the property. You will also be able to view your Rental Owner Statement at any time, which will show you a full accounting of your property.
Marketing your property…
The most important element of marketing your property will be to determine a competitive rental value. If your home is priced to high, it will sit on market and we will lose valuable rent income. Much like a Realtor would do a CMA (competitive market analysis) for what your home should sell for, we will do a market analysis showing what your home should rent for in today's market. We research a number of things, the most important of which is what comparable properties in your area have rented for recently.
It's probably no secret that a large percentage of tenants out there are doing their research, and finding their rental property online. Our website is highly ranked on Google, and we also advertise on over 30 other rental search websites that most tenants are using when searching for their rental property. We update and "tweak" our ads constantly, and don't just sit and wait for someone to come along asking to see your property. We track this carefully, and are proud to say that our average time on market for finding tenants over the past year has been 16 days.
One question that we constantly get from our property owner clients is asking how many evictions that we've had to file. Property owners have all heard the horror stories out there about tenants damaging their properties, and moving out in the middle of the night not paying their rent. The good news is this rarely happens, and we have only had 1 eviction filed in all of the years that we've been doing this. The key to finding good tenants is not accepting every application that comes in. We screen more carefully than most management companies, and are very selective about who we accept. Renters Outlet does a full background criminal history check (local and national), verification of employment and income, credit check, as well as checking the applicants references - most importantly of which is their previous Landlord(s).
Renters Outlet is extremely thorough in selecting our tenants, and because of our confidence in our process - we guarantee our tenants for the full length of the lease. If for ANY reason a tenant leaves before their lease-end date, we will find replacement tenants at no cost to our property owner clients.