Owning rental properties should be stress-free, without frustration and sleepless nights. Property Management comes with many responsibilities and when done poorly could lead to lots of legal and financial troubles. Four actions could enhance the return on your investment.
- Analyze the market on a regular basis. Look for trends in rental rates and be prepared to make the changes as required. Landlords are often too busy with life and other activities to properly focus on the market. Some landlords may notice a trend, but they are too personally involved with the tenant to make rational decisions. Professional managers can be more focused on what is happening in the market, therefore making better economic decisions for the investment.
- Properly market to attract the best tenant. When there is a vacancy, it is very important to be effective with marketing. The property marketing should be as widely publicized as possible and should attract the best-qualified tenants. Select websites have proven to be a more effective marketing tool than yard signs and print newspapers. Yard signs can attract professional tenants looking for owner-managed properties. This can be a disaster for the self-managed owner, who may not have the tools to qualify the prospective tenant.
- Screen prospective tenants. It is very important to do a background check irrespective of where the tenant originates. Do not skip this process. Verify the income, verify employment, check IDs, check with past landlords and look for red flags. You can evaluate a person’s ability to pay based on past records. Tenant screening is time-consuming, and it is best to get professional help if you have limited time.
- Work within the confines of the Arizona Landlord and Tenant Act. Many owners do not understand how the Act works. Landlords who are self-managing should always use an attorney who specializes in landlord representation. There are many advocates who provide free legal advice to “professional tenants”; you cannot afford to be at a disadvantage. Lack of proper legal representation could be very costly.
The cost of professional property management services is low compared to the losses landlords can suffer when self-managing. Contact Crest Premier Property Management Team, and we will be happy to discuss how.
Sherman and Euphemia are residents of Maricopa and owners of Crest Premier Properties with over 30-years’ experience in property management. They are licensed Realtors and active members of the National Association of Residential Property Management (NARPM) with a Certified Residential Property Management (CRPM) designation. They can be reached at firstname.lastname@example.org and 520-432-0089.
This sponsored content was first published in the July edition of InMaricopa magazine.