There is more to managing a rental property than just putting a “For Lease” sign on the front of your unit and collecting rent. For many burgeoning real estate investors, the temptation to self manage a property is born out of a desire to minimize expenses by keeping your operating margins low. However, real estate investing can have a steep learning curve and even a minor mistake could cost you thousands. Unless you’re a veteran real estate investor, it’s best to rely on the expertise of seasoned New Haven property managers for handling the ever-changing nuances of rental property management. Here are some of the ways Real Property Management of Southern Connecticut, one of the most trusted property management companies, can help you establish a profitable rental property.
Before the House is Listed
In your eagerness to fill your vacant rental, you may overlook some vital steps in preparing the property. However, a good property manager knows that there are a litany of items that need to be addressed before showing prospective tenants the property. With RPM Southern Connecticut, our experienced team will advise you on how to get your property rent-ready by rekeying the home, installing a lock box, cleaning and repairing the property as needed. They will also help you set an appropriate rent rate using our rent rate assessment, ensuring that your rental will be profitable and lease quickly. Finally, we aggressively advertise your property across dozens of sites and local outlets using our proprietary marketing strategies.
Once the House Hits the Market
Now that your rental is being advertised, you will begin to receive inquiries and requests for showings from potential applicants. Our property management team is trained to answer inquiries, saving you the time and hassle of sifting through emails and voicemails yourself. With our on-demand customer service team, we make it easy for applicants to call or text with information requests; being diligent to respond promptly to prospective applicants. Our responsive and professional leasing agents will schedule showings of your property quickly.
Collecting applications and accepting as many applicants as possible allows you to have a large pool of prospective tenants to choose from. Our team is careful to screen applicants using criminal, credit, employment and rental history background checks. We also ask for references from employers and former landlords. We confirm that the applicant’s income is at least three times more than then unit rental cost.This thorough screening process will help you select the best possible applicant, potentially saving you from accidentally accepting an unqualified tenant.
After an Applicant is Selected
Once you’ve selected one of the pre-screened applicants, our New Haven property managers will manage the lease signing & move-in procedures as a liaison between you and your new tenant by setting clear expectations for tenants and handling all the details and contracts. Our extremely knowledgeable team will also ensure that you and your property are in compliance with all local and federal laws, including fair housing rules and non-discrimination laws. All property management companies know that even one legal misstep bring litigation and potentially exhaust your cash reserves. RPM Southern Connecticut knows how to properly comply with those laws to help you avoid legal action that will cost you money.
Rent Collection & Property Maintenance
Rent collecting is the ultimate goal of owning rental property. The rent collecting process can be made easier and more regular with our experienced New Haven property managers on your side. Online payment options and online tenant portals giving access to 24 hours a day, 7 days a week to tenants makes on time payments easier. When a tenant moves in, a clear understanding of a firm but fair payment policy helps to avoid confusion. It also keeps the process professional and not personal, which is especially difficult for first time property owners.
With the expectation to be available at any time on any day for tenants, managing your own rental property can be stressful. As one of the premiere New Haven property management companies, we offer round-the-clock emergency maintenance services for tenants. By addressing maintenance requests from tenants promptly, you reduce your risk of liability and improve tenant retention as renters will feel respected when you respond to their needs. We also make it easy for you by providing you access to national discounts and preferred pricing on repair services, appliances, and materials needed to keep your property well-maintained, which will ultimately save you money.
Transparency & Trust
In today’s complex world of property management, rental property owners are experiencing increased tenant and regulatory demands as well as the challenge of incorporate modern technology into your management routines. Most property management companies offer essentially the same services, but RPM Southern Connecticut offers so much more. With our proprietary online management system, owners can check-in on their property using their online account portal, with easy access to property activity reports. And our clear accounting system keeps an accurate, time-stamped record of all tenant communications and service request fulfillments as evidence in the event of litigation. We also provide detailed accounting reports to help you when it’s time to file taxes.
Why Hiring our New Haven Property Managers is the Smart Choice
RPM has over 25 years of experience in the property management industry. As a nationwide company, we have over 275 offices nationwide and continue to work hard to redefine the Southern Connecticut property management industry from the industry it once was. As a trusted company, our focus is making sure investors get the best return on their investment when they diversify portfolios with property. We also have access to the resources and technology needed to provide complete solutions to every Southern Connecticut property management need. By working with us, you too can benefit from working with one of the area’s most professional New Haven property management companies. Call RPM Southern Connecticut and find out how we can save you money today!