Hi, this is Tanya with Envy Property Management. In today’s video, we are going to switch gears a bit and talk about the tenants. Many landlords don’t consider the value tenants get when you use a property management company for your rental properties. A lot of investors will ask me what’s the value in using property management companies as opposed to self-managing, it seems easy enough. While I can tell you a ton of value property management gives the owner but one thing that often gets overlooked is what’s the value to the tenant?
A lot of people don’t think of the tenant as a customer, but at Envy property management we do. We should think of that tenant as the second half of the client, meaning the owner’s the first half of the client; but to be a successful management company, you’ve got to have both sides. The owner is important, but a good tenant is crucial to getting income for the property owner. Today we are going to discuss 4 ways property management benefits the tenant.
One of the best ways to serve the tenant is through easy, quick, and quality maintenance. At EPM we have an online tenant portal, where tenants can place a maintenance request 24/7. We also provide an inhouse maintenance staff so when a tenant does place a work order, we are able to get it scheduled as quickly as possible. You also want to make sure there is as little disruption to the tenant’s daily life as possible.
In some circumstances, we must use outside vendors to complete a maintenance request. If this is the case, we use vendors that are licensed and insured. Not only does this protect the owner in case of an accident but it protects the tenant as well. The cheap guy working out of the back of his truck with no insurance is never the vendor you want working on your property and never the vendor we use at EPM.
#2: Ease of Payment:
We live in the year 2020, tenants want to be able to hop on their phones and pay rent in a matter of seconds. At EPM we are able to take online payments, ACH bank drafts, credit cards, and monthly auto drafts all from the ease of your phone. We use a state of the art software allowing all our tenants the ease of paying rent, we even offer an app tenants can download for an even easier way to pay rent. For a tenant, that’s much more appealing as opposed to renting from someone that they have to mail a check to every month. Also, another bonus, statistics show that ease of payment increases the likelihood of collecting rent on time.
#3: It Isn’t Personal, It’s Business:
When using a management company there’s a buffer, it’s not emotional; there’s no emotional tension…..we are a business, not the property owner, we have not lived in the house previously and we don’t have any emotion tied to the property. We simply run it like a business. We abide by Policies, procedures, and structure; these are things that make businesses profitable and when you own rental property, you own a business, whoever you hire to run that business needs to have the right processes, policies, and procedures, in place to run it effectively. When you talk to tenants, that is what they want also. There’s a lot of inherent value that people don’t really think about for the tenant.
Oftentimes investors can get their property not only rented quicker but for more money because tenants know a property management company is taking care of them. They want the convenience of having a 24-hour hotline they can call for maintenance issues. They want to talk to someone that knows the law. They want to talk to a professional person, maybe not someone that is emotionally attached to “landlording” and just doing this on the side of their 9-5 job where there’s no one to talk to during normal business hours.
In today’s world of renting, it is crucial that you ensure maintenance issues are addressed promptly, you provide the tenant’s with the ability to pay rent easily, you run the tenancy as a business without getting emotions involved, and you create a buffer by hiring professionals to take over the “business of landlording” for you. These are just a few examples of the value of having a property management company. These examples are not just important for the tenant but for the owner too. A property manager’s professional involvement and ability to get stuff done and accomplished will ultimately increase your return on investment.
Thanks for watching today. My name is Tanya with Envy Property Management, make sure you subscribe to receive more valuable information about your investment properties. If you have any questions about property management or what we can do to help you increase your return on investment, please call us at 801-337-4337, or visit our website at envypm.com.