5 Ways Professional Property Management Pays For Itself In Chattanooga
Hey, everybody. Alex Smith here from gkhouses Chattanooga. I wanted to do a video about 5 Ways Professional Property Management Pays For Itself In Chattanooga. And these are not in any particular order, so, nothing to worry about there.
The First Thing (5 Ways Professional Property Management Pays For Itself In Chattanooga)
The first one is marketing. So, PMs, generally speaking, have more robust marketing systems.
And, you know, your PM or whoever you’re looking at hiring as your PM, should be able to get out in front of more prospective tenants than, you know, an individual homeowner or, you know, somebody like that potentially would.
Again, generally speaking, there are some investors that do this full-time that have, you know, as robust a marketing system as a PM would.
Generally speaking, PMs have the systems and processes to get out in front of more potential tenants than an individual homeowner would.
Responding To Prospective Tenants
I’ll get to this a little bit later on, but, you know, your PM also spends a lot of time responding to prospective tenants.
And if you do this, you know, if you invest full-time or you’re looking for the next deal full-time, or even if you just have, more practically, even if you just have a day job, you know, responding to prospective tenants can take up a lot of time.
And time you’re spending doing that is time that’s taken away from finding your next deal or, you know, just executing at your day job.
The Second Thing: Number two, landlord-tenant law.
So, you know, your PM should be staying up to date on the changing legal landscape with landlord-tenant law and making sure that they and you are operating within the confines of the landlord-tenant law per state.
Landlord-tenant law is different per state, so, you know, if you’re doing this on your own, definitely consult an attorney if you’re seeking legal advice.
The Third Thing (5 Ways Professional Property Management Pays For Itself In Chattanooga)
Number three, underwriting.
So, your PM screens thousands. You know, if they’re big, they’ll screen thousands of prospective applications per year whereas, you know, an individual homeowner might screen a couple of people here and there every couple of years depending on how, you know, they’re turned over and that sort of thing.
Your PM should also have a more robust marketing system, again, generally speaking, than an individual homeowner.
Prospective Tenants Are More Likely To Jump
And you know, sometimes prospective tenants are more likely to jump on a listing listed by an individual homeowner because, generally speaking, you know, homeowners don’t have as robust of a marketing system.
If somebody knows they’ve got like an adverse thing on their credit report or, you know, to put it bluntly, something to hide, they’re more likely to get away with that with an individual homeowner as opposed to a listing listed by a PM that should have a pretty robust screening system.
We Screen Thousands Of Applications
You know, again, we screen thousands of applications per year so we know what a good tenant looks like. So, you know, the theory behind screening is you get out of potential big issues with tenants on the front-end. So, we’re really confident in our screening criteria. If you want to know what those are specifically, you’re more than welcome to reach out and I’ll get you information on how to do that at the end of the video.
The Fourth Thing (5 Ways Professional Property Management Pays For Itself In Chattanooga)
Number four, maintenance.
So, I’ve got…you know, most PMs have in-house technicians.
Some don’t, some do exclusively third-party. Here in Chattanooga, I’ve got two full-time general handyman types, so, they’ve been in the industry, combined, for a lot of years. So, they know their stuff.
They’re Very Trustworthy And Honest
They’re very trustworthy and honest, and anything that they can’t handle, I’ve got a pretty solid bench of, you know, trusted third-party vendors that are all licensed, insured and bonded.
So, you know, anything they can’t handle we’re going to dispatch to a third-party.
You’ll get a copy of the invoice, so you’ll know exactly what was done and how much was charged and that sort of thing.
The Fifth Thing (5 Ways Professional Property Management Pays For Itself In Chattanooga)
So, like I mentioned at the top of the video, communication takes a lot of time, especially if you’ve got, you know, a house in a good area at a good price.
And you know, if you’ve got a day job, you know, any time that you spend communicating with prospects, setting up showings, setting up screenings, you know, that’s time spent away from your day job.
So, if you do this full-time, you know, that’s time spent away from finding your next deal to increase your net worth and all that kind of stuff.
You know, even if you’re an individual homeowner with a day job, or a full-time investor and wanting to grow your portfolio, the bottom line is time is money.
So, you know, communicating with prospects, tenants, you know, it takes a lot of time. So, you know, your PM can take all that time off of you so you can focus on doing other things.
And if you have any questions on what I talked about, please feel free to reach out to me.
Again, my name is Alex Smith. I run the gkhouses office here in Chattanooga.
My phone number is (423) 648-7368 extension 3. You can also reach out to me via email if you want, firstname.lastname@example.org.