Residential property management: how local market knowledge puts money in your pocket

Residential Property Management: How Local Market Knowledge Puts Money in Your Pocket

A residential property management will know the local rental market and more importantly will know local rental rates. This can be difficult for a property owner who only one or two properties and is not constantly testing the rental market. Having an established set of resources or a network available for determining fair market rental rates can be critical to ensuring your home is appropriately priced and quickly occupied in order to maximize the real estate investment. Property owner’s may simply not be aware of cost fluctuations that may be occurring naturally within the market or even identified issues that could be causing a short or long term impact on the renter’s market. A residential property manager can have invaluable knowledge to assist an investor with appropriate pricing and marketing of the rental property.

Typically real estate investors are not equipped with the database tools or metrics showing the fluctuations of local rental prices. For example, a residential property management firm would likely have access to information detailing when prices are at their highest per square foot and when they are at their lowest. This information could impact when the rental property is placed on the market and how much the monthly rental fees should be, as well as whether first and last month’s rent should be mandated, the market rate for damage deposits or pet fees.

Consulting the experience of a residential property management firm can also help to market the rental home. Spending the right amount on marketing material including advertising the rental or even holding an open house can be time consuming and fruitless for someone that is inexperienced with the process or unfamiliar with the industry tools. A residential property management firm will be knowledgeable of the right advertising location depending on the type of residence being offered.

Residential property management has an integral part in adequate marketing of a rental property. A property owner will also appreciate the expertise of a residential property manager in the areas of proper market rates for rental fees and deposits. Property owners can feel reassurance that their property will quickly be occupied with the tools and knowledge base that a residential property management company can offer.

Having a professional residential property manager can mean the difference form accepting a lower rent (sometimes as low as 10% to 15% below market) or getting your full market rent that will allow you to achieve or come close to break even on cash flow.

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