Maximize Your Return on Investment
Every day your property is vacant, you lose money… Not just rent, but all the other carrying costs to maintain the property. Both those who have used a property manager before and those who have not will quickly learn the value of hiring Real Property Management Viking. Here’s why.
Preserve Your Property
Taking care of your property is more than just collecting rent or paying a property manager to watch over it. You want to protect your investment and to make the most money. We guide you in understanding how to make your property more attractive to higher quality tenants paying higher rents.
Your home’s value is important not only while it is a rental, but also for long-term property appreciation.
Shorter Vacancies and Quality Tenants
Owners who manage properties themselves, incur longer vacancies than those that are professionally managed – up to 18 days longer on average. For each day a property is vacant, it’s money out of your pocket, not just in Rent, but in Utilities, Insurance, Lawn Care- money you will never recover.
We plan the turnover well in advance to get repairs completed immediately or before the tenant even moves out. We spend thousands of dollars advertising vacancies with hundreds of websites to get them filled—faster. Placing the wrong tenant in your rental home can also cost you– on average, 4 to 6 times the monthly rent rate. We screen tenants thoroughly to make every effort to find reliable tenants who will pay rent on time and treat your home like it was their own.
If you don’t understand how your property is managed, it could cost you thousands of dollars.
Collecting rent and maintaining your property is easy for us. The hard part is increasing the investment performance of your property or portfolio. The number one driver of poor performance? Vacancies.
But losing rent each month is only the beginning. Let’s take this equation into consideration:
(4.9% Vacancy Rate) + (54% Rental Turnover) = 33 Days of Lost Rent
33 Days of Lost Rent = a Total Loss of 9.2% Annually
Every day your property is vacant, you may also incur additional costs. Services providing during tenant turnover include:
- Leasing Commissions (8.3%)
- Snow Removal/Lawn Maintenance (0.4%)
- Utilities/Insurance (1.8%)
- Cleaning/Repair/Replacements (3.3%)
Those costs add up to 13.8% of the annual rent.
If your average rental turnover is 54%, that means one of every two tenants will leave each year. That’s going to cost you $1,987 in lost rent and $2,980 in services. Add that all together and the total cost of each turnover comes out to $4,968.
Schedule a call with us to learn how you can avoid some (or all) of these costs by hiring Real Property Management Viking.
