Why Professional Property Management Should Pay
A professional property manager should have the investors' interests at heart. In doing so, he must take into consideration the satisfaction of the tenant with the property they are leasing. That has to be balanced, with the owners desire and need to make profit. A professional manager is not just looking for any tenant, he's looking for the best tenant. That tenant with a steady job, terrific references, good credit and exceptional rental history.
In today's economy, however, one must take into consideration that so many Americans have lost the homes that they owned to foreclosure. In these situations, it's important for the professional manager to be mindful of the whole picture for that tenant. After all these people must live somewhere! Through careful evaluation of the tenants history and current circumstances a professional manager, with the owners best interests in mind, will make the best decision for the owner. At Bancroft and Associates we reduce risk, by making sure that we evaluate all of the available aspects of every potential tenant. We reduce costs by negotiating aggressively with our vendors for the best service at the best price. Global exposure through the Internet of each of our properties helps to reduce vacancies and increase the net to each owner.
Finally, the extensive knowledge of the law helps us protect our owners from frivolous actions brought by tenants. We also protect our owners by aggressively pursuing rents when due and evict any tenants that are unworthy of their relationship with the owner and Bancroft and Associates.
Our objective is to maintain the highest net rent to each of our owners as is possible. This is done through annual evaluations of market conditions and analysis of potential rents. Many owners fear their tenants, by that I mean that they are afraid to raise the rent because they're tenant might leave. My experience is that a good tenant acknowledges the expenses go up for each owner, and expects a modest increase if the market deserves it. We help our owners navigate this aspect of management by including them in the decision-making process. If we believe that there is any question as to whether the tenant might leave if a rent increase is proposed we bring the owner into the discussion. This team approach helps an owner to understand the process that we go through to keep his profit at the max.