Planning for retirement can be challenging in this day and age with pensions going down or disappearing altogether. Even if you have a decent sized 401K account, there is nothing wrong with having a backup plan in the form of rental property income. But let’s face it, most seniors know next to nothing about running rental properties. This is a golden opportunity for the savvy property management company to step in and help out.
The Unknown Landlord
One of the more common reasons property owners such as these seek out property managers is their strong desire to remain anonymous. The last thing they want is to be bothered by a tenant who needs some type of maintenance issues or one that needs to be evicted. All the average owner wants is to be able to collect their monthly income and enjoy warm days sitting on the beach.
The only time the average retiree wants to contacted is when their approval is needed or to let them know they have new tenants. This is where hiring a quality property management company comes in. They provide that safety barrier between tenant and landlord, yet ensures the property continues to be properly maintained, in good shape and rented out.
Services You Can Offer They Will Love
In order to attract clients who are interested in creating a source of rental income for their retirement, you should consider offering a number of extra services such as:
Property Locating – most retirees who are interested in generating income this way are always in the market for their next investment. You can assist by looking for properties they might be interested in and sending them the information. A great way to keep them informed without their needing to invest a lot of their own time.
24-Hour On-Call Maintenance – while many property managers offer business hour services including maintenance, not all problems occur between 9 a.m. and 5 p.m. Consider giving your tenants 24-hour access to the management team and to any necessary maintenance services. This will save everyone headaches and ensure the units get the repairs they need in a timely manner.
Covering small things – most property management companies charge every little item or repair back their clients, there is nothing wrong with this. But what if you covered simple things like repairs under $50 or $100. These costs don’t occur very often but if you took care of the little things, your property owners are less likely to fuss over the big ones. Of course, you have to set a limit regarding how much you are willing to cover in a calendar year.
It doesn’t take much in the way of extras that don’t cost a lot of money on your part to attract what is a rapidly growing segment of the rental investment market. More retirees than ever are getting into this market as a way to create or supplement a retirement income. It a great to add services to your business that will help boost your bottom line and add another stream of income.