Are you considering hiring a property management company?
What can you do to increase the probability of choosing the right partner?
The first step is to understand exactly what they do. This way you’ll know how they can help you.
While any property manager will take care of your rental in one way or another, some companies specialize in one specific service. It’s essential to understand the various types before hiring one. In the following paragraphs, we’ll take a closer look at the different services offered by property management companies.
Why would you need a property manager?
Before diving into the particular services, let’s try and figure out if you need a property manager in the first place.
Essentially, they are a valuable asset to investors that are busy, have many properties, or just entered into the industry. They can manage every aspect of your rental property. Simplifying your schedule, and maximizing potential profits. Finding a perfect match is easy. You just have to know your needs.
Do you have more time at hand and just want a reliable rent collection system?
Maybe you live away from the properties, so you need a full-service provider?
Take a look at the following section to fully understand your options. After that, you’ll be able to make a more informed decision.
1. Advertising Rental Properties
Every day that your property is vacant is a day of lost revenue. Successful property managers know that marketing is one of the core activities in property management. Efficient marketing strategies ensure that your rentals steer clear from long-term vacancies. That means more income for you.
Nowadays, it’s especially important to find managers that know the importance of digital marketing. More and more real estate advertising takes place online.
2. Vetting Potential Tenants
What’s every landlord’s dream?
Finding perfect tenants for their property!
Unfortunately, it’s not as simple as you think. You’ll need a process. And guess what?
Professional property management companies have these processes in place.
An experienced property management company knows how to efficiently sift through the growing pile of applicants in order to find the best tenants for your rental property.
3. Setting the Right Rent Price
Ideally, property managers know how to strike the right balance when it comes to setting the rent price. It’s important that the attractive rent prices turn out to be profitable to you, the owner. The best managers don’t improvise. Instead, they use actual data from the property market to price your rental strategically.
Industry trends and the average prices of the surrounding area are key to setting the right price. Moreover, your property manager should factor in the unique features of your property. They need to have local knowledge for understanding which amenities command a higher rent price in particular neighborhoods.
4. Financial Management
Property managers have many responsibilities. Handling finances is one of the essential services provided by these companies. Of course, this includes rent collection. The rent payment system should be easy enough for tenants to use while secure enough to avoid any risk of a data breach.
Most rent collection systems are online, offering convenience to both renters and owners. Renters can quickly and easily check their rent amount and set up recurring payments.
As an owner, you’ll be able to login and access your data from anywhere you please. Having a property manager handle this infrastructure benefits renters and owners alike.
Even a thorough screening process can’t fully protect you from tenant issues. In some cases, an eviction is the only viable solution. This is one of the situations where having a property management company is of great benefit. They will act on your behalf and evict tenants who are delinquent in payment, cause malicious property damage, or otherwise break the property rules.
A professional property management company will follow all the legal guidelines for a successful eviction.
6. Legal Compliance
Following the legal procedures doesn’t simply end with evictions. There are many legal questions that need to be addressed by your property manager.
It’s a good idea to pick the company that could professionally handle all the legal matters concerning your rental property. Every rental property needs to be managed in accordance with the local and state regulations. If you’re not versed in the legal formalities of your rental property’s region, you might benefit from the help of an experienced manager and their team.
Did you know that good property managers should keep an eye on your property to make sure it’s being well maintained?
“An ounce of prevention is worth a pound of cure.” A little precaution before a crisis occurs is preferable to a lot of fixing up afterward.
Regular maintenance and fixing any issues inside or outside the property helps to keep the place attractive for tenants. The spectrum of maintenance needs includes cleaning, landscaping, and all kinds of repairs. This part of the property managers’ duties turns out to be especially attractive for people living out of town. If you don’t have the means to regularly check on the maintenance needs, a good property manager is a real blessing.
Is that all I need to know about property management?
Not exactly, we merely listed some of the most important aspects property managers are able to help you with.
Additionally, property management companies have larger responsibilities, including (but not limited to):
- Adjusting rent
- Lease formulations
- On-site employee supervision
So, what does a property management company do?
Anything you need to make your rental property investment run smoothly.
Do note that some companies specialize in only one aspect of property management. For example, they might solely find you a tenant or offer rent collection services.
Many landlords opt for an integrated management solution: one company will take care of any aspect related to your property. Finding the best match suggests deciding what management services you need and then finding a company that provides them.
Need help managing your rental property?
Call Rogue Real Estate Sales & Property Management to find out how we can help!