Owning a rental property is an enticing way to supplement your income and build a profitable business. But the day-to-day dealings with properties and tenants can be time-consuming and even frustrating. That is the role property management takes off your hands. With the help of a good property manager, your leasing business runs like a well-oiled machine.
The services provided by a property management company comes down to the type of properties they handle, how much you pay them, and the terms of your agreement. But below are the three most important services your property manager should provide.
Rent Management
Your property manager sets your rental unit's monthly rate. This is not just a one-time task. Instead, your manager must stay abreast of the ebbs and flows of your local economy. They must be proactive in setting pricing according to the market and your property costs to ensure you always have a tenant and maintain profitability.
Tenant Management
Your property manager finds new tenants for you, collects rent from current tenants, and handles daily complaints. When a tenant is moving out or evicted, they also handle these more delicate matters.
To find new tenants, your property manager advertises your rental and creates these ads. They take photos of the unit and ensure its best representation on the market. Beyond the obvious wording and text of these advertisements is the need for knowledge about the best platforms on which to place ads. Where people see your available property listed also determines whether you attract qualified candidates.
When it comes time to show the property to prospective tenants, your manager does this. They take applications from interested parties and screen potential renters as appropriate. Their background and experience helps them know how to attract and select the best possible residents. If complaints come in, the manager takes care of these issues and resolves the matter to maintain your good standing as a landlord.
Anyone who deals with tenants also has to deal with move-outs and evictions. Doing this yourself can create a time-consuming nightmare. A good property manager knows how to communicate with tenants to facilitate a positive move-out experience for everyone. When the property is empty, the manager cleans the unit and repairs damage before working to attract a new tenant. Of course, when eviction becomes necessary, your property manager knows how to file legal documents and move forward with the process.
Maintenance and Repairs
As a third key service, your property manager provides the highly important service of maintenance. This ongoing upkeep of the unit includes taking appropriate measures for tenant safety, ensuring habitable conditions, maintaining landscaping, regularly cleaning the property, providing preventative maintenance, and making emergency repairs.
In snowy weather conditions, no one enjoys having to shovel sidewalks. Neither do you want to handle pest extermination or leak repair. All of these duties and others like them fall on the shoulders of your property manager when you have a good management team. Your manager also maintains a list of proven contacts for services like electrical wiring, plumbing, carpet installation, appliance repair, and carpentry.
Other Services Your Property Manager Brings to the Table
Beyond the three main services above, a good property management company offers other assistance as part of a landlord agreement. These other services can include:
Security deposit management
Lease termination
Tenant eviction
Safety regulation compliance
Worker supervision
Budget management
Record keeping
Tax filing
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