Everything You Need to Know About Property Management Companies

July 12, 2023

Being a landlord can be rewarding, yet overwhelming and exhausting. If you love investing in real estate but lack the time, interest, or ability to individually manage each property and the associated needs of tenants, you may have considered outsourcing your properties to the capable hands of a property management company. Professional property management can open doors you've never dreamed of, allowing you to grow and expand your business, without neglecting the day-to-day needs of tenants and properties. If you are still researching your options, read on to learn more about professional property management, so you can decide if this option is right for you!

What is Professional Property Management?

Professional property management is the practice of managing a real estate asset to generate income, maintain its value, and protect it from liabilities. It includes the handling of tenant relations, maintenance requests, rent collection, and much more. Property managers serve both landlords and tenants, providing a variety of services designed to maximize the return on investment for the owner, while ensuring tenants are provided with safe and comfortable housing.

What Services do Property Managers Provide?

Property management companies typically offer a wide range of services, from marketing and leasing vacant units to collecting rent and maintaining the property. Some of the key services provided by professional property management companies include:

• Advertising & Marketing Vacancies: Property managers can help landlords attract tenants quickly by posting vacancy ads on websites like Craigslist, Zillow, and other rental listing sites. They also manage the inquiries and applications that come in, as well as pre-screening potential tenants to ensure they are a good fit for the property.

• Property Maintenance: Property managers are responsible for taking care of repairs and maintenance issues as they arise. This can include anything from minor repairs to major renovations or construction projects.

• Tenant Relations: Property managers handle tenant relations, including responding to tenant inquiries, mediating disputes, handling evictions, and dealing with lease violations. They can also assist in setting up payment plans for tenants who are behind on rent.

• Rent Collection: Property managers handle the collection of rent from tenants each month. They can also help landlords set up online payment systems or automated payment processing to ensure timely payments.

Take note that the above list is far from exhaustive. The reality is that services vary between companies. Thus, for the most accurate information, be sure to reach out to the management company you are considering for a more thorough explanation of the services they provide, prior to signing any contracts.

What Types of Properties Are Managed by Property Management Companies?

Property management companies typically work with a variety of rental property types, ranging from single-family homes and multi-unit complexes to condos, townhomes, and small apartment buildings. Depending on the size of the company, some may specialize in certain types of properties, such as luxury high-rises or apartment communities. Regardless, each company should have the resources to manage whatever type of property you own.

When considering if you should hire a particular property management company, inquire about their experience managing the type of property you own to ensure they would be a good fit for your needs.

Do Property Management Companies Handle Cleaning and Upgrades Prior To New Tenant Placements?

Yes, most property management companies offer detailed cleaning and upgrade services prior to placing new tenants in a unit, particularly if they advertise themselves as being full-service. These services typically include pre-move-in walkthroughs, deep cleanings, clutter removal, and cosmetic upgrades such as painting walls, replacing flooring, or installing window treatments. These services can help landlords ensure their units are of the highest quality before they welcome a new tenant. This helps make your properties more attractive to prospective tenants and increases tenant satisfaction after moving day.

Why Is Property Management a Good Investment?

There are numerous benefits to hiring a professional property management company. Here are just a few:

• Increased Efficiency: Professional property managers have the knowledge and experience to efficiently handle all aspects of rental property management, from marketing and leasing to maintenance and rent collection. This can help landlords save time and energy, which can be better spent on other aspects of their life or business.

• Maximized Profits: Since professional property managers know how to market the property in the most effective way, they help landlords maximize their profits by attracting higher-quality tenants who are willing to pay more for the rental unit. They also ensure all potential tenants are screened accordingly to reduce the incidence of property damage, evictions, and late rent payments.

• Increased Property Value: Professional property managers have the know-how to ensure all maintenance and repairs are handled correctly and promptly, which can help landlords maintain or even increase the value of their property.

• Reduced Tenant Turnover: By staying on top of tenant relations and addressing any issues quickly, professional property managers can help landlords reduce tenant turnover and maintain a steady stream of rental income.

Overall, professional property management companies can provide landlords with a variety of services to help them maximize their profits, reduce their workload, and maintain the value of their property easily making property management one of the most beneficial decisions of your life.

Am I a Good Candidate for Professional Property Management Services?

After learning more about property management services, you may be left wondering if this move would make sense for your business. Regardless of whether you were left with a home you couldn't sell, were forced to relocate, inherited a property, already own rental properties, or are simply worn out on handling all the demands of being a single landlord, property management can help. Simply put, investing in professional property management could be a smart decision for the profitability and/or growth of your business. Professional property managers can help landlords save time and energy by handling the day-to-day tasks associated with rental properties, so you can reclaim precious time for the things that are most important in life. Additionally, if you are an out-of-town landlord or manage multiple properties across a wide area, having a local team to handle everything from tenant relations to maintenance and repairs can be a huge help.

While professional property management won't be for everyone, if you are looking to simplify your rental property management process, investing in a professional property management company could be the right choice for you!

 

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