Many owners attempt to manage their property when starting their real estate careers. Many owners can reliably work on one or two rental properties. Although others realize they may need a hand from time to time. Remember that property managers should be seen as an investment, not a cost. Hiring a property management company should give you the freedom to invest further in real estate and add to your portfolio or spend time with family or friends.
Property management companies offer a vast number of
services. In today's article, we’ll go over three must-have services you need from property management companies.
A reliable property management company should be able to conduct a thorough tenant screening. This is important as an underqualified tenant can significantly affect your overall income. They should provide a comprehensive screening that checks their background, credit, and rental history.
You must screen your tenant to avoid unnecessary risks to your rental property and bottom line. Checking for credit can ensure the prospect earns enough to afford rent. Reviewing their background can reduce the chances of complaints from neighbors. Evaluating their rental history can reduce the probability of property damage to your rental property.
Screening potential tenants can improve the chance of finding the ideal tenant. A tenant who pays on time respects the lease and could live in your rental for long periods. A full-service
property management company should be able to increase your chances of finding the ideal tenant.
Vacancies cost owners far more than just the lack of income from rent. Each time a unit becomes vacant, you need to prepare the rental for marketing and viewings. This means you need to invest in repairing every blemish that can affect the property’s curb appeal.
A full-service property management company should be able to employ effective marketing strategies and attract prospective tenants. This means they must create a compelling property listing, including several professional-quality photos and a virtual tour.
It's important for a property manager to understand the audience they’re marketing your rental property to. For example, the majority of potential tenants are millennials. They are between their mid-twenties and early forties. It's also known that many of them use their phones prominently when searching for a rental. A property management company should be aware of this and adjust its strategies to target them better.
Communication with owners is crucial. Property managers need to maintain transparent and regular communication with the property owners. This includes providing regular reports and statements to keep you updated on tenant issues, property maintenance, and financial matters.
While at a glance, this may not seem as important as collecting rent or managing repairs, many of those services are to be expected from a property management company. Property management reports, however, can be used by landlords to assess the rental property’s day-to-day needs and keep track of costs accrued within the month. Property management reports also describe how well the property is performing to the owners. The data in these reports help owners adjust their budgets accordingly and make future financial decisions about the property.
Hiring a property management company can seem like a significant undertaking. Though this doesn't have to be the case, if you are in need of a hand managing your property or are thinking of switching to a new property manager, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.
