First time landlords may attempt to manage their own properties to save money, and this is a good idea for those who are do-it-yourself inclined. Yet, others can become easily overwhelmed by the duties involved with managing their rental property.
This article will share a list of five important responsibilities that any full service property management company should offer.
Screening prospective tenants cannot be understated as tenants are a direct link to your earnings. A bad tenant can potentially cost thousands, whether it be in damages or legal fees. By screening your tenants, you greatly reduce the risk of finding undesirable tenants and also greatly improve the possibility of finding a high quality tenant. A property management company should be able to screen potential or prospective tenants by performing background checks, verifying rental history, checking their credit score, and following up with their references.
A high-quality tenant can reduce the risk of unnecessary costs and improve your chances of having a satisfied tenant. Satisfied tenants tend to live in rental properties for the long term, renewing their lease often. Finding a good tenant is also one of the best ways to minimize vacancies and the loss of income.
Tenants typically see property management companies strictly as rent collectors. This isn't the case, as there are many services that property management companies can provide to your tenants. Although collecting rent is one of them, instead of going door to door, collecting a check or cash, a property management company can help set up tenant portals. This is where tenants can reliably pay their rent consistently.
Rent collecting software can be a great convenience for tenants and landlords alike. As makes it easier to enforce payment policies, ensuring that the rent is paid on time, and provides you with a consistent income. This also provides investors with reliable records in case non-payment becomes an issue and an eviction process needs to be initiated.
Routine inspections allow for the identification and addressing of maintenance issues. Oftentimes, emergency maintenance can be incredibly stressful for landlords who are managing their own properties, as this means that you need to be available 24/7 for those extreme cases. Property management companies will oftentimes have a number of qualified vendors that can help coordinate with your tenants to provide repairs and renovations.
Regular maintenance can extend the lifespan of your rental property's core systems such as HVAC, electrical, and plumbing, which can ultimately save you money and increase earnings.
Extended vacancies can greatly affect the amount of your overall income. Not only do you lack the funds from the rent, but each time the unit becomes vacant, you must prepare it for future listing and tenants. By employing effective marketing strategies, a property management company can attract the correct prospective tenants. This means listing your property on the most frequented rental sites such as Zillow, apartments.com, or rent.com. By using high-quality photos and videos, you can attract more prospective tenants than by simply putting a sign in front of the rental.
Southern California has some of the strictest laws protecting tenants. Understanding local and state laws is incredibly important for anybody attempting to enter the real estate industry. The resources of a property management company who is familiar with your local laws can ensure compliance and reduce the risk of legal disputes.
This extends to lease management, such as drafting and enforcing lease agreements that comply with legal standards. In the case of legal disputes such as managing evictions, deposit dispositions, and other legal matters
a full service property management company can provide you with protection.
Property management companies should be viewed as investments rather than expenses. They provide landlords with crucial resources to give you peace of mind and frees up time which you can spend expanding your portfolio. If you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.
