What Services do Property Management Companies Offer?

Taking care of and managing your real estate portfolio can be quite time-consuming, especially if you manage multiple properties. It can feel like a daunting task. It's okay to have a helping hand when you feel as though you’re being stretched thin. Property management companies can provide a personalized service to help you or outright manage your properties, allowing you to invest your time in future ventures or yourself.

Below are a few services property management companies offer to allow you to take back control of your time.

Address Maintenance Concerns

Maintenance goes further than ensuring the property is clean and functioning. Especially in older buildings, something always needs maintenance or repair. Typically, when receiving a phone call from a tenant, you’ll want to log the call, identify the need of your tenant, document the action, and resolve the issue after contacting tradesmen or vendors if you cannot resolve the matter.

This is relatively simple for most landlords to deal with; however, this means you need to be available in case urgent repairs need to be made. This is where a property management company shows its worth. If a water line bursts or a home loses all power, these cannot be pushed back to the next time you’re available. Not only do they jeopardize the tenant, but you also risk damaging the property if the issue isn't resolved promptly. 

A full-service property management company will be ready and available to answer emergency repairs at all times of the night, allowing you to relax knowing any critical maintenance will be taken care of.

Analyzing Rental Rates

Property management companies are incredibly well-versed in examining and assessing the pricing structure of rental properties. Analyzing rental rates affords investors knowledge of the current market conditions, which determines, in part, fair pricing and allows you to make informed decisions in relation to your rental properties.

A property management company should be able to research local listings to understand the supply and demand for certain kinds of rental properties. They compare rental rates for properties in similar neighborhoods to help investors reach a competitive price.

The analysis continues once a tenant is found, too. Market trends can change the rental rate strategy. This can determine the amount and frequency of rent being adjusted, such as adjusting seasonally or settling with long-term lease agreements that benefit both parties.

Tenant Screening

The goal for every landlord is to find the ideal tenant who pays rent on time, respects, and regularly renews their lease. Unfortunately, these tenants tend to live in homes for long periods and don't move often. This means that finding the perfect tenant is challenging to say the least.

With a robust tenant screening, a property management company can give you the best chance of finding these ideal tenants. Some criteria for finding ideal tenants include reviewing the tenant’s rental history. This can reveal how a tenant has behaved in previous rentals. Credit checks give insight into a tenant’s financial responsibility. Income verification is also essential when screening potential tenants. While this can change when they live at your rental, it provides a general idea of what to expect.

Rent Collection

The myth that a property management company is only there to collect rent and nothing else is easily disproved. That being said, it's also an important service they provide. At the same time, many landlords tend to collect rent through checks, money orders, or cash. Property management companies often offer far more options for tenants to pay. Such as mobile apps, online payment platforms, or automatic bank withdrawals. The more options provided to a tenant, the less stressful it can be when the first of the month comes around. This approach ensures tenants and landlords a more personalized and satisfying real estate experience. 

If you need help managing your properties or are interested in all the services we provide at Beach Cities Management, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online.