Are you an owner of an investment property that you plan on renting out? Are you currently handling all the chores and tasks that come with being a landlord?
If your answers to these questions are positive, whether you consider investing in single-family rental property or duplex or triplex properties, you should consider hiring the services of a professional property management company. Even if you just plan on holding your property, a professional management help will be of great use to you.
The purpose of this article is to familiarize you with the notion of property management as well as all the tasks and activities a property management company handles. This will help you make a more informed decision, in case you are wondering whether to hire these services or not.
What is it and how can you benefit from it?
The best way of understanding property management involves familiarizing with the tasks it can handle for you.
One of the most difficult and complicated aspects of being a property owner and a landlord is rent collection. Reputable property management companies have tried-and-true, efficient rent collecting methods that will do an excellent job of maintaining on-time, regular payments.
Setting the right rate
In order to set an appropriate rental rate, you will have to spend a lot of your time researching the rates of other landlords in your area. More often than not, these DIY studies end up as failures. On the other hand, property management companies conduct thorough and highly accurate market studies, in order to set the most efficient rental rates. This way, you will ensure a great balance between keeping a low vacancy rate and maximizing your monthly incomes.
Promoting and marketing your rental property
When there are vacancies, your main task is to find tenants as soon as possible. Advertising your property and attracting new tenants is a very complex and time-consuming task. An expert property management company possesses vast experience and all the necessary skills when it comes to marketing any property. A company such as this also excels at attracting new tenants, with the aim of keeping low vacancy.
The management of relationships with vendors and contractors
Do you have reliable, deep-seated relationships with all the contractors, tradesmen, suppliers, maintenance workers and vendors that are needed to properly manage your property? It is highly likely that you do not. However, a good property management company does. It can also get you the best services at the most affordable prices, while simultaneously handling and overseeing all the necessary maintenance and repair projects in your stead.
Aside from handling the contractors and vendors, a property management company will also handle the work of managing your tenants. This work involves collecting relevant references, screening new tenants for credit and criminal checks, as well as getting the leases signed. The moment your property is occupied by new tenants, all the inspections, along with emergency and routine maintenance jobs, will be handled by a professional property management company.
Last, but not least, a property management company will also handle all the complicated property laws and housing regulations. These can include fair housing regulations, as well as local, state and federal laws and regulations. A good manager will keep your property in compliance with all the important laws and regulations.