For those who have owned income property at one point, you know that managing a rental can be financially rewarding. Correspondingly, you’ve also likely discovered how much of a commitment property management requires.
While it is sensical to take the DIY approach if you’re a handy person, live close to your property, and have the available amount of free time it takes to commit to such a process, in many cases this just isn’t possible. This is especially true if you have business expansion on your mind. Having said all of this, here are some critical tasks a property manager can help you with:
Deciding Upon Fair Rental Rates
While looking at what other landlords are pricing their rentals at is a fine way to ballpark your own rental price, a good property management company will conduct a thorough market study in order to set a rental price for your property. This ensures that you can find that happy medium of creating additional monthly income while keeping tenants on your properties.
Assuming Payment Collection/Deposit Duties
For those that are familiar with this part of the job, you know that securing payment from clients can be difficult, and sometimes downright tentious. Property management companies have efficient systems in place to effectively collect payments on-time in a consistent manner month-to-month. This is particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining a steady cash flow.
Vendor Relationships
Property management companies have relationships with maintenance workers, contractors, suppliers, and vendors that almost no independent landlord can accumulate themselves. Not only will your property manager get you a trusted vendor for a reasonable price, they will also be in charge of keeping an eye on any ongoing maintenance projects.
Complete Tenant Oversight
Not only will a good property management company find you good tenants, they will also oversee all aspects of the tenant-landlord relationship. The property manager will handle all maintenance concerns, carry out inspections on occasion, and take charge in any situation causing conflict related to your property.
Marketing and Advertising
Property management professionals have extensive experience in a variety of situations. They know how to market your buildings to attract the right audience. Additionally, they have the expertise to create compelling advertising collateral. Their experience offers a significant competitive advantage to quickly filling your property with good tenants and keeping them there for long durations of time.
