Managing a home or office for tenants is a difficult and time consuming job, and there are lots of people involved to prevent things from going wrong and to remedy problems if they occur. Anyone who has tried to do all of this work on their own knows that it can be overwhelming and sometimes it can simply be too much for one person. If you already own or are considering buying an investment property, you might want to consider the services of a property management company.
You should check out some property management websites before meeting with anyone so you can browse the qualifications of a few companies. Not even company offers the same services, and property management fees differ depending on what they offer and how experienced they are. If you want to know more about what a property management service can do for you, keep reading to learn about some of the top duties fulfilled by these companies.
1. Marketing plans
One of the most important ways to get new tenants to look at your investment property is by having a well defined marketing plan in place. A marketing strategy is important because in order to bring in new tenants, they have to know that the space is available. Anyone who isn’t experienced with marketing or who doesn’t know the ins and outs of how to get the word out should consider finding a property manager who can help with listing the property.
2. Legal advice
When a new tenant moves in, the first step in the process is signing a lease. It’s important to talk with a professional to make sure that you are covered if any legal problems happen. Before providing a tenant with a rental agreement, you should have a professional property manager or your personal lawyer look over the contract to make sure you have covered all areas. When signing the lease, you should meet with the tenant and verbally review it to make sure they understand the conditions.
3. Tenant screening
It can be devastating to have a tenant who is irresponsible and doesn’t pay the rent on time. One way to protect against this is by screening tenants before they move in by running a credit check. This can be annoying and time consuming, so you can cut down on paperwork by asking your property manager to do this for you.
4. Security management
Property management fees cover things like making sure the apartments are secure and the locks are up to date. This is important so tenants feel safe in their home, and it can cut down on break in as well.
5. Financial services
Collecting rent can be a headache, especially if there are multiple tenants living at your property. A professional property management company takes care of this by collecting the rent from individuals each month and then writing you one check. This way you don’t have to worry about chasing down tenants who are late on their rent, and you don’t have to keep track of all the logistics of rent money.
Do you have any tips on how to find the best property managers who charge the lowest property management fees? What should clients ask when they find someone they trust? We would love to hear from you, so please share your ideas with us by leaving a comment below. For more about this, go here.