Why Hire a Professional Property Management Company
If you lack the time or expertise needed for day-to-day management of your residential income property, an expert property manager can help you.
A property management company can help you:
- Market your rental property to minimize vacancies and maximize income;
- Maintain and keep your rental property in good condition;
- Track income and expenses to determine profitability;
- Negotiate rental agreements;
- Collect rent and track tenant deposits;
- Comply with federal, state and local laws; and
- Respond to tenant requests and deal with problem tenants
In short, a property manager can help you make the most from your rental property and can save you time. I will be happy to refer you to a good property manager.
Finding the right tenant:
While it may be inconvenient for you to take time to show your property, and to deal with potential renters who may not show up for their appointments, it is a property manager's job to respond quickly to requests from potential renters to view a property. Property managers can also pre-screen potential tenants. They have the marketing know-how to reach potential renters and they have the experience and resources to qualifying their applications, weed out potential bad renters and negotiate the lease.
Upkeep and maintenance of your income property:
Property managers handle and coordinate routine repairs as well as emergency repairs. They have the experience to avoid unnecessary repairs to save you money;Residential property managers respond to tenant requests, issues and problems, and act as the first point of contact for the building. Managers also enforce all terms of the lease agreements like parking, pet or smoking restrictions, rent collection, and procedures for termination of the lease. They will handle the switching of utility services between tenants and vacancies. Regarding repairs or services, such as landscaping or pool maintenance, these management professionals also negotiate contracts and will solicit bids from several contractors and recommend to the owners which bid to accept. They monitor the performance of contractors and investigate and resolve complaints from residents and tenants when services are not properly provided.
Administrative and financial property management:
Generally, property managers handle the financial operations of the property, ensuring that rent is collected and that mortgages, taxes, insurance premiums, HOA fees and maintenance bills are paid on time. They also will prepare financial statements and periodically report to the owners on the status of the property, occupancy rates, dates of lease expirations, and other matters.
Hiring a professional property manager allows a property owner the benefits of retaining the equity of the property while avoiding the time-consuming and often laborious duties involved with keeping an investment property performing well.