The benefits of using a property management company are numerous. Whether you're a landlord residing miles away or just around the corner, hiring a qualified property manager or management team can help keep your investment property safe, profitable and running smoothly.
Reduce Vacancy Percentages
A property management company handles key tasks that help ensure units rent quickly. A good property manager stays current with local rental rates and determines the optimal price to attract new tenants. Part of this process includes effectively marketing the property and available rentals. A management company also ensures the property is maintained properly to retain current tenants and impress prospective renters.
Using a property management company means you as a landlord or owner don't have to juggle scheduling interview appointments with prospective tenants. The property manager receives calls from prospects, schedules showings of units and conducts screenings to determine if the potential tenant can meet the lease requirements. In a building or complex with multiple units, this is essential. The property management company oversees all tenant paperwork including credit checks and any other documentation verification.
Directly Dealing with Tenants
Direct tenant interaction can range from rent collection to receiving 2 a.m. phone calls when a water pipe bursts. One of the biggest benefits of property management services is the owner/landlord can rely upon the manager to handle daily tenant issues. The property manager fields complaints, maintenance calls, collects rent, issues lease violation warnings and acts as a liaison between the tenants and the owner/landlord.
Responsible for Outsourcing
Even when a property has just a few rental units, a property management company can play an integral role for keeping everything running efficiently. Property managers can be responsible for negotiating and securing contracts for trash removal, landscaping/mowing services, snow removal and unit clean-up after a tenant moves out. Professional
from ServiceMaster Clean can be obtained for carpet and hardwood floor cleaning as well as tile and grout cleaning to refresh a unit before showing to prospective tenants. This relieves the on-site maintenance team, allowing them to attend to other items on their daily lists.
Landlords may be able to claim the professional services of a property management company as a tax deduction, helping to lower their overall taxes. When considering any type of tax deduction be sure to consult with a trusted accountant or tax specialist and follow all recommendations.
Keeps Things Organized
As a landlord or owner it can be difficult to keep track of every detail associated with your investment property. A property management company takes responsibility for the details. From maintaining management supplies such as For Rent signs and parking permits to organizing tax documentation and budgeting for any outsourced services needed, a property management company will keep everything organized. Before hiring a property management company be sure to conduct a thorough background check to establish their reliability, competence and ability to handle your property. A good property management company will provide a landlord with less stress, more freedom and peace of mind.