What is Property Management?
Professional property management is overseeing and managing a rental property on behalf of the owner. Typically, this may encompass functions and tasks like marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, and more. Most of the time, property managers may also be responsible for evictions.
Property management companies normally charge a percentage of the monthly rent as their fee. For example, if your property rents for $1000 per month and the management company charges a 15% fee, you would pay them $150 per month. Some companies also charge additional fees for services, for instance, lease renewals or marketing.
What Does a Property Manager Do?
The job of a property manager can be a very busy one. Property managers are responsible for several duties. Some of the most common obligations of a property manager include:
– Marketing the property: Property managers are responsible for spotting tenants for your rental property. This constitutes listing the property on rental websites, showing the property to potential tenants, and screening applications.
– Screening and approving tenants: When you have a pool of eager tenants, it’s up to the property manager to screen them and pick out the best candidate. This mostly covers running a background check and verifying their income and employment history.
– Collecting rent: Property managers are charged for collecting rent from tenants each month. They also deal with late payments, returned checks, and evictions (in some cases).
– Handling maintenance requests: When tenants have a maintenance or repair request, they will submit it to the Forsyth property manager. The property manager is responsible for coordinating with contractors, scheduling repairs, and determining that the work is carried about quickly.
Suitable property management companies can, moreover, assist you to optimize your investment properties and grow your portfolio. They extend expert market analyses, effective insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, and more).
Benefits of Hiring a Property Management Company
There are a lot of benefits to hiring a professional property management company. Quite possibly the most outright is that it frees up your time. If you’re managing your rental property yourself, that’s a great deal of time spent on tasks like marketing the property, facing maintenance requests, and a lot more. Property managers can look over all the day-to-day responsibilities involved with owning and managing a rental property. This can save you time and money while giving you the ability to focus on other important things in your life.
Other great benefits of hiring a property management company include:
– Reduced vacancy rates: An excellent property manager will comprehend how to market your rental property and screen tenants excellently. This can certainly help you fill vacancies instantly and reduce the time your property is unoccupied.
– Increased rent collection: A property management company can help you collect rent on time. They may moreover help you, without difficulty, increase your rent prices (in some cases).
– Lower repair and maintenance costs: A property manager will have a network of experienced contractors they team up with repeatedly. This can help you get discounts on repairs and maintenance, moreover, make certain that the work is completed on time and well.
– Fewer legal problems: A property manager can help you avoid potential legal issues by heeding and complying with all the essential laws and regulations. They will additionally understand how to and skillfully manage difficult situations, for instance, evictions, professionally and legally.
If you’re looking into bringing in a property management company, be certain to do your research and pick a reputable company that provides the range of quality services you need and want. Real Property Management Vesta has over 30 years of experience in single-family rental property management. Contact us online today to determine more about how we can help you successfully manage your properties and grow your investment portfolio.