So you have a property you want to let, but you’re not sure what to watch for or you don’t have time for it. It’s time to consider hiring professionals to assist you.
If you’ve never been a landlord before, you may not even realize that this job requires time, skill, and dedication. That’s where a good property management company steps in.
They can handle the entire process, including both property management and letting. The extent of the work you let them handle depends on how much you want to be involved.
So here’s everything a property management company can do for you.
Property Evaluation
Starting from the beginning, the company first needs to inspect and evaluate your property, so that they can determine the best rental rate. They will compare the prices in the area and the interest in the neighborhood, and even suggest some changes you can make to increase the worth.This first step is vital, and it’s best if you leave it to experts. If you set your rates too high, you may suffer long vacancies. On the other hand, you can also set them low and miss out on the opportunity to earn much more money.
Marketing
No matter how great your property is, if you don’t know how to properly market and advertise it, it may end up empty for a long time. These companies know exactly where and how to present your property.They’ll use various websites, print publications, paid ads, etc. They’ll also know how to make your house or apartment as attractive as possible, both online and in person.
What’s more, the company will know what kind of tenants to look for and which pools of prospects to tap in. All you have to do is give them free rein.
Picking the Best Tenants
This part can be the most daunting one in the entire process, and it’s the easiest one to mishandle. There are numerous stories about tenants from hell, and if you want to avoid these unpleasant scenarios, it’s best to leave the selection to your property manager.They will perform a thorough screening of all prospective candidates. This background check includes:
- Credit history
- Employment history
- Previous rental experiences
- Income, etc.
Handling Maintenance
You don’t even have to worry about inspections and maintenance. The company can work out a preventive maintenance schedule to ensure everything is always in order. They can also arrange for regular property inspections.Furthermore, they also handle emergency repairs and supervise them. The company arranges for a quality, certified crew to do all the necessary fixes.
Your property manager can even remodel the place of you if need be, taking care of every detail themselves. You don’t even have to set foot on the property.
Collecting Rent
The company will draw a lease for you so that tenants are aware of any late payment fees and consequences. They can handle rent collection and maintain your account. The manager will also deal with late payments and enforce any fees.If the payment is late or in violation of the lease, they will inform you and handle the situation for you if you choose so. They’ll also send timely notices so that everything is fair and square.
With a trustworthy property manager, you don’t even have to worry about financial matters.
Move Out and Evictions
When it’s time for your tenants to leave, one way or the other, your company of choice can handle that too. This may be the most unpleasant part of the process as you have to determine whether to keep part of the tenant deposit based on the inspection of your property.The company will have documents proving the state of the property before the tenants’ move-in. They’ll perform another inspection, see if there are any damages, and determine what to do with the deposit accordingly.
Evictions are even harder because you have to ensure everything is in compliance with the law and even get the police involved if you have a particularly difficult tenant. The property management company can handle this process as well.
Legal Compliance and Policy Consulting
Sometimes, it’s difficult to keep track of all the rules and regulations concerning your property, tenants, and responsibilities as a landlord.A professional property manager will always take care of the legal matters and make sure you’re compliant with any relevant laws. They’ll also provide advice in case of any legal disputes.
Ultimately, they can also advise you on the policies pertaining to your property, such as an acceptable grace period for late rents, whether you should allow pets and permit smoking on the premises, etc.
As you can see, with a reliable property management company, you don’t have to worry about anything. Of course, you can always choose to deal with some aspects of property management and letting and allow the company to handle the rest.
