If you manage your own properties, you’re strong, you’re educated about the market, and you may be just a little bit tired. Being a self-managing landlord is a huge job. If you need help with your property management, you have many options. You might decide that you’d like to move to a management company’s full-service management program or you could also seek out a more limited selection of services to help you as you lease your property.
Looking for a Little Help: Leasing Only Services
If you’d like to manage your properties but you need some help from time-to-time, take a look at a property management company that offers a leasing only service. As part of this service, you maintain control over the day-to-day management of your property, but a management company conducts tenant screening, a move-in inspection, and drafts documents for the rental. The company will provide a full accounting of the transaction so that you know where you stand with the tenant. This eases the crunch during one of the most difficult times in your landlord life: finding new tenants. It also allows you to maintain control over day-to-day property management.
Benefits From a Full Service Rental Property Management Company
If you’re focused on your rental properties as a long term source of income but you’d prefer to give up some of the work of day-to-day management, take a look at your options for full-service rental property management.
What benefits should your rental property management company offer you?
- They should be able to find you excellent tenants and complete the screening process for these tenants.
- They need to make sure that your tenants stay with your business. This involves exceptional communication and maintenance.
- They have strong connections to people like contractors and may even be able to get you a discounted rate.
- They communicate well about the issues on your properties and give you accounting information when you need it.
According to Fool.com, one of the biggest challenges of being your own property manager is that you “(can’t) afford to be an expert at everything.” If you’re running into this challenge, you can retire from ‘expert at everything’ status and switch to become an expert at finding new properties and expanding your rental income.
Hiring a Rental Property Management Company
Can your rental property management company provide the benefits above? According to the Bigger Pockets blog, “If you have to use property managers, spend as much if not more time screening them as you would a prospective tenant.” If you’re hiring a rental property management company, you need to know that the company has the time for your business. Look at how many units each employee manages and how often they visit each of their units. A property manager should listen to your questions and needs and have a thorough and considered response. Ask about the processes that a manager uses to manage properties, particularly the software they use and the maintenance schedule they maintain.
When you’re looking for a property management company that can fill your shoes and go beyond, look to Lori Gill and Associates. Our management company has extensive experience in the Seattle market. We’ll bring you our connections with tenants and contractors, making your life as a landlord much simpler. If you’re looking for an easier way to manage your properties, contact Lori Gill and Associates today.
