20 Sep How Rental Property Management Works
Once, you looked at new properties with delight. You imagined what you could do if you managed a property business. You dreamed about connecting with tenants in a positive way, making renovations that increased the rental value of your properties, and working to build your portfolio so that you could achieve financial success and retire with financial security.
In real life, managing properties is not just about positive relationships and money-making renovations. You put in the hard work to make your properties work for you. What if you could find a solution that would allow you to delegate some of that work to others, allowing you to focus on the elements of property management that really appeal to you? With a property management company, you can.
Property Management Companies Help You Develop Tenant Relationships
Creating strong tenant relationships is the backbone of property management success, yet as you grow, it can become more and more difficult to put in the time you need to develop those relationships. A property management company can help you:
- Market your property
- Manage prospective tenant visits
- Coordinate references and credit checks
- Manage move-in, move-out processes
- Deal with tenant or neighbor complaints and help find ongoing solutions to recurring problems
- Coordinate the financial aspects of tenancy, such as following up on late rent payments
- Manage rental rates in accordance with the Tenancy Act and appropriate market rates
- Manage evictions and other sensitive tenancy matters while ensuring that you’re acting in accordance with tenancy laws
If working with tenants is taking up the majority of your time, you can liberate that time by working with a property management company.
A Property Management Company Helps You Find Solutions to Hands-On Problems
When the toilet is leaking in your tenants’ suite, who do they call? When you are managing many different properties or if you live miles away, you may not be readily available to come to the rescue when there is a problem. When you work with a property management company, they are able to work with your properties more easily, calling the right people who can solve problems quickly and easily.
According to Realtor Mag, “with a property manager, you’ll be able to say goodbye to late-night emergencies. When a problem arises, the property manager will get the call and respond accordingly.”
A Property Management Company Finds Local Contractors to Maintain Your Properties
Do you worry about finding a plumber who can do the job right? Do you need to find a new landscaping maintenance company or evaluate the work of a new company? A property management company works with local, respected contractors to keep your properties in good repair. Make sure that problems are solved before they occur – partner with a property management company that helps you coordinate a property maintenance schedule.
Property Managers Work With Diverse Needs and Properties
Why do you need a property management company? A top-notch management company can take over the responsibilities that will make your life easier. You’ll have less stress and more time to do the things you enjoy. You can consider working with a property management company on a leasing only service agreement, which focuses on developing a tenant relationship, or your property management company can handle all property-related tasks.
If you need some help managing your properties in the Seattle area, reach out to a management company: you’ll be surprised at the diverse services that they can provide. Call Lori Gill and Associates. We specialize in Seattle properties, and we’re here to help you. Connect with us today.