16 Dec What Does a Rental Property Management Company Do?
When you started to invest in rental properties, did you plan to manage many of them yourself? Property maintenance, tenant screening, promotion and advertising, finance — the list of management duties can be overwhelming. If you’re struggling to keep up with all of the details connected to your rental properties, here’s what a rental property management company can do to simplify your ownership duties.
Managing Incoming and Outgoing Tenants
When you’re managing properties, you have to find and keep the right tenants. You also have the unpleasant job of managing those tenants who are difficult, and perhaps even evicting them.
What if you could work with a company that would do this job for you? From managing your marketing to meeting with new tenants, a property management company can work to find and onboard new tenants for your properties. The management company can:
- Market the property
- Set rates for the property
- Visit with prospective tenants
- Do background checks on new tenants
- Make sure that you get your security deposit
- Create leasing agreements
Property management companies are local and are experts in a specific geographic area. This is particularly important when you’re investing in properties that are not in your home town. According to Roofstock, “A local property manager will know how to best optimize the maintenance and marketing of your property for where it’s located.”
Bringing Tenants On Board
Finding the right tenants isn’t always easy. Tenant screening is an essential part of ensuring that you bring on tenants who will treat the property like it is their own. A property management company can make sure that your tenants have excellent references and a credit check. They will help complete all of the required financial transactions and make the tenant aware of the rules of the property.
Maintaining The Property
Property maintenance is about far more than maintaining the property: it’s about maintaining excellent relationships with your tenants. When you’re managing a property on your own, you need to continuously manage different repairs and ongoing maintenance to keep your properties running smoothly. This can be difficult if you hold a day job, you’re far away, or you just don’t enjoy handling the details of lawn maintenance or broken fridges. Your property management company can organize these details for you.
Property management companies also deal with the difficult side of interpersonal relations with tenants. If a tenant hasn’t paid the rent or is damaging the property, the management company can intervene. If necessary, the management company can also evict the tenant, while ensuring that everything is done in a way that won’t open you up to wrongful eviction lawsuits.
The Benefits of Working With a Rental Property Management Company
When you work with a rental property management company, you become less stressed about the everyday details of your properties. If you’re tired of getting calls at 8 pm or fielding questions about when you can meet a potential tenant, a property management company can fill those roles for you. That way, you can focus on what you enjoy: building a property portfolio that is the best possible investment.
In addition, if you live far away from your properties, a management company becomes even more of a necessity, since it’s difficult to manage properties from far away. According to NOLO, “If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.”
At Lori Gill and Associates, we’re dedicated to helping you manage your rental properties. We’re a rental property management company that understands the Seattle area. If you need professional property management, connect with us and see what we can do for you.