Whether you’re a new property owner or you’ve spent years working as a landlord, you’re in good company if you’re in the rental income game. Though the recent pandemic has been trying on both landlords and tenants, census data shows that over a third of U.S. homes were rented in the first quarter of 2020.
With so many renters needing housing, renting your own property might seem like a no-brainer. However, this is only true until the time comes to manage that property! Many investors and property owners don’t know what to expect from property management until they’re neck-deep in repair requests and late rent payments.
Fortunately, that’s where property managers come in. These professionals can help streamline the rental process on multiple fronts, allowing you to reap the benefits of passive rental income with less work and fewer headaches. If you’re considering hiring a property management company, here are the main services you can expect.
For landlords and property owners, marketing can be one of the more time-consuming aspects of the job.
Crafting the perfect ad for a rental unit can be tricky, especially if you don’t have the research or knowledge to understand the unique selling points renters want. Even more important is knowing where to post the finalized ad. It’s crucial to market your listing in places where your target audience is most likely to spend time, both online and offline.
These tasks can seem trivial, but any experienced property owner can tell you that the right marketing makes all the difference!
Of course, short of spending hours researching the do’s and don’ts of property marketing, it can be hard to take care of these logistics on your own.
With hundreds or thousands of ads under their belt, a good property management company will have the expertise to identify and market the selling points of your rental unit. In addition, they’ll also know how to get their ad in front of the right candidates in the right outlets.
Finding a high-quality tenant to rent your property for the long-term can feel like winning the jackpot. When you’re trying to screen candidates on your own, it can take days or even weeks to do your due diligence—which is often time you don’t have.
With professional property managers, you can expect to get high-quality tenants into your doors every time with no effort on your part. From running credit checks to verifying employment and from calling references to doing criminal background checks, property managers do it all. Even better, experienced property managers are more likely to catch subtle red flags that you might not notice on your own, allowing you to weed out more of the tenants who might cause issues.
Payment collection is one of the best-known services people expect from their property management company. Though this task may seem straightforward, you’d be surprised at just how much work it can remove from your shoulders!
Not only do property managers work to collect rent in a timely fashion, but they’ll also take care of any frustrating follow-up conversations regarding late fees. They’ll even ensure good record-keeping for your financial reporting needs.
Rental Rate Pricing Assistance
Knowing how to set a fair market rent can be harder than it sounds. The task requires much more than a quick search into the prices of other units in your area! After all, high prices mean high vacancy rates, while low prices earn you a lower monthly income than your property is worth.
When you work with a property manager, you’ll get experienced advice on the best rental rates for your unit’s given location, size, features and amenities, and more.
Maintenance and Repair Management
As a new landlord or property owner, there’s nothing more frustrating than a late-night call that requires you to rush out for an emergency repair.
One of the most comforting perks of hiring a property management company is that you’ll never have to deal with this kind of urgent issue again! Property managers deal with maintenance and repair jobs on your behalf, allowing you the peace of mind of knowing that your property is cared for even when you aren’t putting in the time to do it yourself.
Property managers will tackle things like seasonal maintenance, preventative work, and regular inspections. They’ll also manage any repair jobs as well as any professional technicians who work on your property.
Thanks to their wealth of experience, one thing you can always expect of a property management company is legal assistance. Because of the nature of their work, property managers must stay up-to-date on state and federal landlord-tenant laws. In other words, working with a property manager can help safeguard you against lawsuits and other legal issues!
Property managers can help you navigate things like finding legal ground for evictions or lease termination. They can also help you avoid leaving yourself open to discrimination lawsuits from the screening process or legal battles over property safety and hazardous conditions.
What to Expect From the Best Property Managers
At the end of the day, the right property managers will help you in the most important ways possible: they’ll save you valuable time, offer peace of mind, and advise you when you need it most. Knowing what to expect when you work with professional property managers can help you feel comfortable making the leap—and making the most of your investment!
That’s where we come in. At Reedy & Company, our team has over forty years of experience managing thousands of properties throughout the mid-South. We’re here to help you make the most of your investment by making better property decisions, day in and day out. For more information about what we can do for you, contact us today.