If you own and rent out real estate, you've likely heard the term property management used before. You may be wondering, however, what property management services are and how you might benefit from them. Let's look at 5 common tasks that a property management team can tackle.
Companies tend to come in two varieties when it comes to maintenance. There are those firms that deal with all the work themselves, doing everything from mowing to repainting units. You'll also find companies that prefer to develop relationships with local landscapers, contractors, and other professionals. From your perspective, the big win is probably that you're not getting calls from tenants at 3 a.m. about busted water pipes because that's the job of the property management team.
Advertising Properties for Rent
Folks in the industry put out a lot of ads, and that means they know what works. They also frequently can get discounted rates from websites and publications, allowing them to spread the word about your location farther.
Dealing with advertising copy is an important part of property management services. Regulations pertaining to housing, in particular, are easy to trip over. Working with a team, you can rest assured that all advertisements for your properties will be compliant with equal housing rules.
Interviewing Prospective Tenants
Even if you live locally, finding time to conduct interviews and walkthroughs with potential tenants can be a challenge. Professionals in the business have standard forms that they can use for applications, and they know what questions to ask. They're also familiar with the typical concerns of tenants, and that allows them to address questions with ease.
Particularly for folks who own properties that are numerous or far away, collecting rent can be a pain. Many property management firms now utilize online payment portals that allow them to speed up the process. They also can deal with issues like getting in touch with folks who are behind on their rent. You get to simply see the proceeds of your investment in the property accrue.
Few things are as unpleasant to deal with as kicking someone out of a place. There are laws in place to protect the interests of both tenants and landlords, and these sometimes require some savvy to navigate. A property management team can also deal with the after-the-fact problems of cleaning a place up and getting repairs done.
For more information, contact a property management team.Share