Do you have a single-family rental property? if that is so, you may question whether you should bring in a Berkley property management company to assist you to deal with it. But what does a professional property management company even do – and is it worth the cost? This blog post will check out how professional property management works and what a property manager can do for rental property owners. When we’re done, you’ll better comprehend whether property management is excellent for you.
What is Property Management?
Professional property management is overseeing and managing a rental property on behalf of the owner. As a whole, this may include responsibilities or tasks, for instance marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, and more. In many cases, property managers may also be responsible for evictions.
Property management companies regularly charge a percentage of the monthly rent as their fee. For example, if your property rents for $1000 per month and the management company charges a 15% fee, you would pay them $150 per month. Some companies also charge additional fees for services like lease renewals or marketing.
What Does a Property Manager Do?
The job of a property manager can be an active one. Property managers are responsible for several functions and tasks. Some of the most conventional assignments of a property manager involve:
– Marketing the property: Property managers are responsible for getting tenants for your rental property. This comprises listing the property on rental websites, showing the property to potential tenants, and screening applications.
– Screening and approving tenants: As soon as you have a pool of very interested tenants, it’s up to the property manager to screen them and select the best candidate. This typically composes running a background check and verifying their income and employment history.
– Collecting rent: Property managers are the ones responsible for collecting rent from tenants each month. They may furthermore manage and deal with late payments, returned checks, and evictions (in some cases).
– Handling maintenance requests: When tenants have a maintenance or repair request, they will submit it to the Berkley property manager. The property manager takes responsibility for coordinating with contractors, scheduling repairs, and securing that the work is executed on time.
The perfect property management companies can indeed assist you to optimize your investment properties and grow your portfolio. They give expert market analyses, advantageous insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, and more).
Benefits of Hiring a Property Management Company
There are a whole lot of benefits to hiring a professional property management company. Probably the most obvious and significant is that it frees up your time. If you’re managing your rental property yourself, that’s plenty of time spent on tasks like marketing the property, encountering maintenance requests, and a lot more. Property managers can look after all the day-to-day functions associated with owning and managing a rental property. This can save you time and money while effectively enabling you to focus on other important things in your life.
Other vital benefits of hiring a property management company include:
– Reduced vacancy rates: The right property manager will know very well how to market your rental property and screen tenants successfully. This can easily help you fill vacancies swiftly and reduce the time your property is unoccupied.
– Increased rent collection: A property management company can help you collect rent on time. They may likewise help you increase your rent prices (in some cases).
– Lower repair and maintenance costs: A property manager will have a network of trustworthy contractors they pair up and work with usually. This can assist you to get discounts on repairs and maintenance, together with ensuring that the work is completed quickly.
– Fewer legal problems: A property manager can help you avoid potential legal issues by keeping all the crucial laws and regulations. They will equally have an idea and experience in how to take charge of difficult situations, such as evictions, professionally and legally.
If you’re assessing about enlisting a property management company, make it a point to do your research and opt for a reputable company that extends or offers the range of quality services you need and want. Real Property Management Advantage has over 30 years of experience in single-family rental property management. Contact us online today to ascertain more as regards how we can help you properly manage your properties and grow your investment portfolio.
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