Do you possess a single-family rental property? If this is the situation, you may be thinking about whether you should partner with a Riverside property management company to help you handle it. But what does a professional property management company even do – and is it worth the cost? This blog post will talk about how professional property management operates and what a property manager can do for rental property owners. By the conclusion of this article, you will have a better understanding of whether property management is suitable for you.
What is Property Management?
Professional property management is overseeing and managing a rental property on behalf of the owner. In general, this may entail errands such as marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, etc. Occasionally, property managers may also be in authority for evictions.
Property management companies commonly 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 such as lease renewals or marketing.
What Does a Property Manager Do?
The job of a property manager can be time-consuming. Property managers are responsible for a variety of duties. These are some of the most typical responsibilities of a property manager:
– Marketing the property: Property managers are responsible for seeking tenants for your rental property. This involves listing the property on rental websites, showing the property to potential tenants, and screening applications.
– Screening and approving tenants: Once you have a pool of interested tenants, it’s up to the property manager to screen them and choose the best candidate. This usually includes running a background check and verifying their income and employment history.
– Collecting rent: Property managers are responsible for collecting rent from tenants each month. They may also handle late payments, returned checks, and evictions (in some cases).
– Handling maintenance requests: When tenants have a maintenance or repair concern, they will report them to the Riverside property manager. The property manager is then tasked with coordinating with contractors, scheduling repairs, and monitoring the timely completion of the work.
The best property management companies can also help you optimize your investment properties and grow your portfolio. They offer expert market analyses, valuable insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, etc.).
Benefits of Hiring a Property Management Company
There are numerous benefits to hiring a professional property management company. Perhaps the most apparent benefit is that it frees up your time. If you’re managing your rental property personally, that’s a lot of time spent on tasks like marketing the property, processing maintenance requests, and much more. Property managers can take on all the day-to-day duties of owning and managing a rental property. This can save you time and money, enabling you to focus on other important things in your life.
Other essential benefits of hiring a property management company include:
– Reduced vacancy rates: A good property manager will know how to market your rental property and screen tenants effectively. This can help you fill vacancies quickly and reduce the time your property is unoccupied.
– Increased rent collection: A property management company can help you collect rent on time. They may also help you increase your rent prices (in some cases).
– Lower repair and maintenance costs: A property manager will have a network of respected contractors with whom they interact regularly. This might help you earn discounts on repairs and maintenance and ensure the job is completed in a timely manner.
– Fewer legal problems: A property manager can help you avoid potential legal issues by adhering to all applicable laws and regulations. They will also be capable of dealing with difficult situations, such as evictions, professionally and legally.
If you’re considering working with a property management company, don’t forget to do research and select a reputable company that gives the range of quality services you need and want. Real Property Management Integrity has over 30 years of experience in single-family rental property management. Contact us online today to discover more about how we can help you successfully manage your properties and develop your investment portfolio.
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