Property managers provide a plethora of services for landlords, including helping them keep up with the daily essentials of building management that encourages a profit turnover. Renting out space for businesses or residency is a huge task and requires a lot of day-to-day upkeep and supervision.
Some of the services offered by property management companies include:
• Marketing / advertising empty spaces for rent
• Turnover duties
• Seeing to it that maintenance and repair measures are arranged
• Screening potential applicants
• Collecting monthly rent monies and deposits
• Issuing deposit refunds in accordance with city / country laws
• Delivering official notices to renters
• Assisting during the eviction process
This is a small list of the duties that a property manager performs. There are actually many more aspects that go into the job and a lot of landlords would rather hire a company to take on the burden versus doing it themselves.
Benefits of Hiring a Property Management Company
Professional property managers can help landlords in a variety of ways, including:
• Saving property owners stress
Unless a landlord is fluent in the ways of property ownership or is willing to educate themselves on how a tenant/landlord relationship should be, hiring a managerial company is a wise investment. In addition to the many duties that come with being a landlord, there are also legalities that must be adhered to in order to forgo problems.
Property managers play a proactive role in the tenant screening process, which is very important. Did you know that the only way you can make money (and not lose it) is by occupying your buildings with reliable tenants? If you place tenants into your buildings that are not known to pay their rent on time, you risk losing time and money.
You might be wondering how you would lose time, and the answer is simple. Instead of having great tenants in place who pay their rent, you are stuck dealing with renters who aren’t providing you with any sort of profit. With the proper management team in place, you can forgo all of this hassle.
Property managers will also screen applicants for any prior evictions on their records, if they are known to damage rental spaces, and a variety of other red flags that landlords should be privy to.
Did you know that when a property is left vacant for any amount of time it becomes a financial drain on the owner? When it comes to turnover, this process can take a lot of time and put quite a bit of strain on a busy landlord. Manager will ensure that the space stays inhabited by great renters and will also get the unit ready after old tenants move out. These are valuable assets for any space owner.
As a landlord, it is your duty to ensure that all renters have the appropriate lease contract in place prior to occupying the space. If you have a property manager working for you, the confrontation of lease enforcement can be taken off your shoulders as the company will handle this. Making sure tenants comply to their leases is a big and important job.
Should you face any legal issues; the management company will take care of them for you and even go to court on your behalf. Hiring a property management company is probably one of the bet things any landlord can do for his or her business and sanity.