If you have never worked with a professional property management company before, you might not know what to expect. Every property manager is a little different, but there are a few things that are standard across the industry. When you’re looking to hire a management company, make sure you completely understand the scope of their services before signing a contract.
Marketing and Leasing Your Rental Property
The first job of a property manager is to get a tenant into your property. Good managers will assess your property and let you know if any changes need to be made in order to make it appealing to the best tenants. You won’t have to do a complete remodel, but your manager might recommend fresh paint or new carpet. A price will be established by comparing your home to competing properties in the area, and then the marketing will begin. Your property manager will take high-quality photos of your property and write a description. That ad will go onto the management company’s website and out to dozens or even hundreds of rental websites. Your property manager will respond to questions, schedule showings, and follow up with applications.
Next is the screening process. Your property manager will provide the written rental screening criteria that is so important, and then verify all the information the applicant provided. We check credit and income, verify employment, and contact rental references. We have access to national eviction checklists and criminal background histories. Our screening process is in-depth and rigorous. You can expect a property manager to approve or decline a tenant based on the information that’s gathered. If a tenant is approved, your property manager will collect the move-in funds, schedule a move-in condition inspection, and execute the lease.
Maintaining and Protecting Your Investment
Once a tenant is in place, your property manager will handle all of the day-to-day and operational logistics associated with your home. This will include obvious things like rent collection, responding to maintenance issues, and conducting inspections. However, you can also count on your property manager to keep you legally compliant and to protect the condition of your home with preventative maintenance techniques and excellent tenant communication. Property managers enforce the lease and answer questions. We develop good relationships with vendors to save you money on repairs and we handle all of the accounting and bookkeeping associated with your property. We generate statements and reports that keep you up to date on the performance of your property.
Providing Advice and Insight
While the hands-on management is an excellent reason to hire a property management company, one of the greatest benefits to working with a professional is that you get access to all the resources and tools and knowledge at their disposal. You can count on their experience and their industry connections to handle just about every problem you can imagine. Knowledge of the local market will help you price your property correctly and retain tenants. Vendor relationships will keep your costs down and ensure your emergencies are cared for right away. There’s a lot of advice and support that a professional property manager can offer.
We’d love to tell you more about what we do specifically as your property manager. Please contact us at Bell Properties, Inc. to tell us about your rental property and learn more about our company.