Property managers provide a host of services for homeowners, including helping them keep up with daily building management essentials that encourage profit turnover. Renting space for business or residence is a huge task and requires a lot of daily maintenance and supervision.
Some of the services that property management companies offer include:
• Marketing / advertising of empty spaces for rent
• Rotation duties
• Ensuring that maintenance and repair measures are in place.
• Selection of potential applicants
• Collection of deposits and monthly rent money
• Issue deposit refunds in accordance with city / country laws
• Delivery of official notices to tenants
• Assistance during the eviction process
This is a small list of the functions that a property manager performs. In reality, there are many more aspects to the job and many owners prefer to hire a company to take care of the load rather than do it themselves.
Benefits of hiring a property management company
Professional property managers can help homeowners in a number of ways, including:
• Avoid owner stress
Unless the landlord masters the forms of property ownership or is willing to educate himself on what a tenant-landlord relationship should look like, hiring a management company is a smart investment. In addition to the many duties that come with being a homeowner, there are also legalities that must be followed to avoid problems.
Property managers play a proactive role in the tenant selection process, which is very important. Did you know that the only way to make money (and not lose it) is to occupy your buildings with reliable tenants? If you put tenants in your buildings who are not known to pay their rent on time, you risk wasting time and money.
You may be wondering how you would waste your time, and the answer is simple. Instead of having great rent-paying tenants, you’re stuck dealing with tenants who don’t give you any kind of profit. With the right management team in place, you can do without all these hassles.
Property managers will also screen applicants for previous evictions in their records, whether they are known to damage rental spaces, and a variety of other red flags that landlords should be aware of.
Did you know that when a property is left unoccupied for any length of time, it becomes a financial burden on the owner? When it comes to turnover, this process can be time consuming and put a bit of a strain on a busy landlord. The manager will make sure the space remains inhabited by great tenants and will also prepare the unit after the old tenants move in. These are valuable assets for any space owner.
As a landlord, it is your duty to ensure that all tenants have the proper lease before occupying the space. If you have a property manager working for you, the confrontation of lease enforcement can be taken away, as the company will take care of this. Making sure tenants honor their leases is a big and important job.
If you face any legal problem; the management company will take care of them and even go to court on their behalf. Hiring a property management company is probably one of the bets any homeowner can make for their business and their sanity.