If you own a rental property, this is a question that may have crossed your mind at some point. Being a landlord isn’t just about collecting rent at the end of the month, you have many other important responsibilities.
With that in mind, you may be considering hiring a property management company.
You may also be wondering what a property management company is responsible for in regards to your property.
We’re going to give you a rundown of what they can do for your Emerald Coast property.
1. Setting the Rental Price
A good property management company has the experience, knowledge, and tools to help real estate investors set the right rent.
The right rent is neither too high nor too low. It’s both affordable for tenants and profitable for the property owner.
There are many factors that property management companies consider in setting the rent amount, for example, the surrounding area averages.
2. Marketing a Rental Unit
A vacant property essentially means zero income at the end of the month.
That’s why property management companies use a variety of marketing channels to advertise rental units. This ensures that your property gets as much exposure as possible and don’t stay vacant for a long period of time.
3. Screening Potential Tenants
Finding reliable, responsible, and long-term tenants isn’t always easy. Among other things, it requires skill and experience, areas where property managers excel.
The tenant screening process of a property management company will help you get a good tenant. One that will pay rent on time, notify you of maintenance issues, and most likely, rent long-term.
To get such a tenant, they often look at the prospective tenant’s income, creditworthiness, and rental and criminal background.
4. Managing Tenants
Managing tenants can be difficult to get right. Issues with tenants are often inevitable.
You can count on a property management company to help you in this regard.
5. Collecting Rent
Collecting rent is one of the main responsibilities of a property manager.
A secure, convenient, and easy rent payment system is key to the success of any rental business. A good property management company understands this.
6. Handling Evictions
Tenant evictions are lengthy, costly, and consume a lot of time.
Fortunately, you can count on a property management company to help you. They have the experience, skills, and manpower to ensure the process goes as smoothly as possible.
7. Carrying Property Repairs and Maintenance
Buying an investment property is a large financial and emotional undertaking. It’s important to ensure that your property remains attractive and well-maintained at all times.
Whenever cleaning or repairs are needed, a good property manager will ensure it is handled promptly.
They usually conduct regular inspections as well, saving you money in the long-run.
8. Handling Legal Compliance
Rental properties must operate according to the stipulations of the landlord-tenant laws. They must also adhere to local laws in regards to health, safety, and building codes.
Without a deep understanding of these laws, your property may be at risk of being shut down by local authorities.
Property managers understand all legal matters regarding investment properties. They will help you run your property professionally. From tenant evictions to habitability laws, they can take care of all legal formalities on your behalf.
9. Other Responsibilities
The aforementioned responsibilities are only a tiny fraction of what property management companies can do. Other responsibilities you can count on them to offer include:
- Lease formulations
- Rent adjustments
- Move-outs and inspections
As you can see, a good property management company can help you in an endless number of ways with regards to managing your Emerald Coast rental property.