How are real estate investors able to profit from multiple rental properties while keeping costs low and tenants happy? The answer is hiring a reliable and efficient property management company.
What does a property manager do, though?
If you’re a new landlord, dealing with difficult tenants, or looking to invest in rental properties you might be wondering what exactly a property management company does and how they can help you.
To put it simply, property managers help landlords maximize their ROI, relieve the stress and worry of dealing with day-to-day issues, and even assist in making smart decisions to grow the value of your investments.
What is Property Management?
When you hire a good property manager, they can take care of everything that’s involved in keeping your property maintained, finding qualified tenants, getting your property rented, and acting as a liaison between you and the people that live in your rental.
Some property managers, like All American Realty, offer a selection of services that fit the specific needs of the property owner. If you simply want to get your property rented out fast and to great tenants, an experienced and professional property manager can find and place them for you.
Or, if you want someone to take care of everything, All American Realty can handle placing qualified tenants and then manage all the maintenance and business tasks that keep your rental property operating smoothly. These tasks include:
- Collecting rent on-time each month
- Arranging repairs and emergency services
- Scheduling property inspections
- Financial reporting and tax calculation
- Ensuring tenants follow the lease agreements
What to Expect from Property Management
Ensuring that your investment property generates sufficient revenue each month can be quite complicated if you’re not experienced or have to deal with difficult tenants. A property manager will take on the day-to-day operations for you, help you lower costs, and put systems in place to maintain profitability.
Improve On-Time Rent Collection
Collecting rent from tenants living in your rental property can either be a joyous occasion or a worrisome nuisance depending on whether or not your tenants pay on time. A property management company can collect the rent for you and handle problem tenants in a friendly and professional manner.
Also, most property managers utilize an online tenant portal and electronic payment collection method. The majority of renters prefer this and it increases timely rent collection and gets landlords their money faster.
A property management company will also assist with setting rent so rental property owners get the highest monthly revenue along with the best tenants.
Help With Finding Quality Tenants
For almost every landlord, finding a good tenant to fill a vacancy can prove to be challenging. Especially if you don’t have professional and nuanced knowledge of the local rental market.
Property managers, who are trained professionals, will fill your vacancies in just a few weeks on average. They know where tenants look for places to live and will advertise your rentals and schedule and attend showings with potential tenants.
They will then filter through the list of prospective tenants and put them through a thorough tenant screening process to ensure the renters are qualified to live there and can pay rent each month. A lease is then signed, security deposits are collected, and the agreement is made official. You’re now ready to make reliable rental income.
Getting Help With Property Maintenance
Property management also involves answering tenant requests for maintenance and scheduling the maintenance to be performed. They work closely with local vendors and contractors and, if they’re a good property manager, have a list of service providers they have established relationships with.
At All American Realty, we even have a 24/7 emergency maintenance line that tenants can call if necessary.
As well, tenants will be able to use an online portal to make maintenance requests. This allows property owners to know what’s going on with their property and keeps tenants informed.
Act as a Landlord-Tenant Liaison
When you work with a property management firm like All American Realty, they will act as the go-between for you and your tenants. Whenever there is an issue with the tenant or a complaint about the property, the management company will handle it. You’ll likely only be contacted if there is a major issue.
Uphold Local Landlord-Tenant Laws
There are many laws and regulations when it comes to the rental property business. Unless you have your own lawyer, it’s simply too much to know and interpret without extensive studying.
One of the most important things a property management company does is to ensure your rental properties meet local regulations and that there is always compliance with landlord-tenant laws.
This means property advertisements follow Fair Housing Laws, and the property meets housing regulations and is in good shape to rent to tenants.
Property managers go through hours of training and classes to conduct business in the rental property sector. Therefore, they are very aware of the regulations your property must follow and will be sure it does.
How Much Does Property Management Cost?
Property managers charge either a percentage of the monthly rent or a flat management fee. When your property manager fills a vacancy, you may also pay a leasing fee.
It’s important to note that these fees are tax-deductible and if you hire a good property manager, they will pay off every month. You’ll be free from the daily worries of self-managing your investment properties and will ultimately lower the costs associated with generating revenue from them.
All American Realty is the Leading Property Manager
Are you ready to take your real estate investment to the next level? Then choose All American Realty as your property management company.
If you’re ready to maximize your ROI while relieving the common stress of owning a rental property, or if you have questions about how we can help or want more information on our affordable pricing, we’d love to hear from you at (850) 374-3744.