Some people may associate property management companies with only large condominiums or apartment buildings. However, rental property owners with just a few rental or vacation units may benefit from working with a property management company.
Establishing a relationship with an experienced and reliable management company can make life easier for landlords. If your rental properties are a family-owned business, delegating responsibility to a professional manager may help to prevent familial conflicts or stress. Here are some ways a property manager can help you.
A property management company could market units and handle showings. It will also screen tenants thoroughly to help assure that tenancies will be successful. Reducing vacancies with good marketing and screening strategies can maximize profitability.
Keeping the common areas of a property in good condition is one of a management company’s primary functions. It can also address tenants’ maintenance requests and respond to emergencies. A management company may offer some services in-house, and it will likely know some of the best service providers for things such as plumbing or pest control.
A management company will stay on top of collecting rents and managing tenant ledgers. If a tenant does not make timely payments, a manager can send notices and help you pursue a legal remedy if necessary.
When you look for a property management company, it is important to choose one that has experience serving your area as well as positive references. A company’s job is to represent your interests as a landlord, so you need to have confidence that it is competent, responsive, and accountable.