Do you own a single-family rental property? If so, you may wonder whether you should hire an Englewood property management company to help you manage it. But what does a professional property management company even do – and is it worth the cost? This blog post will explore how professional property management works and what a property manager can do for rental property owners. By the end, you’ll better understand whether property management is right for you.
What is Property Management?
Professional property management is overseeing and managing a rental property on behalf of the owner. In general, this may include tasks such as marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, and more. In some cases, property managers may also be responsible for evictions.
Property management companies typically charge a percentage of the monthly rent as their fee. For example, if your property rents for $1000 per month and the management company charges a 15% fee, you would pay them $150 per month. Some companies also charge additional fees for services like lease renewals or marketing.
What Does a Property Manager Do?
The job of a property manager can be a demanding one. Property managers are responsible for various tasks. Some of the most common duties of a property manager include:
– Marketing the property: Property managers are responsible for finding tenants for your rental property. This includes listing the property on rental websites, showing the property to potential tenants, and screening applications.
– Screening and approving tenants: Once you have a pool of interested tenants, it’s up to the property manager to screen them and choose the best candidate. This usually involves running a background check and verifying their income and employment history.
– Collecting rent: Property managers are responsible for collecting rent from tenants each month. They may also handle late payments, returned checks, and evictions (in some cases).
– Handling maintenance requests: When tenants have a maintenance or repair request, they will submit it to the Englewood property manager. The property manager is then responsible for coordinating with contractors, scheduling repairs, and ensuring that the work is completed in a timely manner.
The best property management companies can also help you optimize your investment properties and grow your portfolio. They offer expert market analyses, valuable insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, and more).
Benefits of Hiring a Property Management Company
There are several benefits of hiring a professional property management company. Perhaps the most obvious is that it frees up your time. If you’re managing your rental property yourself, that’s a lot of time spent on tasks like marketing the property, dealing with maintenance requests, and much more. Property managers can take care of all the day-to-day tasks associated with owning and managing a rental property. This can save you time and money while allowing you to focus on other important things in your life.
Other important benefits of hiring a property management company include:
– Reduced vacancy rates: A good property manager will know how to market your rental property and screen tenants successfully. This can help you fill vacancies immediately and reduce the time your property is unoccupied.
– Increased rent collection: A property management company can help you collect rent on time. They may likewise help you improve your rent prices (in some cases).
– Lower repair and maintenance costs: A property manager will have a network of trusted contractors they work with regularly. This can help you get discounts on repairs and maintenance, as well as ensure that the work is completed in a timely fashion.
– Fewer legal problems: A property manager can help you avoid potential legal issues by following all the relevant laws and regulations. They will likewise know how to cope with difficult situations, such as evictions, professionally and legally.
If you are considering hiring a property management company, be sure to do your research and choose a reputable company that presents the range of quality services you need and want. Real Property Management Sarasota & Manatee has over 30 years of experience in single-family rental property management. Contact us online today to learn more about how we can help you efficiently manage your properties and grow your investment portfolio.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.