14 Feb 6 Main Services That A Property Manager Provides
According to the Rental Protection Agency, the growth rate for new landlords is 544 people per day. Many of these new landlords choose to hire property management services to take care of their investments. Besides collecting rent, what else do these managers do for landlords? Here are six main services that a property manager provides.
A property manager can help you manage your real estate investments anywhere in the world. If you live in Chicago, you may want to find more affordable properties elsewhere. They can also help maintain these buildings without you having to be there.
Landlord Tenant Law Expertise
If you own multiple properties in various regions, a rental property manager can assist you with their expertise in the various laws and regulations for tenant relationships each region has. Each city and state is different, and it can be hard to keep up with them all. A property management company can help you address any issues correctly to prevent them from becoming bigger problems in the future.
Maintenance Request Response
Maintenance requests are one of the biggest problems for new landlords. Landlords can get calls in the middle of the night when things unexpectedly break down or wear out and are often on call for emergency situations. Property management can address these issues to keep tenants happy. They can also keep maintenance costs down by performing periodic inspections to keep things working smoothly. These companies often have established relationships with vendors that can help you receive discounted pricing on maintenance and repair services.
Vacant properties can eat up a landlord’s profit margin. A rental property management service can help you market these real estate investments and approve applicants. These agents will market properties online with video walk-throughs and attractive photos and show these units to potential tenants in person for you. They will also ensure that the property is ready for the tenant to move in.
Professional managers will take care of the background checks and history of potential new tenants to find the best ones for your properties. They will make sure that the entire application process is compliant with fair housing and discrimination laws. Any screened applicants that meet their approval will be confirmed with you for acceptance.
Collect Rent And Security Deposits
Real estate management companies can assist you with rent and security deposit collection and manage these financial accounts for you. If necessary, they can also handle the eviction process if a tenant is unable to pay. These professions will clearly communicate to tenants what the expectations are with rent policies and make sure payments are received on time.
A property manager provides many services that are highly beneficial for new landlords. When looking for a real estate management company, take your time to do thorough research in order to find one that meets your needs. You’ll be able to rest assured knowing that your investments are in good hands with a company you can trust.