Why Property Management – Part 2
A few MORE ways a Property Management company can simplify owning rentals.
It’s about time to jump into a few more ways hiring a property management company can benefit new and current property owners. If you haven’t checked out part one you can view it here to see how Real Property Management Select will help you market your rental, approve a top quality applicant, and field all necessary tenant communication. This time around we will look at how a property management company will continue to help you after a tenant has taken possession of your property.
Maintenance of Your Rental Property
All homes have maintenance requests from their tenants at one point in time or another. Sometimes they are emergencies that need to be addressed right away, other times it may be preventative maintenance. Either way as a busy property owner you can’t always get back to your tenant immediately or travel to the home to complete the work yourself. By utilizing a good property management company your tenants should have 24/7 access to maintenance help should an emergency arise. Your property manager should also have well established relationships with a variety of vendors allowing them access to competitive prices and trustworthy contactors and technicians. You will be kept in the loop with maintenance needed on your property without any of the stress of complex coordination between yourself, the tenant, and the vendor. A property management company should also provide the option of periodic inspections on your property allowing you to stay ahead of repairs that may turn into bigger issues if left unaddressed.
Turnover Between Tenants
The turnover of a property is the necessary maintenance and cleaning that takes place after a tenant moves out and before the security deposit is returned. First and foremost, if using a property management company, you should see a decrease in the amount of turnover on a property. It’s part of your property managers job to keep your tenants happy! Some turnover is unavoidable however, as tenants sometimes leave because they’ve bought a home or maybe just need a larger space. A good property management company will have the experience to turnover your property quickly and efficiently. They will determine tenant responsible maintenance from owner responsible maintenance items by comparing move in and move out inspections. Advertisements and applications will already be in the works while all the necessary repairs and cleaning are complete.
Upon completion, your property manager will handle distributing the remaining security deposit to the previous tenant, and ideally the next tenant will already be nearing the end of the leasing process. This means using a property manager could result in your property remaining vacant for less than a MONTH. There are of course determining factors that can slow this process, but certainly deciding to use an experienced property management company should do nothing but improve the turnover process.
Rent Collection and Legal Issues
Utilizing a property management company to handle rent collection offers many benefits and protection. It allows you to remain hands off in the event that a tenant is late or not paying at all. It is easy to fall into a pattern of allowing tenants to pay late or fall behind when you work with them directly due to the emotions that sometimes come along with our renters situations. Your property manager should professionally handle all tenant concerns and communication and know how to properly handle late and non payment of rent. They will post all proper notices to pay or quit, serve any notices to vacate, and be able to assist through any evictions on your behalf. An experienced property management company is going to be accurately caught up with, and abiding by, all landlord-tenant laws and fair housing laws keeping you safe from any potential lawsuits. A secondary benefit of a property manager handling rent collection is they will be able to easily provide you the necessary documentation for your taxes at the end of the year for your rental property.
Here we’ve identified a few more ways a property management company can make your life easier. There are of course many more reasons than these – I encourage you to give us a call at Real Property Management Select if you are at all curious or have more questions about if hiring a property manager is the right choice for you. You can reach us at (916) 238-1420 or firstname.lastname@example.org, or for a Free Rental Analysis click here.
To see our main company website, visit https://www.norcalpm.com/.