12 Dec 2024
How A Property Management Company Can Help You As A Landlord
Managing a property has many aspects, especially when the property has several tenants. As a landlord, this can be time consuming, challenging and demanding, more so, if the property is in a portfolio of other asses. A professional property management company can provide invaluable support, allowing landlords to focus on other important priorities. Below is a list of tasks a property management company can undertake in supporting landlords.
Tenant screening
A crucial aspect of the rental process is ensuring the correct tenants are selected. In this role, a property management company can conduct the necessary background checks, investigate the rental history, do a credit check, do a criminal check and verify the employment status, to ensure the tenant is a reliable one and the application is genuine.
Rent collection
Property managers handle all aspects of rent collection including following up on late rent, non-payment of rent, and enforcing payment deadlines. They also collect security deposits from tenants.
Rental price setting
Being familiar with rental rates in the industry, property management companies can set rental rates that are fair and in line with the going market rate for the property and the area. Their experience and knowledge of market rates ensure that the landlord gets the optimum rental rates for the property. This is useful when questioned by potential tenants who have done their research and are aware of the area rents.
Property repairs & maintenance
An important function of property managers is to ensure that any repairs to the property are carried out effectively, efficiently and on time. They are responsible for scheduling regular inspections and maintenance on the property, ensuring that it is kept in good running condition. Sourcing suitable vendors and contractors is also a role they perform.
Communicating with tenants
Property managers are the main point of contact with the tenants, handling complaints, repair requests, and general enquiries. They are available to provide 24/7 support to the tenants and mediate disputes between the landlord and tenants, and between the tenants themselves.
Marketing the property
Property managers advertise vacancies and answer any potential tenant questions regarding the property. They do showings to potential tenants, highlighting the various plus points of the property, making it an attractive one to potential tenants. Useful tools available to them are email marketing, search engine optimization, referrals and testimonials from former tenants, and social media.
Administrative work
Generally, a property management company is responsible for overseeing the day-to-day operations of the property. This includes, amongst other duties, handling tenants’ requests, overseeing maintenance issues, collecting rent, paying vendors and contractors, communicating with tenants, and maintaining up to date data records.
Represent the owner
There are instances when the landlord/owner’s presence or involvement is required: to sign documents, negotiate rates, set rental rates etc. An able property manager would relieve the owner of these situations, allowing the landlord to concentrate on other more important tasks.
As a leading, licensed property management company, VIRANI RENT + MANAGE helps clients with all aspects of the management of their rental properties. Contact us for any property management questions or concerns.