Property management companies do more than just collect rent. Although, we do agree that is important! If you find yourself thinking about what a property management company does then look no further, here is everything you need to know!
1. Allows you to invest without geographic hurdles
Managing your own properties limits your investment locations. With a property manager, you can invest in multiple areas that will often have a better ROI than where you live.
Property managers are well versed in local laws, regulations, and ordinances, which means they will be able to avoid issues and know how to address them should they occur. A property manager will also know how and when to prepare the properties for different weather conditions.
2. Respond to maintenance requests
Resident maintenance requests are often the biggest hassle for any landlord, especially emergency requests. No one wants to be woken up at 2 am and find out a pipe has burst in one of their homes. These requests can be an expensive time-suck ultimately causing lots of stress for the landlord and resident. A property manager can easily fix these maintenance issues with their skilled technicians, oftentimes saving the owner lots of money and hassle. They typically have an emergency maintenance line for residents to call for an on-call technician to fix the issue immediately.
Oftentimes, the property management company will also have routine maintenance check-ups. This helps avoid lots of maintenance issues before they get too big and ensures the property is being properly taken care of.
3. Prepare the home for a new resident
After a resident has moved out, it’s time to make the property move-in ready. Each property will have a variety of items to fix, whether that be rekeying the doors, replacing worn-out appliances, patching holes in the walls, or just a good clean. The list can be quite extensive. That’s why it’s beneficial to have a property management company to facilitate the make-ready process. They may have their own crew, hire outside contractors, or a mixture of both. Some property managers will even manage remodels, that way you are getting top dollar for your rental property.
4. Market and fill vacancies
Once the property is ready for a new resident, it’s time to market it! It’s important to remember that every day a property sits vacant, it costs the owner. Property managers reduce that cost with their extensive efforts, such as taking photos, writing descriptions, posting properties on 3rd party sites, like Zillow, giving tours, and so much more!
5. Screen potential residents
A huge benefit of a property manager is the thorough screening process. A thorough screening reduces the risk of potential financial costs for the owner and the property manager. These screenings check things like a person’s credit, employment, rental history, criminal history, and more. The property manager will approve based on qualifications set in place and will ensure everything is conducted in compliance with fair housing laws.
Once, an applicant is approved they will facilitate the move-in process and make sure to collect and hold the security deposit.
6. Collect rent and handle delinquencies
A property manager is in charge of collecting rent each month. They hold residents accountable for paying on time and will handle any delinquencies. If the measure becomes necessary, they will also handle collections and evictions.
As you can see, a property manager does a lot and with more ease than a landlord can.
If you’re interested in a property manager in the Kansas City area, don’t hesitate to give us a call at 816-405-4845. We are ready to answer any questions you may have and help you accomplish your real estate goals!
Photo by PhotoMIX Company: https://www.pexels.com/photo/black-handled-key-on-key-hole-101808/