What to Expect From Rental Management Services
Rental Management Services Provide Several Benefits
If you're wondering what to expect from rental management services, it's important to learn the benefits of property managers before committing to one. Rental management services should be more than just someone collecting easy rent and taking their cut off the top. A true service provider of property management should be positioned to help in a number of ways, most importantly through their extensive experience and focus on your property and your needs.
A property manager exists to take care of the basic and not-so-basic needs of your property. This includes leasing, security deposits, inspections of the property, rent collection, and more.
Leasing
With a good rental management service, leasing is the first step. The vetting process of renters can be exhausting and often stressful. It is so important to get a good renter and so detrimental to fail at it. That's where an experienced property manager comes in. We know what to look for in a potential tenant to help ensure the best chances of landing a good one.
Security Deposits
Making sure to collect and properly manage renter's security deposits is a core fiduciary duty in the rental management process. We use escrow accounts and proper record keeping to make sure everything is handled correctly and legally. Then at the termination of the lease we account for the deposit and return any portion not needing to be retained for damages.
Inspections of the Property
There is a proper balance necessary with rental management services when it comes to inspecting a property. Tenants want to be left alone but your property needs to be protected. As a standard, we physically walk each property once quarterly. We walk it more often as seems necessary depending on the circumstances. These inspections include looking for damages or other issues as well as making sure all the proper maintenance is being performed that is the responsibility of the renter.
Rent Collection
Collecting rents may seem simple, but it often isn't. That's why rent collection is one of the major considerations in what to expect from rental management services.
Tenants can be late, sometimes difficult to reach, and other times they have very believable or even true sad stories that make some landlords hesitate to enforce rent and late fees. It's necessary to keep things 'all business', which is much easier for a licensed property manager as opposed to an individual landlord managing their own property. We enforce our agreements, plain and simple, and those agreements require us to collect rents and late fees, as well as additional funds for any damages. We take our fiduciary duty very seriously.
Repair and Maintenance Service
Repairs and maintenance as part of a reputable rental management service are truly one of the items that sets one company apart from another. There are two major elements with this that make all the difference: connections and staying on top of things.
Property management companies with the right connections, like our relationship with a local HVAC company that provides multiple other services, means that we can get repairs handled quickly and at more affordable prices than what would be offered to the general public. These carefully developed relationships with repair companies equate to tremendous savings for our clients and an easier repair process from start to finish.
Next to the right connections is the importance of us staying on top of things. We keep our eye on the ball and make sure everything related to your property is handled quickly and efficiently. Outstanding repair items are unacceptable and absolutely have to be handled fast and at an affordable price.
Mortgage and Utility Services
Some rental management services offer to pay your mortgage and utilities to save you the trouble. While this is not a standard service we offer, it is something we can make available when it makes sense for us and our client. If the extent of management you require needs to involve us paying some of your bills associated with the property, this is definitely a service we are licensed and equipped to provide.
Accounting Services
With an in-house accountant, we provide detailed reporting. More so, our licensed accountant and our relationship with his accounting firm, Azalea City Tax & Accounting, provide tax advice and planning alongside our rental management services. It is a great benefit to our clients to be able to receive both real estate consulting and tax consulting in such a coordinated and cohesive manner.
Getting Started with Rental Management Services
Whether you have questions or are interested in using our services, our team is standing by to help. Consultations are free.
