Owning a rental property can be a great real estate investment that is worth a lot of money. However, while it is rewarding to invest in real estate, it can be difficult to become a landlord and to be a rental property manager.
If you own a rental property and want help, hiring a property manager can help make this a stress-free experience for you!
Do you want to learn more about finding a rental property management company to help with your real estate investment? Keep reading this article to learn more about what is included in rental property management services.
Advertising and Marketing
One of the most important roles of a rental property manager is to market your property. With advertising and marketing, they can fill the vacancies in your rental property which will make you more money.
When you have a high vacancy rate, you may find that your investment is at a bigger risk of failing.
However, with a reliable property manager, they will be able to find you high-quality leads through social media, online advertisements, and more.
Prepares Vacant Units
Next, a rental property manager will prepare vacant units from previous tenants for future renters. There are many steps that you need to take to make your property rent-ready.
First, they will need to remove any belongings that were left behind by the previous renters. There are some regulations for how long you have to wait to dispose of these belongings, but they will need to be taken care of before a new tenant moves in.
Next, your property manager will do some serious cleaning. Deep cleaning will ensure that the property is sanitary and looks good for the new renter.
One way to prevent problematic tenants and a high turnover rate for your rental property is to screen your tenants. This is one of the jobs of a rental property manager.
To find good tenants, your property manager can check credit histories, employment, criminal records, and more. This will help you find tenants that will be reliable and will pay their rent on time.
This will also help you avoid bad tenants and people who may damage your property. When you find reliable tenants who will be responsible, you will be able to develop a great reputation for your rental property!
Deals With Problematic Tenants
While many tenants are great and do not cause any problems, everyone will have to deal with problematic tenants at one point or another. By having a local property manager, they will be able to deal with these problematic tenants and put out any fires that could lead to bigger problems.
If there are any complaints or issues that a tenant has, your property manager will do their best to resolve them.
However, sometimes it is necessary for you to evict a tenant. A property tenant will handle evictions and will make sure they follow the proper procedures and legal processes to evict a tenant.
Property maintenance is a vital part of being a property manager or a landlord. There are things that constantly need to be maintained or repaired to keep your property in good condition.
For example, your property manager will ensure that your property is in good shape. They will do this by properly maintaining the amenities, fixing the landscaping, and repairing any damages done to your property by past tenants or other issues.
They will also deal with emergency repairs when they arise.
Prices Rent & Collect Payments
Setting your rent at the right price is vital if you want to make enough money from your rental property and if you want to avoid a high vacancy rate. If your rent is too high, you will not have enough people who are willing to pay for it.
Property managers can help you adjust the price of your rent by comparing your property to other similar rentals in the area. This will help you get the most money out of your investment. They will also be in charge of collecting rent and other dues from your tenants.
Handles Lease Agreement
The lease agreement of your property is one of the most important parts of maintaining your relationship with your tenants. To make sure you have a good lease agreement, you can hire a property manager to prepare it for you.
This way you will be able to establish clear rules, expectations, and conditions for your tenants to abide by.
Understands Landlord-Tenant Laws
Finally, your rental property manager will understand the landlord-tenant laws and can help keep you safe from legal matters. There are many regulations and rules for landlords that can vary by city and state.
By being up to date on these laws and regulations, your property manager can protect you from housing discrimination claims and other lawsuits from tenants.
Learn More About Hiring a Rental Property Manager Today
Hiring a rental property manager can make investing in real estate simpler and stress-free.
They help you find tenants and they will also deal with on-site maintenance, repairs, and more. By hiring a rental property manager, you will find that both you and your tenants are more satisfied with your services.
Are you looking for a property management company in Memphis, TN? Reedy & Company can help! We have over 40 years of experience managing properties and we currently manage over 3,500 properties.
Contact our team to learn about our property management services and to get started with our company today.