What Services Should You Expect When You Hire a Property Management Company
Purchasing a Raleigh rental property in can be an overwhelming experience. Once you’ve worked your way through it and had a bit of a chance to breathe, you may find yourself overwhelmed again as you begin the process of getting the unit rented so you can begin receiving a return on your investment.
You didn’t purchase the property without help from experts in the real estate field, and once you really delve into all of the details involved in being a landlord, you may find that hiring a property management company to handle the process is a good idea here as well.
Here are just a few of the key services you should expect from a good property manager:
Market your rental property to minimize vacancies and maximize income
First and foremost, a property management company knows the local market. A deep understanding of the area’s comparable rental rates, demographic and renter expectations will allow them to recommend improvements to up the wow factor and suggest an appropriate rate based on the final condition of property.
In addition, it’s the job of a property management company to conduct targeted marketing on the property, highlighting the attributes that make it unique. with a detailed listing and professional quality photographs.
Legal understanding & compliance.
As your representative, expect a property management company to be up-to-date on all local, state, and federal tenancy laws. Their ability to stay abreast of laws and work within them, protects you from any legal issues that might otherwise arise.
Tenant screening and selection
Quality tenants are key to achieving a solid return on investment. Your goal is to find long-term tenants who pay rent on time and respect the property, their neighbors, and the terms of the lease. A property management company will conduct due diligence on prospective tenants including background and reference checks, and a search of rental history, before moving forward with the rental process.
Rent collection and Financial Recordkeeping
Expect your property management company to oversee monthly rent collection, proper handling of security deposits, communication with tenants about late rent or rent increases, and enforcement of penalties for delinquencies. They should also maintain full accounting of all incoming and outgoing monies and be able to provide documentation for tax preparation.
Maintenance and repairs
Maintenance issues should be dealt with quickly and efficiently. Regular inspections and a set maintenance schedule allows for identification and repair of issues early, saving money on potential costly repairs resulting from inattention to preventative maintenance. They should have a set list of vendors for common maintenance issues, and be ready to dispatch someone for repairs, emergency or otherwise, in a timely manner.
When tenants eventually move out, the property management company will conduct an audit to determining any damages, return security deposits, handle cleaning and repairs, and ensure the unit is fully ready for new tenants.
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