There are a lot of things to consider when you want to rent a property.
…a list of questions and concerns that arise when you want to turn your home into a valuable investment.
- How do I market my home to find the right tenant?
- What do I need to do to prepare my property for a renter?
- What happens if my tenant doesn’t pay the rent?
- When will I find the time to be a “landlord”?
What is reasonable to expect from a property management company?
When you hire the right property management company to help with the rental process, all of those questions go away, along with the stress and weight of renting your home!
Most property management services provide you with a team of experts that walk you through the rental process and take on the day-to-day hassles that come with being a landlord. So, what exactly does a full-service property management team do for you? Let’s breakdown the property management service into smaller pieces to get a better understanding of what they do for you as a landlord.
Property Management Service: a basic definition
A property management service is an option available to homeowners who are looking to rent out their home but want to consider a hands-off approach to the process. A property management service acts on behalf of the owner to preserve the value of the property while also generating income. It is the ideal situation if you don’t have the time or desire to deal with all the hassles that come along with renting your home.
What should a property management service do?
Essentially, a property management service takes care of everything regarding your property. The service will help to market your property, manage the tenant, deal with maintenance concerns, help with any legal issues that may arise, and provide assistance when a tenant wants to move in or out. They are a paid service that handles all tenant activities from screening potential renters to possible evictions when things don’t go as planned.
What services do property management companies offer?
Most property management services will help with the following:
- Marketing the property
- Turn over tasks (cleaning and repairs)
- Locating and presenting prospective tenants
- Application screening
- Collection of rental payments
- Assessing and collecting late payment fees
- 24/7 response to maintenance issues
- Handling of Security Deposits in qualified Trust Accounts
- Accounting and tax services for your property
- Court appearances in the event of eviction
What are the benefits of a property management service (general idea)?
A competent property management service can add significant value to your investment property. The property management team will make sure to acquire higher quality tenants, help with tenant retention and create a shorter vacancy cycle, combat any legal issues that may present themselves, and help with maintenance repairs and costs. They will also help with all tenant concerns, general maintenance, and any legal issues that may arise. Essentially, they are there to do what is best for you and the tenant.
If you would like to see another blog on the benefits of a property management service, take a look at “7 Benefits to using a property management service.”
Final Thoughts on property management services
A quality property management service is a great way to help with the rental process. A management property company can help you find the right tenant for your home, collect rent, and deal with all the issues or problems that may arise when renting your home. Bottom line, property management services enable you to have more freedom to live your life while turning your property into an investment for your future.
For More Information
If you live in the Raleigh area and are interested in a property management company, take a look at Oak City Properties! We provide services to help investors, homeowners, and landlords. Feel free to give us a call (919)-232-9222 or check out our property management options.