Do you dread all the work that goes into managing properties? Have you dealt with tenants paying late? What about emergency phone calls for broken appliances, flooding, and other emergencies? Are you tired of driving often just to get to your property? Dealing with the day-to-day elements of property management can burn out many investors. Hiring a property management company can help to reduce the stress burden.
Handling Monthly Rent
One of the biggest burdens a property management company will take is the monthly rent collection and payments. Property managers will provide monthly statements to show where the money is coming in and going out.
Property managers will focus on tenant communication to ensure they are paying rent and caring for the property in the right way. Property owners focus on making sure the tenants are living in a healthy, safe environment. With a property management company, you no longer need to deal with the tenant phone calls and emails.
When you have a vacancy, it can be one of the most difficult times as you will need to clean the property and prepare it for a new tenant, at the same time you are advertising and trying to find a new tenant. Property management companies bring a new element to the mix as they have connections in multiple areas to bring in tenants, and they have strict screening processes to ensure you are getting tenants that will be good. Some things they will watch for include:
- Income verification
- Landlord-tenant verification
- Criminal background history
- Credit history
- Financial history and tenant projection
Maintenance and Upkeep
A property management company will be in charge of making sure the property looks nice. They will handle the maintenance and upkeep requests. Some other special situations can arise with weather-related issues, in which a property management company will have an action plan to ensure tenant safety and housing placement.
Property management companies bring legal aid with them. If you have legal questions about tenants and property management, they can bring it back to their attorney for clarification. Ensuring you are on the right side of the law is critical to successful property management.
Keyrenter Property Management Ft. Lauderdale provides residential property management services to landlords for single family homes, duplexes, condos, and small multifamily units. Contact our office to learn how to build effective tenant relationships and watch your investment property grow!