Despite what most investors tend to think, property management services aren’t limited to just collecting rent and finding new tenants. Even though these are important services that can take a lot of time, a good property manager will do a lot more for you.
Here are just a few examples of property management services.
Improve the Home Value
Renters tend to look for a home that they can easily call theirs. Depending on the locale, that might mean a modern look or more traditional. Neutral colors are in right now, but that can change as well.
Your property management company is in the market constantly, learning what tenants want. They’ll give you great advice about possible improvements you can make to the home. Not only would these improvements help you rent it faster, but you may be able to charge higher prices as well.
Improving your home is a great strategy, but you may not be in a situation that warrants it. Maybe your property already has a lot of amenities, but just needs a few cosmetic fixes.
In that case, property management services will help you get those issues fixed as quickly as possible. These fixes will make current tenants much happier. It will also make it much more rentable to future tenants.
When something breaks in the middle of the night, do you want to be called? Probably not.
That’s where property management companies save the day. They’ll take the call, find a good local contractor, and have the problem fixed in no time. The tenant’s happy, you’re happy because you weren’t bothered, and everyone wins.
Advise on Tenant Policies
Have you ever lived in a home that didn’t allow pets? How about a home business, smoking, loud parties, etc.?
There are pros and cons to these policies. A good property manager will help you identify what you should use in your contracts to get the most bang for the buck. For example, maybe you’ll allow pets but that have to be smaller than 30 pounds.
If you find yourself in a legal situation against with the tenant, property management services can help. They’ll be able to give some advice, and point you towards a qualified attorney if necessary.
They’ll also make sure you comply with federal, state and local laws regarding renting your property. This may not seem important, but as your real estate portfolio grows, you will be more and more likely to break local laws without a good advisor.
Most Home Owners Associations (HOAs) require the front of your home to be kept in great condition. To assist with that, most property management companies will contract a gardener or lawn care service to take care of your home. This will be an additional expense, but will ensure your home stays in compliance with the HOA bylaws.
Property management services will handle everything from A-Z with your new tenants. They’ll find new ones, give them everything required to move in (including the contract and keys), help them set up utilities, and make sure they’re happy with the home.
Likewise, your property manager will handle everything with a tenant leaves. They’ll have the unit cleaned, retrieve the keys, return the security deposit (if applicable) and perform any necessary repairs.
A Little Bit of Everything
Property management services take a major burden off your shoulders. But if you’re ready to move forward with a company, consider a cloud-based software program.