If you’ve ever managed your own rental property, you’ll understand its difficulty. You must respond to maintenance requests, collect rent, handle the bookkeeping, and more. This can take up a lot of your time and money.
There are many benefits that a property management company can provide for you. As a property owner, you’ll appreciate the savings on time this will provide you with.
Hiring a property management company provides you with a professional expertise network. This will help maximize your return on investment. Below are some of the functions that a property management company can perform for you:
1. Marketing/ Advertising of Property
A property management team knows how to market using multiple listings. They know what promotional materials to use. They use various tactics to attract as many potential renters as possible. Their long-term professional experience makes them effective in fulfilling this critical role.
Other key marketing responsibilities of a property management firm include the following:
- Designing a strategic marketing plan
- Using the appropriate marketing channels
- Identifying the right demographic to target
- Analyzing property marketing trends
- Putting up yard signs or online advertisements to attract attention to your property
- Hiring professional photographers and videographers. This will help create the best quality rental advertisement.
2. Tenant Screening
It’s not easy to conduct tenant screening without the right resources. A property management company can manage this task for you. They know where to ask for credit reports and an applicant’s rental history. This will help them find the best tenant for your rental property.
Their screening procedure will often include:
- Completing a background check of the prospective tenant
- Cross-checking references from previous landlords
- Assessing an applicant’s income in relation to rent cost
3. Managing the Move-In Process
A property management company will help you with the tenant move-in procedure. This will include:
- Managing the lease signing and discussing policies. They will ensure that all the pages of the lease are signed and dated properly.
- Preparing the rental property for the new tenants. This entails making sure the condition of the unit is clean and functioning.
- Handling the collection of security deposit. They will ensure the deposit amount will cover any potential property damages.
- Welcoming tenants when they arrived. A property management team is designated to meet the tenants and give them the keys.
4. Managing the Move-Out Process
A property management team will also follow a detailed tenant exit guideline. This usually involves completing the following:
- Providing tenants with a list of damage charges incurred during their stay.
- Handling the refund of the tenants’ security deposit.
- Making sure that the property is neat. Also making sure that everything is in good, working condition.
- Preparing the rental property for advertisement.
- Changing electronic door passwords and property locks.
5. Maintenance, Repairs, Requests, Complaints
Most of the work in property management involves handling tenant maintenance issues.
Property management teams help provide effective and fast resolutions for their clients. Some of their responsibilities include the following:
- Responding to after-hour and/or emergency calls from tenants.
- Employing the services of a maintenance crew or local contractor partners.
6. Rent Collection
Collecting monthly rent is often the most difficult task that landlords run in to. A property management team will take over the stress of doing this for you. This often includes the following:
- Developing various payment options for tenants to use.
- Enforcing penalty fees and deciding when to allow grace periods.
- Handing out eviction notices, should the situation arise.
7. Property Inspections
Conducting regular property inspections can take up a good amount of time. It’s necessary to avoid cost buildups from neglecting to fix major issues. A property management company will take care of property inspections for you. They will:
- Fix minor property issues to avoid major costs in the future.
- Check your property’s curb appeal and it’s exterior landscaping.
- Examine both the interior and exterior of your rental unit.
- Check for property damages and take the necessary steps to repair them.
A property management team is often responsible for keeping records and business documentation. This is one of the most beneficial things they can do for property owners. Some of their duties include:
- Providing a complete account of expenses. This includes costs for maintenance work and damage repairs.
- Providing annual and monthly financial reports.
- Tracking the rental and bills payment. These include things like utilities and insurance premiums.
- Keeping all business receipts.
- Assisting with tax filing or performing tax-related accounting.
This checklist is not a complete list of property management company’s responsibilities. There are many other tasks they help can property owners with.
They also have a comprehensive understanding of Texas landlord-tenant laws. This will ensure that you do not run into any legal issues as a Texas landlord. Hiring a property management team will reduce the stress of managing a property on your own.
It’s best to carefully evaluate which property management is right for you. Check their track record and read reviews about them. You can also call them for a preliminary business consultation. This will help you to make an informed decision.
If you are located in a Dallas-Fort Worth area and would like to work with McCaw Property Management, you can give us a call at (817)491-2553.