Managers working in the property management company offer variety of services to landlords which help them to keep up with daily essentials of building management that encourages a profit turnover. It is a known fact that renting a space for residential or commercial purposes is a huge task and requires a lot of day-to-day supervision. Hence, Property Management Company also helps in this regard.
Some of the services offered by management company includes- marketing/advertising empty spaces for rent, turnover duties, seeing to it that maintenance and repair measures are arranged, screening potential applicants, collecting monthly rent monies and deposits, issuing deposit refunds, delivering official notice, assisting during eviction process. This list of services is not exhaustive. There are many more.
Professional property managers help landlords in three aspects- saving property owners stress, time and money. Property managers ought to be hired if a landlord is not fluent in ways of property ownership. A property manager can also be hired if a landlord wants to educate himself on how a tenant/landlord relationship should be.
Property managers play an important role in tenant screening process, which is very important. It is a common fact that the only way to make money ( and not to lose it) is by occupying your spaces by reliable tenants and by reliable we mean those people who pay their rent on time. If you let spaces to those people who don’t pay rent on specified time, you lose money and time. How would you lose time? And the answer is quite witty but simple. Instead of having great tenants in the building who pay their rent on time and honor the tenancy, you are stuck dealing with renters who aren’t providing you with any sort of benefit. This situation can be prevented with a skilled management team on your side.
Property managers will also screen applicants for any prior evictions on their records, if they are known to damage any rental spaces and a variety of other red flags that landlords should be privy to.
When a property is left vacant for any amount of time it becomes a financial drain on the owner. This process can take a lot of time and put a fair amount of strain on a busy landlord, when it comes to turnover. A professional property manager will ensure that space is rented to a great tenant and will also get the unit ready after the old renter moves out (or is evicted in any case). These services save a lot of time and money for any landlord.
It is the ultimate duty of the landlord to ensure that all renters have the appropriate lease contract in place prior to occupying the place. If the landlord has already hired a property manager, this burden of lease contract is taken off his shoulders as the manager will skillfully handle it.
If the you as a landlord face any legal issues, Management Company will take care of it and even go to court on your behalf.
Hence, hiring a property management company is property the most intelligent decision you as a landlord can take.