If you are looking for a property management service to take care of your property, you should know what you are looking for. Some of the services a property management company provides include finding the right tenant, regular inspections, and full-service management. In addition, the services of a Real Property Management Service should also include communicating with tenants, making rent increases, and restoring the property to a rent-ready condition in between lease terms.
Full-service property management
Full-service property management is an ideal way to keep your rental properties in good shape. It’s a time saver. A good property manager knows how to maintain your rental units, find good tenants, and maintain your incoming cash flow. They can also help you with routine maintenance and emergency situations.
A full-service property management company will do everything from screening tenants to collecting rent. Their services can include marketing, coordinating contracts, and handling any legal issues that may arise.Some owners will opt to do it all themselves. This may be a wise move if you’re a seasoned landlord or have the skills to handle the day-to-day operations. However, it’s not uncommon for owners to be unclear about the details.
Regular inspections
Regular inspections as part of a property management service can help save you money and ensure the longevity of your investment. They’re also a great way to make sure your tenants stay happy and healthy.
One of the biggest benefits of regular inspections is that they allow you to find problems before they become major issues. This can avoid costly repairs later down the road. You can also deduct any excess repair costs from your security deposit.In addition to the usual yearly inspection, you may want to conduct a few more in-depth checks to keep your property in top condition. These can include checking for mold around the kitchen and bathrooms, ensuring the heating and cooling system is fully functional, and making sure all appliances are working.
Legal tenant screening
Whether you’re an individual looking for a new rental property or a property management company, it’s important to hire a legal tenant screening service. Your goal is to find a tenant that’s responsible and pays on time.
A reliable tenant screening service will offer comprehensive reports, including credit, employment and criminal background checks. These reports provide insights into the candidate’s past behavior and future reliability.
While there are many different kinds of tenant screening services available, you should select one that is compliant with the Fair Credit Reporting Act (FCRA). Landlords who don’t follow this law can be sued in state or federal court. A good tenant screening service will include the three-digit FICO score. This is a number that helps predict a tenant’s ability to pay their rent. If a prospective tenant has a poor credit history, they’re less likely to pay on time.
Communicating with tenants regarding rent increases
Communicating with tenants regarding rent increases can be an important part of retaining tenants and increasing rental income. However, this process can also be difficult. Landlords have to be sensitive to the rights and concerns of their tenants, and communicate in a manner that shows they understand the issue and value their tenants.During the rental period, landlords can raise rent to reflect rising costs in the local market, increased property taxes, and other factors. However, it is important to keep rent increases in line with the current market price of comparable units.
A tenant may refuse to pay an increase if they are unhappy with the situation. Instead, a landlord can offer a discount on the increased rent, which will help offset the cost of the increased rent.
Restoring a property to rent-ready condition in between lease terms
The best way to keep your tenants happy is to let them do a little sprucing up for you. Not only will it save you from having to do the dirty work, but it will also give you a leg up on the competition. Fortunately, if you don’t have the time or inclination to do it yourself, there are a number of professionals out there whose job is to take care of the nitty gritty. If you are in the market for a new residence, consider a well vetted property manager. Unlike most landlords, these folks have your best interests at heart. Most of the companies out there will not only help you spruce up your abode, but they are on hand when the unexpected occurs.
