There're over 311,000 registered property management companies in the U.S. But deciding whether or not to work with a property management company can sometimes be challenging.
To make the best decision, you'll need to know the pros of working with one. Property managers help landlords save on time and costs as they take care of their other investments.
So, what does a property management company do? Let's discuss some of their benefits.
Marketing Your Property
A property management company is responsible for advertising a rental property to find new suitable tenants. They market your property on different sites and platforms with potential leads.
Depending on the landlords' strategy and target market, they may advertise properties for rent on a local directory or online media pages. Once interested tenants reach out, property managers will then show them your property.
Setting and Collecting Rent
A property management firms set the rent for your property depending on its value and current market conditions. If no tenants show interest after some time, the managers may adjust the rates.
Property managers collect rent from the tenants. Most of these managers have a fault-proof online system that helps them track payments.
In most cases, more than one tenant applies for your rental property. Managers then do a thorough screening process.
The tenant screening process involves checking and verifying their background and credit history. This helps them select reliable and trustworthy tenants.
Property Maintenance and Inspections
Property managers are in charge of ensuring your property remains in good condition. They're responsible for making sure tenants are staying in a safe environment.
They take care of tenants' concerns and attend to damages within the property. Property management companies have come up with a preventative maintenance program.
These companies carry out periodic inspections. This means they may also hire experts to try and spot some property problems such as aging roof, inefficient HVAC, gutter cleaning services, etc., early enough.
Most of these companies have a network of different professionals who are skilled and licensed. For example, if your property roof needs repairs, they have contacts of the best roof repair experts in the area.
Several things could go wrong within the property, such as damage to property or other tenant lease agreement violations. Property managers must confirm that all tenants obey the clauses in the lease.
This helps minimize or avoid future repair costs and makes tenants stay comfortable. Happy tenants prolong their lease.
What Does a Property Management Company Do?
From this article, your question 'what does a property management company do?' has been answered well. Don't hesitate to hire one and enjoy the above mentioned benefits and more. With their assistance, you'll have your rental properties well taken care of and the needs of your tenants met.
Are you looking to work with a trustworthy and reliable property management company in Los Angeles? Opal Estate Management is here for you.
Contact us today and schedule and make your inquiry.