Do you have a single-family rental property? If that is the case, you may wonder whether you should hire a Lexington property management company to help you manage it. But what does a professional property management company even do – and is it worth the cost? This blog post will explore how professional property management works and what a property manager can do for rental property owners. By the end, you’ll better understand whether property management is right for you.
What is Property Management?
Professional property management is overseeing and managing a rental property on behalf of the owner. In most cases, this could entail duties like marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, and more. In specific cases, property managers may also be in control of evictions.
Property management companies commonly charge a percentage of the monthly rent as their fee. For example, if your property rents for $1000 per month and the management company charges a 15% fee, you would pay them $150 per month. Some companies also charge additional fees for services such as lease renewals or marketing.
What Does a Property Manager Do?
The job of a property manager often has a demanding schedule. Property managers are responsible for various responsibilities. Some of the most common obligations of a property manager entail:
– Marketing the property: Property managers are responsible for locating tenants for your rental property. This entails listing the property on rental websites, showing the property to potential tenants, and screening applications.
– Screening and approving tenants: After you have a list of prospective tenants, it’s up to the property manager to screen them and identify the best candidate. This often entails running a background check and verifying their income and employment history.
– Collecting rent: Property managers are liable for collecting rent from tenants each month. They may also address late payments, returned checks, and evictions (in some cases).
– Handling maintenance requests: When tenants have a maintenance or repair need, they will send them to the Lexington property manager. The property manager is then liable for coordinating with contractors, scheduling repairs, and making sure the work is finished on time.
The best property management companies can also help you optimize your investment properties and grow your portfolio. They offer expert market analyses, valuable insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, and so on).
Benefits of Hiring a Property Management Company
There are many benefits of hiring a professional property management company. Perhaps the most noticeable is that it frees up your time. If you’re managing your rental property on your own, that’s a lot of time spent on tasks like marketing the property, coping with maintenance requests, and other activities. Property managers can deal with all of the routine duties involved in owning and managing a rental property. This can save you time and money while enabling you to focus on other important things in your life.
Other key benefits of hiring a property management company entail:
– Reduced vacancy rates: An expert property manager will know how to market your rental property and screen tenants excellently. This can help you fill vacancies swiftly and reduce the time your property is unoccupied.
– Increased rent collection: A property management company can help you collect rent on time. They might also assist you in increasing your rent prices (in some cases).
– Lower repair and maintenance costs: A property manager will have a network of dependable contractors they regularly engage with. This might assist you in receiving discounts on repairs and maintenance while also guaranteeing that the work is completed on time.
– Fewer legal problems: A property manager can help you avoid potential legal issues by following all the relevant laws and regulations. They will also know how to handle difficult situations, such as evictions, professionally and legally.
If you’re thinking about hiring a property management company, be sure to do your research and choose a reputable company that offers the range of quality services you need and want. Real Property Management Midlands has over 30 years of experience in single-family rental property management. Contact us online today to learn more about how we can help you efficiently manage your properties and grow your investment portfolio.
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