A property management company is a firm that manages commercial, residential and industrial real estate such as apartment complexes and multi-family buildings. They provide all kinds of services to landlords including rentals, repairs/maintenance etc. If you’re having trouble managing your rental properties they can be an invaluable resource for help!
Reasons for Hiring Property Management Company:
- There are several reasons why you should hire a professional property manager to manage your rental properties. An important factor is that a landlord will have a lot of work to do and may not have the time to handle all the tasks on their own.
- Secondly, property owners also do not want to get into the habit of neglecting their rental properties. It would be a pity if tenants who are about to move out could see the building fall apart before it’s due.
- Property management companies offer several services to landlords and other property owners. They include maintenance of building, grounds cleaning and gardening, lawn mowing, landscaping, tenant screening and pest control, landlord insurance, tenant relations, advertising and promotion, rent collection and lease servicing among others.
What role do these companies play in Residential Leasing?
- In order to have a property manager screen tenants for you, you must provide him with a written notice specifying the type of tenants you are seeking. This notice should include information about the property such as its size, number of rooms, amenities, and location. Moreover, the notice should state when the tenancy expires.
- For the purposes of eviction, you may include clauses that allow you to end the tenancy after the notice period. In case there are no tenants to occupy the place, or the place has been put up for auction, the property manager would then take over the responsibility. In case of any problems that require immediate action, you may contact the property manager for assistance.
- There are several other maintenance services that are usually included in the fee of real estate management firms.
- These include the designations of tenants, maintenance of amenities, the conduct of repairs, and property improvement. Property managers can also work with you on the details of financing the project. In addition to this, they can also make recommendations regarding changes that would affect the maintenance, safety, and aesthetics of your residential property. If you prefer to handle things yourself, there are several companies online that offer DIY services for a minimal fee.
- Property management companies can handle any issues that may arise from time to time when it comes to leasing properties. These include renewal of leases, changes in occupant profiles, changes in terms of subletting, etc. They can also recommend changes that may be required on the part of the landlord or tenant. There are suggestions for reducing rent costs, extending lease terms, and so on.
- Property management companies can also help the landlord assess the value of the property and prepare the appropriate rental contracts. With their help, the landlord can increase the rent according to market trends and demands.
- At the same time, the property managers can reduce the expenses of rent for quality tenants. In addition, they can also ensure the stability of the tenant population. Ultimately, they contribute to the success of the landlord’s business by providing the necessary services that attract quality tenants.