Residential companies, or property management companies, are some of the most important assets in a property owner’s tool-chest. They handle most of the details that happen around the property and allow the owner to deal with the bigger pictures.
That’s why we’ve created this handy article – so you can fully understand the important services provided by residential companies. There are tons out there, so we have collected the top ten that everyone should know when in the residential management business. Be sure to read on and learn more!
Evaluating the property and figuring out the best rental rate.
Right, so the first service provided by residential companies is the evaluation of the property and determination of the proper rental rate. Property managers will inspect the exterior and interior of the property and determine what repairs or renovations could be need to increase the rental rate, while bringing a solid ROI back to the property. This also includes checking the local rental rates and determining what a competitive rate will be in the specific locale.
Marketing the property to find tenants.
Next up, we have the marketing service that comes along with residential companies. The first step, though, is to prepare the property for rent – cleaning the interior, decorating the exterior, and making sure it looks great for any potential tenants. Then, the marketing will begin with customized ads put in pre-specified mediums like newspapers and online blogs.
Hopefully at the end of the marketing process, there will be a good pool of applicants who would like to rent the property.
Screening tenants and picking the high quality ones.
Now that you have that pool of potential tenants, it’s time to screen these tenants and pick the highest quality ones to move in. This includes performing the proper background checks on tenants to check on rental history, criminal backgrounds, and anything else that might stick out as making them a poor quality tenant. Property managers will grade these tenants based on pre-determined criteria and choose the highest quality ones for move-in.
Handling tenant move-in.
Next up, the property manager will draw up the leasing agreement with the tenant(s) that were chosen for move-in. The date of move-in will be confirmed with the tenant(s) and the first month’s rent and security deposit will be collected by the manager. From then, everything is set!
Collecting rent on-time.
The next item on the list of services provided by residential companies is the on-time collection of rent. This is a crucial service provided, as the owners of the property do not have the time to hunt down each individual tenant and collect rent. The property managers will make sure that rent is provided on-time and enforce any late fees that may be required.
Handling any evictions that need to occur.
A residential company will represent the owner in court whenever an eviction does need to happen and a tenant is taken to court. This is a messy process that any property owner doesn’t want to go through on their own.
Dealing with all legal details and proceedings.
In the event of any legal dispute, the property manager will be in charge of all the legal proceedings and details that come along with that. The residential company is sure to be in-line with all proper regulations and laws that come along with managing a property in your home state or district.
Performing routine inspections on the property.
Inspections are a much-needed service when it comes to owning a property and the residential company will be in charge of that. They will organize routine inspections of the interiors and exteriors of the property to ensure that everything is in line and order any repairs that may be necessary.
All financial management.
Residential companies will be in charge of all financial management that comes with owning a property. From the accounting to making payments on behalf of the owner, everything is taken care of with a property manager.
Properly handling maintenance repairs and remodeling.
And finally, in the case of necessary repairs or remodeling, the residential company will be in charge of arranging that with the best service-providers. Normally, there will be an in-house maintenance crew already on board to ensure that these repairs are made as fast as possible.
The services provided by a residential company are far and wide. These are just ten of the most important services, but there are tons more out there that are priceless when you have a property that needs to be rented out.