If you're currently handling all the responsibilities of your rental property as a landlord, then you may be feeling a little overwhelmed by it all. To save yourself some time, money, and hassle, you might even be considering the option of hiring a property management company. Specifically, there are a few worthwhile services that most property management companies can offer to landlords of individual rental homes, large apartment communities, and everything in between.
1. Maintenance and Repair Work
When a tenant's refrigerator stops working or -- even worse -- a tenant's furnace goes out in the middle of the night, having a responsive maintenance crew is key. Many property management companies have their own maintenance and repair contractors who can respond quickly to properties when work orders are made. Some even offer 24/7 emergency services for things like water leaks, furnace problems, and the like.
2. Landscaping and Cosmetic Upkeep
The curb appeal of your rental community is important because a well-manicured property keeps your current tenants happy and attracts potential new tenants. Utilizing a property management company's landscaping and cosmetic services can save you the time and hassle of finding your own subcontractors to mow grass, handle weeds, prune trees, and handle other landscaping tasks around the property.
3. Rent Collection and Deposits
The process of collecting and depositing rental payments from your tenants each month can be very time-consuming, especially if you have a larger community with many tenants. Fortunately, a property management company can handle all of this for you, including running your monthly deposits to the bank. Some property management companies can even assist in collecting on past-due accounts or beginning the eviction process if it becomes necessary, thus saving you a great deal of hassle and stress.
4. Tenant Recruiting and Screening
Empty units at your rental property cost you money, but a property management company can reduce vacancies by recruiting new tenants and even handling their application screenings on your behalf. This can help to save you money on empty units and ensure that you're bringing reliable, responsible renters into your community. As part of your tenant screening, your property management company may include and credit and/or criminal background check.
As you can see, the right property management company can go a long way in making your life easier by offering you the services you need at your rental property. From there, you can free up more of your own valuable time.