Do you own and manage a single-family rental property? In that instance, you may be interested to know whether you should work with a Cumming property management company to help you successfully manage it. But what does a professional property management company even do – and is it worth the cost? This blog post will examine how professional property management works and what a property manager can do for rental property owners. By the end, you’ll be able to better recognize whether property management is ideal for you.
What is Property Management?
Professional property management is overseeing and managing a rental property on behalf of the owner. Usually, this may include undertakings like marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, and more. In most circumstances, property managers may also be responsible for evictions.
Property management companies normally 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 particularly lease renewals or marketing.
What Does a Property Manager Do?
The job of a property manager can be a busy one. Property managers are responsible for many different assignments. Some of the most typical tasks of a property manager comprise:
– Marketing the property: Property managers are responsible for effectively finding tenants for your rental property. This means listing the property on rental websites, showing the property to potential tenants, and screening applications.
– Screening and approving tenants: If you have a pool of greatly interested tenants, it’s up to the property manager to screen them and get the best candidate. This typically encompasses running a background check and verifying their income and employment history.
– Collecting rent: Property managers are responsible for collecting rent from tenants each month. They may similarly deal with late payments, returned checks, and evictions (in some cases).
– Handling maintenance requests: When tenants have a maintenance or repair request, they will submit it to the Cumming property manager. The property manager will be responsible for coordinating with contractors, scheduling repairs, and making sure that the work is done well and promptly.
Excellent property management companies can additionally help you successfully optimize your investment properties and grow your portfolio. They impart expert market analyses, useful insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, and more).
Benefits of Hiring a Property Management Company
There are many benefits of hiring a professional property management company. Probably the clearest and crucial is that it frees up your time. If you’re managing your rental property yourself, that’s lots of time spent on tasks like marketing the property, working on maintenance requests, and significantly more. Property managers can manage all the day-to-day duties related to owning and managing a rental property. This can save you time and money rendering you free to focus on other important things in your life.
Other relevant benefits of hiring a property management company include:
– Reduced vacancy rates: An ideal property manager will know exactly how to effectively market your rental property and screen tenants correctly. This can assist you to fill vacancies right away and reduce the time your property is unoccupied.
– Increased rent collection: A property management company can help you collect rent on time. They may likewise help you increase, hassle-free, your rent prices (in some cases).
– Lower repair and maintenance costs: A property manager will have a network of reputable contractors they closely work with regularly. This can help you get big discounts on repairs and maintenance while making sure that the work is completed promptly.
– Fewer legal problems: A property manager can help you avoid potential legal issues by properly complying with all the important laws and regulations. They will, moreover, know exactly how to handle all the difficult situations, in particular evictions, professionally and legally.
If you’re seriously taking into consideration contracting a property management company, ensure to do your research and determine to work with a reputable company that gives the range of quality services you need and want. Real Property Management North Point has over 30 years of experience in single-family rental property management. Contact us online today to understand more about how we can help you proficiently manage your properties and greatly grow your investment portfolio.
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