Recent surveys show that more Americans continue to identify real estate, like rental properties, as one of the best options for long-term investments, even over gold, crypto, and other forms of investing.
However, the success of your real estate investments depends on effectively managing your properties. Learning how full-service property management can help your rental business will take you to the next level.
Read on to learn everything you need to know about full-service property management duties.
Overview of Full-Service Property Management
A property management company is a third party that maintains rental properties for either a monthly or annual fee. As a real estate owner, you can hire a property management company to manage all aspects of your rental property.
Full-service property management duties include:
Marketing
Marketing is key for your investment property, and property management companies will begin by performing a competitive rental price analysis to ensure your rental is priced accurately.
Other marketing services include professional photographs and virtual tours. You'll also get more online exposure from being listed on popular rental sites.
Tenant Screening
Thorough tenant screenings are your best defense and can significantly reduce the risk of problem tenants costing you time and money when they don't pay rent. Property management companies do detailed screenings that include:
- Employment verification
- Credit check
- Eviction history check
- Previous landlord calls
- Debt-to-income ratios
- Criminal history check
Property management companies take a look at all these factors to make a decision. In addition, they follow laws under the Fair Housing Act to ensure there are no forms of discrimination in the process.
Rent Collection
Property management companies are responsible for rent collection and managing late rent payments.
If the tenant doesn't pay after the grace period ends, the property management company will collect late fees and assist in the eviction process if necessary.
Finally, property management companies make paying rent easy by providing an online tenant portal that can be utilized 24/7.
Maintenance
One of the best things about hiring a property management company is the maintenance services they offer.
Preventative maintenance and repairs are one of the most time-consuming parts of being a landlord. Property management companies take care of emergency repair requests and regular maintenance like clearing debris, checking for pests, checking dryer vents, and checking for leaks.
These services allow you to take care of small problems before they become an expensive issue.
Financial Reporting
Property management companies provide financial reporting tools that provide you with easy access to reports and statements.
You'll be able to log onto the owner portal and view different statements, vendor bills, payments, rental collections, and more. You'll also receive tax statements and a summary owner statement annually, making it much easier to keep track of your investment.
Hire a Full-Service Property Management Company Today
Now that you better understand how a full-service property management company can help you, it's time to take the next steps.
You can turn to Gates Management and Realty for all your property management needs. Our mission is to assist owners in managing their properties, which includes services like tenant screening, marketing, maintenance, rent collection, and financial reporting.
We service the areas of Hillsborough, Burlington, Graham, Mebane, Durham, and Chapel Hill. Contact us today to learn more about our services and see how we can help you grow your investment portfolio.