A competent property management company can help owners make long-term property improvements that increase rental income and lower operating costs. They can also advise on pricing strategies that ensure a high occupancy rate while reducing vacancy time.
Some companies offer comprehensive services, including tenant screening and rent collection. Others charge for individual services, such as a set fee to prepare the property for rental and a vacancy fee.
Maintenance
Property management companies like the Denver Property Management Services can be an excellent resource for rental property investors. They can handle everything from advertising vacancies, screening tenants, managing maintenance requests, and collecting rent. This can free up landlords’ time and help them avoid spending more money on unnecessary repairs.
Property managers also have access to a network of contractors, so they can often resolve maintenance issues faster and more efficiently. This can help reduce vacancy times and keep tenants happy.
Property management firms also have expertise in rent collection and enforcing lease policies if tenants need to catch up. This can save property owners valuable time and money by eliminating the hassle of chasing down tenants and dealing with evictions.
Tenant Placement
A quality property manager can help you find a tenant quickly. They use a wide range of marketing strategies, including listing your property on the MLS, online classifieds, and popular rental websites, to reach a large audience of potential tenants. They also screen applicants using a thorough checklist that ensures they’re a good fit for your property and neighborhood. Their process is designed to be Fair Housing compliant.
They’ll also walk potential renters around your property to get a feel for it. This helps build trust and makes it easier to negotiate lease terms. Tenant placement services are typically less expensive than full-scale management, as they only focus on the vetting and leasing process. However, weighing the pros and cons of both options is essential.
Marketing
A property management company will help market your rental property. They will take listing photos, write descriptions, and post listings on rental websites. This will increase your visibility and attract tenants.
Some companies also handle maintenance issues that arise. They field tenant requests, coordinate repair technicians, monitor maintenance cost reporting, and oversee contracted work such as building improvement jobs. They may also handle unit turnovers, which involve taking a recently vacated apartment or condominium and getting it ready for its new tenant.
A good property management company will have strong local connections to leverage in marketing your rental to prospective tenants. They will know the area and its various demographics well, which they will use to target ads to the right audience.
Rent Collection
Collecting rent payments is a fundamental service that property management companies provide. This includes establishing the due date for rent, collecting payments via cash or checks, pursuing late fees, and depositing rental funds to owners.
Property inspections are a critical part of the management process. They help identify code violations and recommend improvements to boost a property’s value and increase its rental income.
Property management companies can lighten the load for landlords by handling reasonable maintenance requests. This might involve sending out a handyperson to perform minor repairs or hiring professional carpenters, plumbers, and cleaning crews for larger projects. They also handle onboarding and offboarding new tenants via property tours, orienting them to the property, and coordinating utilities. They can also close out vacating tenants by conducting property inspections, managing security deposits, and ensuring the property is ready for its next occupants.
Accounting
Owning property can be full-time, and some owners may need help managing their properties’ rental operations. That’s where a property management company can provide valuable services such as rent collection, maintenance, financial management, and accounting.
This can include keeping records of rental income, operational expenses, and net profits monthly or annually. It can also involve preparing 1099 statements for tenants and issuing tax payments to the IRS.
Good quality management companies use advanced technology to automate processes, streamline workflows, and make it easier for owners to communicate with staff. For example, using online portals for tenants to pay their assessments and submit maintenance tickets can be a massive timesaver for landlords. These platforms also enable a more centralized and organized accounting system.
