As the name suggests, property managers manage a property. But what does the term “property management company” really mean and what does it entail?
Overall, a property management company handles the operation and maintenance of an investment property for an owner. But, this is a broad statement and includes lots of nuances from daily tasks to managing an entire investment portfolio. In short, a good property management company does all it can to protect an owner’s investment.
A property management company can help you by:
Marketing a property
Finding the right tenant is not always as easy as posting a listing on Zillow. First of all, it’s important to expertly know the demographics of your property’s area, its realistic income potential, and what type of renter you want. Property managers have local market expertise and knowledge so an owner’s marketing dollars are spent wisely. Secondly, the ultimate goal should be finding a resident who views the property as their home so it’s treated well and there’s minimal turnover. From processing applications to contacting references, good property management companies do the legwork required to fill a unit with the right person.
Leases and Rent
These are seemingly two simple ideas. A renter signs a lease and pays rent. However, there are so many more details that a property management company handles. For example, setting rent to begin with… what’s that magical price that brings you the most income while being reasonable for your property’s location and amenities? And then there’s the lease itself… what verbiage do you need to include that protects your interests and property? Who collects rent, manages the budget, and takes action when rent is overdue? These are all things a property manager can do.
A property management company can also assist you with:
Not only do property managers help with lease documents and following up on overdue rent, experienced companies can also guide an owner through any other legal issues when it comes to housing. From following state/city/county housing regulation laws to handling evictions, a good property manager is always looking out for the owner’s best interest.
Most investors agree that maintenance is the one category that consumes most of their time. From routine maintenance to major repairs and renovations, a property management company can cover it all. By having experience and an established list of vendors, property managers can be an invaluable asset to an owner when it comes to maintenance.
An experience and encompassing property management company can offer you:
Many rental properties need renovations and upgrades to increase the value of the investment. But managing large reno projects can be a full-time job by itself. Experienced property management companies, like Auben Realty, offer project management services, making sure owners are getting the best on-budget and on-schedule renovations. Having established connections to various vendors and holding them accountable to providing fair and quality work ultimately helps investors grow their wealth.
At Auben Realty, our goal, as a regional property management company is to provide investors with the best possible experience from the property’s purchase to its long-term management, and potentially, its eventual sale. Call us today, and let’s discuss how our 10+ years of experience can help you grow your investment.