If you own rental property or properties, you may have considered hiring a property management company to take care of the day-to-day tasks that come with being a landlord. But what exactly do property management companies do?
This type of management company is a third-party service provider that specializes in managing and maintaining rental properties on behalf of property owners. They handle everything from marketing the property to finding and screening tenants, collecting rent, handling maintenance and repairs, and even evictions if necessary.
One of the first things that the company will do is market the property to potential tenants. This includes creating ads, taking photos and videos of the property, and listing it on various rental websites.
Once the property is on the market, the management company will handle all inquiries from prospective tenants. They will also screen potential tenants by running background and credit checks and verifying employment and rental history.
After the tenants move in, the management company will handle the rent collection process, ensuring that rent is collected on time and following up with tenants who are behind on payments.
A property management company also handles all maintenance and repairs, including responding to tenant requests for repairs, performing routine maintenance, and overseeing major renovations or repairs.
By taking care of the day-to-day tasks involved in rental property management, property owners can focus on other aspects of their business while enjoying the benefits of owning rental property.