How do property owners attract new potential tenants? Some might contact a realtor, but the realtor is only one person, and that means that their marketing reach will be a lot smaller than a team that's dedicated to marketing their client's property.
Also, realtors generate higher commissions from property sales than they would generate from a property rental. This means that a property rental will take a lower priority on the realtor's to-do list than their property sales would. And this means that the rental property could be sitting on the open market indefinitely.
Residential property managers are in business to manage rental properties. They're not concerned with the selling of property. They generate revenue by giving their rental property clients their complete focus and resources.
The Handling of new Resident Documents
Property owners typically don't know how to structure or word a residential property lease contract, and most don't want to be bothered. They'd rather hand that task over to pros with more experience. Hiring a property management team is the most affordable and efficient way to handle the legalese of contract drafting and signing.
Maintenance, Upkeep, and State Compliance
Every state holds property owners who rent out their properties responsible for standards of upkeep. These standards pertain to the land that the property is built on, the outside of the property, and the internal components of the property. Since most property owners aren't educated in state mandates regarding their rental property, it's best for owners to hand this responsibility over to experienced property managers.
Another aspect renting is financial management. For example, the tenant will be responsible for paying a move-in fee that usually includes a deposit. There's also the collection of rental fees that must be coordinated. And if the tenant fails to pay rent, or if they cause damage to the property, then financial reparations are expected.
Since all of this can prove to be a headache for property owners, especially if they live out of state, then contracting with property managers is the best way to handle one of the most important aspects of property rental.
While all property owners hope that they find tenants who care for their properties and pay rent on time, this isn't always the case. There are incidents that result in the tenant being evicted. But is it necessary for the owner to file eviction or show up in court? If the owner gives power of attorney to their contracted property management team, then they can leave all aspects of the eviction to their assigned property manager.
The manager will file the eviction with the court, serve notice to the tenant, and send any outstanding fees due to a collection agency. If the manager is forced to physically remove the tenant from the property, then they'll contact local law authorities to perform the ugly task.
If you're a property owner who's looking for turnkey solutions, then a property management team is just what you're searching for.