If you are a real estate investor, you might be considering the idea of acquiring multiple properties. You can’t be in more than one place at the same time. So it will be ideal to consider hiring a property management company that can help.
This guide will go over the ten important things a property manager can deal with in 2023. If you need more information about finding a property management company, Teifke Real Estate can help. Visit their website through this link here: https://www.teifkerealestate.com/austin-property-management/.
Let’s take a look at the list down below.
They can collect rent for you
The rent will be due at the beginning or end of each month. A property management company will be able to collect them on your behalf. Your tenants should be paying it on time every time.
A property management company can also make arrangements to where the pay is automated. They will also contact tenants who may be late on rent as well. They will make sure that everyone is paid up in accordance with the lease agreement they have signed.
They handle the other financial aspects
This includes the taxes, fees, and other expenses that are outlined in your budget. They will be able to handle all of that without worry. You’ll feel at ease knowing everything is taken care of, and nothing is delinquent on your end.
They may have bookkeepers or financial personnel in their company that will handle your accounts. You’ll have peace of mind knowing that a property management company you can trust will watch your finances.
They will handle tenant applications
Tenant applications will come in by the dozens, especially when you have new vacancies to fulfill. A property management company will be able to decide who moves into the empty units and who may not (due to past criminal behavior, poor rental history, or something else).
It’s important that they also keep the safety and security of their tenants at the front of their minds. They don’t want to approve the application of someone who may be a threat to the tenants who are living in the building itself. At the same time, they must also follow state and federal laws to ensure they don’t discriminate against an applicant for reasons such as race, gender, sexual orientation, and other factors.
They will stay in contact with contractors
Your properties will need to be well-kept year-round. Lawns will need to be mowed. Snow needs to be plowed. A property management company will be able to work with third-party contractors that will make your property look great.
However, some property management companies may have their own in-house contractors. This means they will employ lawnmowers, snow plowers, and people who do the repairs and custodial work. This can be a huge plus if you want to save money on third-party contractors that might be a bit more pricey compared to the others.
They can manage multiple properties
Depending on the size of the company, you can have multiple property managers. One will be assigned to one apartment building, and another will take care of the other one across town. This can save time and money on the company’s part.
Especially when one property manager doesn’t want to travel too far. This way, you’ll have a property manager that will be on the premises at all times. And if something happens at the other property you own, there’s another manager that will handle it.
Respond to maintenance requests
A tenant may be reporting an issue with their plumbing. Or something might be broken due to an accident. A maintenance request will be put through and received by the property manager.
From there, the company will dispatch someone to handle the situation. They can respond quickly no matter what time of day it might be. The issue will usually be fixed within a certain time period (depending on how far a repair technician may travel).
These maintenance requests must be fulfilled within the quickest amount of time, especially if it’s your goal to keep tenants happy.
Take care of the leases
They will be able to draw up and send the leases to tenants. The tenant will sign their part, and the property manager will sign off as well. They will make sure the language is simple and easy to understand.
They will also set the terms and conditions that a tenant must follow. The leases will be on file, and the tenant will have their own copy for their records. They will also handle the renewals and give current tenants the opportunity to sign another one or leave on their own terms once their current lease expires.
They’ll run the numbers
A property management company will study the trends and numbers regarding rental properties. They will send you an analysis of the data to help you make vital decisions. This can help you decide on raising or reducing rent.
Or it can mean acquiring more properties and fulfilling them with new tenants. They’ll have the data right at their fingertips whenever they need it.
Marketing vacancies
A property management company will have vacancies to fulfill. They will get the word out by way of marketing. They can use methods such as digital marketing online or using traditional methods like billboards, newspapers, or radio ads.
Keep records
Whether these are incident records, damage reports, or anything else in between, they need recorded reports. This way, they are on file, and you are made aware of what happened. The last thing you want to deal with is an issue that happened on your property, and you find out much later on.
They will be able to keep these records on file in the event of an investigation. They can also be used if certain incidents go to court for criminal or civil proceedings. Everything must be recorded and filed as they can be useful at any time.