As a property owner who manages your own rental property or properties, you deserve a round of applause. Managing your own rental property or properties is no easy feat. You are organized, assertive, decisive, well versed about the market, and probably tired to the point of exhaustion. We understand that being a self-managing rental property owner is a massive job. You have to be everything to everyone at all times – handyman, coordinator, inspector, diplomat, and landlord. You can outsource some of the jobs, some of the time, but you are probably stuck with doing all the tasks a property manager has to do, most of the time. The thing that you have to realize is that you don’t have to do this alone. You can get help with managing your properties and you have a whole host of options for doing so. As mentioned earlier, you can outsource some tasks to service professionals – tasks like inspections, cleanups, or repairs. You can also enlist the help of a full-service property management company to do all things related to your property management business. They can help you manage your business so you can free up your time and resources for other worthy endeavors.
A little help please – the benefits of securing partial services
Sometimes you don’t need the full services of a property management company. Maybe you just need a hand here and there and can probably do away with managing the rest of the tasks on your own. Maybe you just need help with the leasing or the onboarding aspect. You have the option to avail of a property management company’s leasing only service.
Here’s how the “leasing only service” works:
The property management company can help you with the whole process of finding and on-boarding new tenants while you still maintain full control of day to day operations of your rental property. The service starts with looking for tenants and screening them, then the property management company starts the move in process with a move in inspection. Once that is done, they draft the documents and other legal agreements for the rental. They even provide the full accounting for all transactions for the property owners convenience. This takes eases the pressure off of the landlord during the most difficult time in the landlord-tenant relationship, the induction. The property management company takes care of the initial stages and leaves the landlord to maintain control over all other aspects of property management.
I need all the help I can get – the benefits of getting a full-service rental property management company
Your rental property is a long term source of income for you. It is understandable that you want to be involved in the daily management of your rental property. However, you might find yourself needing some help with managing your rental property for personal reasons. Maybe you recently built another rental property to expand your portfolio and would like to spend time establishing that. Maybe you are being called away from your rental property and have to leave it for a certain time. Maybe other pressing matters outside your rental business needs your attention. Whatever the reason is, you have the option to let a property management company take care of your rental property.
Here’s how the full-service rental property management works:
The property management company takes care of the onboarding process, starting from finding you tenants who are the perfect fit. Then they start the screening process, the move-in process, and the documentation process. Once everything is signed and the landlord-tenant relationship commences, the property management company also takes care of making sure that your tenants stay with your business. During this part, they are in constant communication with your tenants and are careful to maintain the harmonious relationship on your behalf. The property management company also takes care of the day to day operations like repairs, cleanup, inspection, maintenance, etc. These guys would have excellent local connections and would most certainly know the best in the industry. These connections might even translate to discounted rates from their go-to, favorite contractors. They also take care of reporting and accounting so that you don’t have to deal with those things.
As a landlord or property owner, you won’t be an expert at everything. You can learn how to be, but that won’t happen overnight. And there will always be people who can do a better job. Why not tap those resources so that you can concentrate on doing the things you are good at or those that you enjoy doing. The time you spend learning how to be an expert at all aspects of property management can be spent expanding your rental income and looking for new opportunities.
How to pick a good one:
So you’ve decided to use a property management company to take over partial or full services for your rental property. How do you know if you’ve picked a good one? Here are some pointers for you. Please feel free to add or take away from this checklist according to your requirements.
❏ How many years have you been in the industry?
❏ Do you have your own property portfolio?
❏ Do you have testimonials or client success stories?
❏ Do you have accreditation?
❏ Do you have a license?
❏ How well do you know the local market?
❏ Do you have a set of go-to experts/connections/contractors that you always use and can vouch for?
❏ Fees and services
❏ How much do you charge?
❏ What services are included?
Spend equal to or even more time screening your property managers as you would potential renters. Although the above checklist does not include character, you should look at how well they are placed within the locale, look for reviews or any good (or bad) press, and check to see if they have pending investigations against them. Also, get a feel of how much dedication they put into their work.
Are you looking for the right property management company to handle your rental properties? Look no further. Here at Davis Property Management, we are committed to helping you grow your rental property business. As a full-service property management company with decades of experience in the industry, people come to us for our expert services. They trust us. See for yourself. Call us at 425-658-7471 to schedule a consultation.