Being a landlord can be a difficult task, especially if you have to work and be away from the property. It means that when you come home there could be a few projects you will be required to work on in order to keep your tenants happy. Hiring a residential property management company, however, could provide considerable relief for you, and still ensure that you make a profit.
Tired of the Constant Upkeep?
When renting a home and managing your property by yourself, it probably means that you are kept busy doing a lot of odd jobs. Whether it’s keeping the lawn mowed, or fixing occasional plumbing problems in the middle of the night, or having to fix holes in walls and repaint, etc., the work can get old fast. Not only that, but you likely are often required to perform tasks and fix things that you know could and should be repaired better to maintain a good property value.
A property management company hires professionals to do the work that is needed for the upkeep of your property. We also know the required building codes and provide quick service when there is a complaint.
What Is a Property Management Company?
A residential property management company basically does everything that you would be doing – and more. This means we do all that is necessary to:
- Ensure that you make a profit
- Keep everything well maintained and in a timely manner
- Perform all maintenance tasks with professional quality.
Before getting started in the management process, we talk with you to be sure that your desired policies are understood. This means we want to know what you think about pets, smoking, and more, to ensure that it is your policies that are carried out.
What Services Do They Provide?
When a landlord is kept busy by work and finds their hands full with maintaining their own property plus the rental property, they could often use an extra hand. A management company can do all that you need for them to do to ensure it is well managed. This includes:
- Collecting the rent
- Bookkeeping services – keeps owner informed by sending regular reports to owner of all rent collected and invoices for expenses
- Pays all bills
- Maintains the property – including lawn and yard work,
- Ensuring proper repairs
- Ensures that the property meets current codes
- Preparing apartments for move-in condition
- Marketing for new tenants – meets them and shows them the apartments
- Screens tenants
- Collects rent
- Deals with late payers, and conducts evictions when necessary
- Conducts inspections – to catch problems before they become serious or cause a violation.
Basically, a management company for your property or properties not only does everything you need for a smooth operation, but most likely, they can also improve the business aspect of it. All of their procedures are already set in place and are assured to work.
Want to Keep Your Renters in Place?
Landlords find that superior services helps to keep tenants happy, which helps to ensure that they will stay longer. The work is also done right, in order to minimize having to do it over again at a later time.
Need New Renters?
When you are renting a home and there is a vacancy, we do the marketing for you so that your rentals do not stay empty for long. We do not charge any fees while those apartments remain empty. This includes using free and paid advertising, and also using signs, fliers, websites, and talking with Realtors. Candidates are also given a phone number to call so that any questions can be answered.
All of the tenants that respond are interviewed and evaluated to ensure that rent money continues to flow. Qualified applicants will be provided with an application that is compliant with all necessary laws. Their identity, credit, rental history, and income are verified.
A contract is made with quality tenants and the appropriate fees are collected. Terms of rent are carefully explained to the tenant. Before moving in, a review of the apartment’s condition is made with the tenant, and again after they leave.
Collecting the rent every month is also the job of the management company. They ensure all renters pay the rent, and when late, a notice is given. If an eviction should ever be required, they handle that for you, too – and do it according to law so that there are no legal problems. When a tenant moves out, the rental unit is cleaned and prepared for the next renter, including new locks and any repairs that are needed.
What Other Advantages Are There?
A landlord who insists on handling everything themselves may be limiting their own success. By outsourcing the task of management to a professional team, it can free the property owner to move on, buy more property, and see their income grow.
Knowing about all of the possible tax deductions will also help increase the amount of profit. Keeping up with tax laws is another benefit that the landlord will not need to worry about, because management companies keep up with them for their clients. Efficient bookkeeping also simplifies the filing process because the company knows what figures are especially important.
If the owner wants more free time, or time to travel, letting a team of experts conduct their business for them can ensure that they have the freedom to do whatever they prefer. When you are busy, there are certainly going to be some areas of your business that are going to be neglected. A management company can ensure that it is all taken care of properly.
Can It Help Ensure Success?
A management company has a lot of experience behind it by the time it gets to this level. They not only know what is involved – all the nice and not so nice aspects of a rental property and renters – but they also know how to make it work. This means that they know what is needed to ensure that you make a profit.
It is certainly true that there is an added expense when you hire this kind of company, but most likely, they will handle some things differently than you would, too. This includes calculating a rent that is equal to similar apartments, raising the rent annually, performing maintenance and upgrades (as well as giving recommendations) to ensure that your property will draw a better-paying renter.
When Should You Hire a Residential Property Management Company?
There are likely some other things that you might rather choose to be doing than handling tenant complaints and keeping tenants in your apartments. The stress can be removed by letting professionals handle it all for you. In the Colorado Springs, CO area, the Galvan and Gardner Real Estate provide property management services. We invite you to call us today at (719) 301-2222 and let us show you how we can bring a greater profit to your rental units.