Did you know that the rental housing market in Florida is among the most overvalued in the country and has the fastest growing prices?
While this is a con for tenants, landlords can generate higher passive income by raising rental prices. Being a successful investor involves knowing when to ask for help.
Use your rental income to hire property management services. Here is what you can expect when you do:
Tenant Management
Property management services can help with tenant management. Tenants renting units should be your highest priority.
First, the property management company will acquire new tenants through rental property marketing efforts. They can handle tenant applications, speak with interested parties, and help visitors tour vacant units.
Tenant management services can collect rent and may be responsible for starting the eviction process if a tenant fails to abide by the leasing contract. These are other general responsibilities managers have:
- Marketing to prospective tenants
- Showing applicants vacant units
- Screening and interviewing tenants
- Managing leases
- Setting the lease and security deposit amount
- Handling tenant complaints, requests, or emergencies
One of the essential day-to-day tasks of a property manager is to handle tenant concerns.
Property Maintenance and Repairs
Residential property management teams are expected to handle maintenance and repairs. This involves both interior and exterior maintenance. Tasks in this category include:
- Preventative property maintenance
- Repairing issues or hiring a professional
- Performing frequent inspections
Technology can assist in maintaining tenant relations. For example, a lot of property management companies offer tenant portals where tenants can request repairs with ease.
Rent Management
One of the primary duties of local property management companies is collecting and handling rent. It sounds simple, but it’s not.
A property manager must:
- Collect rent on time
- Enforce late fees
- Adjust rent amounts when necessary
- Maintain accurate accounting data and records
Tenant portals can also make rent collection simple.
Day-to-Day Tasks
There are basic levels to property management. These professionals must run your building’s day-to-day tasks.
Property managers should have experience and specialization. If you want them to do the job to their best ability, choose candidates that are licensed and oversee the type of property you own.
No matter how large your property is, these are the general tasks:
- Overseeing installations and expansions
- Writing lease agreements
- Representing your brand
- Composing budgets and recommendations
A property manager should keep you up to date about what occurs on your property. However, they don’t need to come to you with every issue. After all, that is the point of hiring a property manager.
Do You Need Property Management Services?
If you aren’t well-versed in property management, you don’t have to do everything on your own. Most landlords choose property management services to handle ongoing tasks that come with owning a property.
When you hire a property manager, you benefit from tenant management, property maintenance and repairs, rent management, and general daily responsibilities.
We can help you stay compliant and keep your tenants happy. Contact us today to learn about our rental property services.
