The Benefits of Using a Property Management Company

property management company

INTRODUCTION

Whenever a person or group of investors purchases a property, they will need to keep their investment property in the best possible condition in order to maximize its value. While they can oversee the property themselves, they will benefit more from the services provided by companies that specialize in managing property. Property management companies Gilbert AZ are organizations that specialize in handling all of the maintenance and administrative tasks associated with managing a property. Their expertise and versatility allows property owners to ensure that tenants pay rent in a timely manner and that quality tenants are always living in the property.

By working with property management companies on a regular basis, rental real estate owners are able to get a number of services. These services give the owners of rental properties an opportunity to avoid many hassles that can be associated with overseeing a property. Property management companies are also very dependable as they address concerns instantly and are available to assist both the tenants and the property owner every day of the week. Whether a person owns a house or a large multi unit property, working with a property manager is a very practical option which they can use in order to have a well maintained property.

SCREEN TENANTS

property managerAnother main benefit of using companies that specialize in property management includes screening tenants. Owners of rental real estate can work with property management firms to qualify tenants in terms of paying rent and following the rules associated with the property. Management companies will screen tenants by doing a couple of things. They will check both the credit history and the criminal record of each applicant. This will ensure that they know what kinds of tenants are likely to live in their property in the near future.

The first thing that property management companies do when screening tenants is to research their past record of paying debts and financial obligations. Property management firms review the applicant’s history of making rental payments as well as paying bills such as utilities, water and electricity. Property management companies will usually favor applicants who have an above average credit rating.

Another way in which property management companies screen tenants is by checking their criminal record. Apartment complexes and rental houses that are managed by property management companies will look to make sure that an applicant does not have any felony convictions. They will also look to make sure that tenants don’t have a history of violent crime, theft or vandalism as well.

During the process of evaluating tenants, management companies look at a person’s income so that they can determine that a prospective tenant can pay the rent on time each month. Most properties require that a tenant make an income that is at least 3 times the rent. This applies to both residential and commercial rental properties.

HANDLE PROBLEM TENANTS

Another way in which property management companies can benefit rental real estate owners is by handling problem tenants. While most tenants are quite compliant and cooperative, there are some that may disobey the rules of the property or not pay rent in a timely manner. Rather than the owners having to resolve disputes with these tenants by themselves, property managers will take care of this for them. Property management companies will inform tenants about their conduct and take the necessary steps to remove them. These companies will handle the eviction process which will allow for the full removal of a tenant that is unable meet the standards set by a building’s basic standards of personal conduct.

MAINTAIN PROPERTY

property management repairAmong the most vital tasks for any property owner to complete is maintenance. Whenever you own a house or a building, you will need to complete certain tasks that keep the property in good condition. Since many owners of large properties don’t have the time or willingness to maintain a property, they will summon property management companies to help them with this. Property management companies either have a staff of maintenance workers or an outside vendor that they can contact to complete all of the necessary maintenance tasks on a regular basis. Property management companies provide tasks such as mowing lawns, removing leaves, removing garbage, watering lawns and cleaning the main office building of the property.

COMPLETE REPAIRS

Along with providing maintenance, management companies complete necessary repairs at any time. They have a staff of professionals who are available to repair building structures, install new windows, fix plumbing fixtures and also make repairs to the electrical system. Property management companies also repair water and septic systems as well. Therefore, they are beneficial in terms of fixing things that are necessary to make the property livable for the tenants.

MARKET PROPERTY

property managementAny property that has available rental units will need to be marketed every day so that it can attract more tenants. Property management companies are able to provide essential marketing services for property owners. They will do numerous promotional tasks which often get the public’s attention. Property management companies advertise vacancies online or in banners right outside of the property. They can also provide direct mail pieces that market a property’s current open vacancies. Property management companies may also have representatives who are available to rent out units to prospective tenants as well as offer incentives such as waiving the security deposit to entice people or businesses to rent out units of the property.

COLLECT RENTS

When owning a rental property, collecting rents is one of the very most important things. Since owners of rental property need to use rental income to pay the mortgage and other property expenses, it is essential that they collect rents quickly and efficiently. Property management companies help with this process. The company will monitor the payment history of each tenant as well as inform them of any past due rent. Property management companies will not only collect rent but also inform the owners of how much has been collected and how they are progressing in terms of paying off the mortgage and general expenses.