16 Key Management Services Rental Owners Need
Looking to hire a new property management services firm near you soon in 2023?
That’s great! This could be an important phase for you when you sign an amazing service firm to grow your rental property profit.
Finding the right match for your single house or multifamily portfolio, a firm which will manage your prized tenants isn’t something to rush through. It’s wise to choose carefully with a weighted set of selection criteria.
These 16 key property management service criteria presented below lay out the results most landlord owners require.
These service capabilities collectively help cut costs, maximize staff time, improve property maintenance, improve cash flow and keep tenant relations optimal. These modern firms can add significant value and make you smile when you read your income statement.
The 3 Key Property Management Services
There are 3 key services for property management companies which you might ensure are handled professionally: (1) tenant services, (2) accounting, and (3) professional and efficient maintenance services.
If your current property services provider is dropping the ball so to speak, it likely centers on these 3 factors above. If service quality, maintenance, occupancy rates, and tenant relations are failing, then prioritizing the big 3 factors first is wise. It’s likely that management software could be behind many of your provider’s issues.
16 Key Property Management Services
The essential services landlords need:
- efficient property maintenance process at a lower cost (an efficient process for maintaining properties which is basically proactive time management)
- professional, responsive tenant communications and lease management process (making being leased as comfortable as possible, ensuring no gaps that would result in tenants deciding to leave)
- super accounting services to ensure they’re handling deposits and rent income properly, and documenting expenses, staying on top of accounts receivables and payables, creating informative reports, and preparing great documents for your tax accountant.
- better landscaping services to improve tenant comfort and build curb appeal (the tenant experience is also visual and landscaping and other aesthetic improvements build comfort and impression of value received)
- insight into the rental market and how to price your units better (as part of marketing or leasing services, the provider builds your awareness of renter demands, advertising and negotiating strategies, and tenant retention)
- professional approach to rent collection and rent-related issue management with your valued tenants (arranging online rent payment, and having smooth issue-resolution protocols help the tenant meet their obligations)
- professional, detailed inspections of your rental units and advice on hazards and risks (inspections help to identify mechanical, structural, and other issues that could soon be a big cost)
- improved tenant screening (a multi-pronged strategy using software services and interviewing techniques to avoid bad tenant decisions, which could create a drain on your profitability)
- offer recommendations on improving ROI (expertise helps guide your decisions on improvements, investments, properties, and business models)
- tenant application processing, rental suite showing and move-in (the complete tenancy process made smooth and efficient, using virtual tools and online communications to increase engagement with prospects until they sign the lease)
- writing better leases and better adherence to legal guidelines (ensuring your complete communications with tenants respects tenant and rental regulations to avoid fines and embarrassing fines)
- conducting better marketing and vacancy ad writing services to draw better tenants (composing effective rentals ads and placing them with the top rental listing websites to attract the best tenants)
- excellent property maintenance (ensuring mechanical, plumbing, roofing and other features are inspected and regularly services to avoid substantial losses and tenant inconvenience).
- experience and professional advice for all issues you face (experience and lessons learned on someone else’s properties means fewer costs for you, better decisions, and trouble avoided)
- automation of document management, accounting, maintenance scheduling, and tenant communications (smart automation reduces manual data input, reduces errors, and provides more reliable financial reports for your specific business)
- reaching licensed contractors and vetting all contractors (bonded too) (knowing who can do professional quality work and being responsible for their output takes worry away)
Drill down more in this post on how to hire a property management company.
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Property Management Services Firms
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