As a rental property owner, you’ll find that property management companies can help you in numerous ways. Companies like Uptown Dallas Properties have many responsibilities. These duties cover screening prospective tenants, conducting regular maintenance, and carrying out evictions.
Beginner landlords often believe that self-management is a reliable option. In reality, managing a rental property can sometimes feel like more than a full-time job.
Experienced property management companies have the skills to grow and protect your investment.
In the following paragraphs, you’ll learn about what property management companies do. Note that some companies provide a full range of services, whereas others focus on only one or a limited number of tasks.
Here are some of the main duties and responsibilities of a property manager.
#1: Advertising and marketing
Vacancies are bad for business because it means that there’s no income at the end of the month. Luckily, experienced property managers know how to fill empty units quickly.
Property managers use online and offline approaches to reach the right audience. When the word about your property reaches a lot of people, it maximizes your chances of finding a great tenant.
#2: Screening tenants
A successful marketing strategy will attract many people to your rental property. The next challenge is to find the right tenants. You’ll want to have high-quality renters that respect the property and its rules, pay rent on time, and stay long-term.
For this reason, it’s important for property managers to screen prospective tenants. They will run a credit check, verify references, and check criminal records. Experienced managers do all of this without breaking any legal regulations, such as the Fair Housing Act.
#3: Maintaining the property
Regular maintenance is important for two reasons:
- Maintenance helps to keep the property’s value
- Maintenance improves the tenants’ quality of life
Property managers conduct inspections and communicate with tenants to map out maintenance needs. For example, a property manager will replace any essential appliances if they break.
#4: Creating financial reports
Property management companies provide regular financial reporting services. You’ll know how your investment performs at any given time.
#5: Ensuring legal compliance
A vital part of a property management company’s services helps you make sense of legal regulations. All landlord-tenant relationships are governed by laws on the local, state, and federal levels.
Among other things, your property manager should be knowledgeable about:
- The Fair Housing Act
- Texas landlord-tenant laws
- The Fair Credit Reporting Act
- Disclosure requirements in Texas
- The Mutual Covenant of Quiet Enjoyment
Understanding the legal implications of any actions connected to your property lowers the risk of lawsuits.
When you need to evict a tenant, there are numerous legal requirements that you need to understand and follow. Hiring a property management company can make a significant difference.
#6: Setting the rental price
Setting your rental price too low or too high can hurt your investment. Overcharging may significantly raise the vacancy rate. On the other hand, undercharging can leave too much money on the table and lower your ROI.
Professional property managers have the skills to help you set the perfect price. They analyze the market, crunch the numbers, and compare properties to strike the right balance.
#7: Preparing vacant units
Do you have a rental unit with vacancies?
Advertising the unit is important, but there are additional steps to take. Vacancies are a good opportunity to conduct extensive cleaning and repairs. Your property management company can take care of all these tasks for you.
That’s not all.
Property managers can give you practical ideas on how to boost the property’s appeal. Sometimes, the solution may be as easy as applying a fresh coat of paint to surfaces that have turned dull. You can discuss these issues with your property manager to maximize the return on your investment.
#8: Handling complaints and solving conflicts
The daily work of property managers calls for conflict resolution. There are many situations where the property manager has to take on the role of a mediator. In the case of complaints, they aim to make all tenants happy. Satisfied renters provide long-term income.
All potential conflicts and complaints require a lot of time and attention. A tight schedule or low tolerance for stress are signs that justify hiring a property management company.
So, what exactly does a property management company do?
Landlords benefit from property management companies. The daily tasks and duties are no longer on their shoulders. Any rental investment property needs good care, and all of this work can take a lot of time.
A property management company can offer a helping hand when you have multiple properties, live far away from your rental unit, or just don’t have much time on your hands.
As you can see, they are responsible for a lot of tasks, including:
- Tenant screening
- Advertising and marketing
- Maintenance and repairs
- Setting the rent price
- Resolving conflicts
- Handling complaints
How to find the right match?
Understand your needs first. Then, you can find a reputable company that can help you with property management. You can pick between full-service solutions or agreements focusing on a single task or multiple duties.