Data shows that the landlord industry’s expected to grow up to 7% by 2028. This will produce 26,500 landlord job opportunities throughout the United States.
If you are a landlord, you probably need a rental property management company. This is important if you want to manage your properties easily and efficiently.
But before you make this step with a property management company, what do they do? You need to understand what services these companies provide to make your job easier.
Keep reading to find out what responsibilities a rental property management company has.
Targeted Marketing
One of the main responsibilities of property management is marketing. As a landlord, marketing is probably one of the hardest jobs for you.
This is because you need to have the connections to market accurately. You also need the tools to do targeted marketing for your desired tenants.
These are things that you most likely are not able to do yourself. This is where a rental property management company comes into play.
They have the resources and connections to find the right tenants for your rental property. They also have the time and the manpower to dedicate to this task.
This allows you to sit back and focus on other important responsibilities in your job.
Maintenance and Inspections
A rental property management company is going to help you with maintenance requests. A tenant can make a maintenance request if something is wrong with the property.
For example, one of the faucets may not be working. Or an appliance in the kitchen may be having issues running.
It is very common to get maintenance requests from tenants. A property management company is going to provide 24/7 support for all of a tenant’s needs.
This includes responding to emergency repairs and maintenance requests. As well as responding to tenant complaint issues that may come up.
These are things that could eat into your time as a landlord. You also don’t want to have to be available 24/7 for your tenants.
This is just one of the many reasons why a rental property management company is a good idea.
Accounting Services
A company like Next Level Property Management provides accounting services as well. This is something that will help you to manage your rental properties with ease.
Accounting services include analyzing monthly income and expense reports. This ensures that there isn’t more going out and then there is coming in on a monthly basis.
This company will also analyze yearly tax information to make sure laws are being followed. This includes creating annual reports and financial statements.
These are all very important tasks when you are running your own landlord business. A management company will ensure that everything is done correctly every month.
Screening
Another important service provided is tenant screening. This is an important task since it identifies who is a good renter.
The management company will look through different tenant options to see who qualifies. This is also important when it comes to following fair housing laws.
If you do not follow these laws, you could be sued for discriminating against a tenant. A management company will follow these laws while still picking the right applicant for your property.
Not only does this make your job easier, but it also saves you time. Screening is a time-consuming process that you may not always have time for.
Follows Regulations
There are many different landlord and tenant laws and regulations that have to be followed. This can feel very overwhelming as a landlord.
When you hire a property management company, they do this for you. They will make sure everything is in line with these laws and regulations to avoid problems.
They are also much more familiar with these laws and regulations than you are. If there are any updates or changes, they will be aware of this and will act accordingly.
This helps you to avoid the legal headache of trying to understand these laws.
Collects Rent
Another important task property management companies take on is collecting rent. If you have a renter, this is something you will need to do every month.
As simple as it sounds, collecting rent isn’t always easy. Some renters pay late or postpone making their payments.
This means you will have to stay on top of renters until they pay you each month. A property management company makes this task simple for everyone involved.
They provide convenient payment options and follow up with tenets. This means you won’t have to do this job yourself and hassle late-paying tenants.
Options like automatic and online payments will encourage tenants to pay on time.
Is a Rental Property Management Company Worth It?
You may be worried about the expense of hiring a rental property management company. But the reality is that this is a worthwhile investment.
This company is going to manage a huge amount of work on your behalf. This takes a lot of stress off your plate and allows you to focus on other important tasks.
This also ensures that everything will be done legally so that you don’t phase legal issues later.
Rental Property Management Company 101
If you are a landlord, you may be looking for a rental property management company for help. This is a great option if you want someone to collect rent and screen renters.
These companies also provide maintenance and tenant complaint management.
Are you interested in hiring a rental property management company? Contact us today at Next Level Property Management to learn more about what we do.