Is your property management company working hard enough for you?
When it comes to property management services, there’s usually a lot more to the job than people realize. Property managers oversee a variety of things, like rent collection, bookkeeping, maintenance, and many more tasks.
If you’re looking for a property manager, use the checklist below to make sure they provide all the necessary property management services.
Property Management Service Checklist
Service #1: Opening the Lines of Communication With Their Clients
If you've hired a new property management company, their first step should be to meet with you.
Creating a good working relationship with clients should be the number one goal of a management company. They should also make every effort to get a good understanding of the property that they will be managing.
Their next step should then be to begin an ongoing line of communication by letting their clients know exactly how their partnership will work. They should give a detailed outline of all the services they provide, and how they will work to make their clients’ lives easier.
Service # 2: Setting the Price
When you’re working with a cash flow property, you want to make sure you’re getting excellent tenants. Finding good tenants means providing them with what they want most: a rental that’s in good condition for a good price.
Your property management company should advise you regarding the best way to price your property. One way they could do this is providing comparables in your area and making sure that your prices are always competitive.
Service #3: Marketing the Property
Once you and your management company agree on a price for your rental, the property manager should list your rental on the market. If your rental property is in good condition and priced competitively, it should start getting plenty of applicants.
Service #4: Tenant Search and Screening
Getting quality tenants is the main way to protect your investment. That’s why searching and screening tenants is an essential property management service.
When the applicants come rolling in, your property manager will need to screen them. The screening process can be time-consuming and difficult at times. That’s why your property management company should carry the heavy burden of finding a proper tenant.
If you want to get the best tenants for your rental space, your management company will need to hold potential renters to the highest standards with a tried-and-true screening process.
They should also ensure that their screening process is legal. Landlords can get into a great deal of trouble if they’re not abiding by fair housing laws. Your property manager should be up to date on the laws and make sure you’re not at risk of being fined or sued.
Service #5: Moving the New Tenant In
Once your property management company has selected a new tenant for your space, the next step is to make things go smoothly when they move into your rental.
Your property management company should know exactly what condition your rental property is in before tenants move in. This proactive step protects you from future complaints made by new tenants.
A good way for your property manager to document the state of your rental place is taking numerous pictures before the renter moves in. Your property manager should document every space in your rental in case a question of the condition should arise after someone moves in.
This protects both the tenant and the landlord. If there is already something damaged or in need of repair before the tenant moves in, they will not be held responsible for it. Likewise, if the damage appears after the pictures are taken, the renter will be responsible for the costs of repair on anything that is not a normal part of the wear and tear of daily life.
Service #6: Property Inspections
A good tenant-screening process will greatly reduce the risk of damage to your property, but no matter how good the tenant is, you’ll still want to know that your property is protected. Accidents and damaged property can happen to anyone, which is why it’s important to do routine inspections of properties.
Related Post: How Often Should You Inspect Your Rental Properties?
For this reason, it’s a good idea for your property manager to include routine checks on their list of property management services. If they go too long between inspections, issues with the property may become a much larger problem. Those problems may end up costing a lot more time, money, and energy than they would have if they had been dealt with sooner.
These inspections are mutually beneficial to you and your tenants. You’ll know that the property is in good shape, and they won’t be frustrated by maintenance issues that could have been dealt with before they become big problems.
Service #7: Maintenance and Repairs
As any homeowner is aware, there is always a need for some kind of maintenance on a property.
The best kind of maintenance plan is preventative, but there is still a chance that there might be emergency repairs as well. Late-night phone calls are something many landlords dread. That’s why many people choose to hire a property management company to deal with these emergencies instead.
When looking for a property management company, see if they offer 24/7 repair service so you’re not the one handling a broken water line at 2 a.m. on a weekend.
This property management service will help you and your tenants rest easy.
Service #8: Rent Collection
Collecting rent is probably one of the most important behind-the-scenes jobs that a property manager performs.
Unfortunately, owning rental properties often involves uncomfortable conversations with tenants from time to time. It’s the property manager’s job to field angry phone calls when a notice is sent out after a late payment. It’s also their job to make sure tenants continue to pay by their due date.
If a tenant does not pay, the property manager should reach out to them through multiple lines of communication, including sending a certified late notice.
If the renter continues to remain delinquent, it is up to the property manager to go through the process of eviction.
Many investors are not interested in managing this part of owning a rental, and they much prefer to hire a property management company that provides this service.
Service #9: Overseeing Finances and Other Reports
One more thing you can expect from your property management company is bookkeeping.
This property management service can include cash flow reporting, disbursement of funds, reports when tenants move in and out, and a monthly property performance report.
Your property management company will likely oversee much of the financial portion of your property, like collecting rent, keeping detailed records of cash flow, and making sure that each portion of funding is accounted for, including your taxes and fees.
Does Your Property Management Company Stack Up?
Once you’ve used this checklist, how does your property management company compare? If you’re looking to make a fresh start with a new management company in the DFW area, or you want to try a property management company for the first time, LEAP Property Management is here for you.
With over fifteen years of experience, we know a thing or two about property management responsibilities, and we stick to our proven process.
We offer tenant placement services, and we also provide full-service property management that hits every point on the checklist and more.
Contact us today to learn more about how we can help you manage your rental property and remove the burden of the day-to-day and year-to-year challenges of owning a rental.
