Full Service Property Management - 5 Effective Services

Around 55% of property owners hire a property manager to take care of their investment.

This article is for you if you're considering listing your property as a rental, and what the benefits of hiring a full service property management company are. If you're new to the industry, you may underestimate how much work it is to manage a property without help.

A full service property management team will be able to advise you on how to make the most out of your investment. There are countless things that you need to take care of and think about on a daily basis.

From minor repairs to collecting rent to finding the right tenants, your property will require your full attention. If you have another job or other obligations, you probably won't have time to focus on your tenants, which will directly affect your profits.

Hiring a full service property management company is going to be the best option. Read on to learn how a team of professionals can help you.

1. Maintenance

As a homeowner, you probably know how hard it is to maintain a property. Appliances break unexpectedly, dust accumulates quickly, and leaves buildup in the gutters.

If you're renting out your property, you must be available to them at any time. If a pipe bursts in the middle of the night, it'll be your job to find a repairman unless you're partnered with a full service property management team.

The last thing you want to deal with is something going wrong with your property when you're working on another project or spending time with your family. A property manager will be able to relieve a lot of your stress as he/she will take care of the maintenance.

The same is true if you're planning on using your property as a short-term rental. You could have multiple tenants coming in every few days and you may not have time to deep clean the property that often. Full service property management companies are responsible for cleaning and maintaining the property so you don't have to.

One common misconception that investors have is that a full service property management team will take over their property and make executive decisions. This is not true, if something breaks on your property and needs to be repaired or replaced, the property management team is going to reach out to you. You will have the final say as to what happens.

2. Tenant Screening

One task that many property owners find challenging is tenant screening. It can be hard to find trustworthy renters that are going to take care of your property and pay their rent on time.

Instead of spending hours vetting potential renters, running background checks, and contacting references, you can hire a property management company. A full service property management team is going to have resources that help them vet and screen tenants so you don't have to.

3. Low Vacancy Rates/Marketing

As an investor, the goal of renting out your property is to make a profit. You won't be able to do that if your property sits empty for weeks or even months. If you don't work in real estate or marketing, you may not know how to find tenants, which could really hurt your profits.

A full service property management company is going to have experts who know how to market your property so you can have high occupancy rates. They will have a professional photographer who will know the right angles to capture to post online.

How you present your property makes a difference; you can increase curb appeal by making a few changes, and your property manager will know exactly how to do that. You never know when a potential renter is going to call with questions and it's not reasonable for you to be available at any time; however, a management company can.

4. Rent Collection

If you own multiple properties collecting rent can be challenging. You'll need to keep track of who paid and who didn't. If a tenant didn't pay you'll need to take the time to contact them.

Hiring a full service property management company means you never have to chase down a late payment or enforce a late fee. You can relax knowing you'll get paid on time every month.

5. Legal Guidance

Being a landlord and investor comes with a lot of rules and regulations. Local and federal laws do their best to protect everyone; however, it can be hard to keep up with them.

If the laws in your county change, you need to know about them. Your property management company will be able to keep you in the loop so you can avoid a lawsuit or a fine.

Even the community the property is in may have its own rules. HOA communities can be great for property values, but it can be a pain to keep up with the changing regulations and meetings. If you do need legal advice, your management team will be able to help you find the right legal counsel.

Full Service Property Management

Property investment is a great way to grow your wealth and set yourself and your family up for the future. However, it's not as easy as it sounds. As you can see there are numerous things you have to consider and it can be overwhelming at times.

Working with a full service property management team will allow you to expand your real estate portfolio and spend more time doing the things that you love. It will also give you peace of mind knowing your investment is being cared for.

If you're ready to work with a property manager or if you have any questions, reach out to us. We are available to help you in any way we can.