That’s a lot of potential for having someone occupy one of your properties. If you’ve never rented out a property before, you should know that there’s a lot involved in the process.
Are you wondering how you can keep it easy? Keep reading to learn all about the services you can get from hiring a property management company.
Tenant Screening
As you consider hiring property management companies, be sure to find one that will perform a full tenant screening on your behalf. Not only will this save you money, but it will also save you a lot of time.
Are you wondering what the screening process involves? A thorough property management company will first ask potential tenants to submit an online application. This makes it easier and smoother for all parties.
The application should include a range of supporting documents, such as proof of income, a driver’s license, video verification, and more. After all the essentials are accounted for, the management company will run background and credit checks, look at their rental history, and also take note of any possible evictions.
After all, it’s important to get reliable tenants who will pay their rent on time and stay for a long period. As the owner of the property, you’ll of course have the final word on the tenant that’s chosen.
Another task a premier property management business will take care of is following up with the potential tenant’s references. These often include the tenant’s current landlord and previous landlords. This is a great way to find out what it would be like to have the tenant on your property.
Management
Whether your properties are new or old, there’s always going to be regular maintenance needed. This will ensure that your investment lasts far into the future and is safe for tenants to occupy. That’s why the best management companies have a 24-hour hotline that can be called in case of an emergency.
A pest infestation, for example, is something that should be addressed as quickly as possible. The management company you hire will be able to handle all the logistics associated with this and more.
Maintenance is only one part of management. There are other day-to-day operations that will be taken out of your hands when you hire a reliable company. For instance, the last thing a landlord enjoys dealing with is a tenant who is late on their rent.
A rental property management business should have state-of-the-art software that allows all tenants to pay their rent online. This makes it easy to see bills and their details so that people can pay them without even leaving the comfort of their beds. If they connect a bank account, then the payments can be made automatically.
This kind of software can significantly reduce the number of late payments. Before a tenant makes their regular payments, they’ll need to pay a security deposit, which is another task that can be handled by the company your hire.
Accounting
Collecting payments is one thing, but the accounting and taxes associated with that are something that can prove quite challenging. The good news is that a real property management company can also help with this aspect of finances.
Just as your tenants will have online profiles for their convenience, you will have one as an owner. Whether you’re on your laptop or your phone, you’ll be able to keep track of all your income at any time of the day or night. Not only this, but you’ll also have access to detailed property reports, which are especially useful when you have multiple properties.
Each month, you’ll get a statement and you can even have your payments sent to a bank account of your choice instead of dealing with a check or money order. Once tax season begins, you’ll have your annual 1099 so that filling out your paperwork is as simple as possible.
Leasing
The worse thing that can happen to an owner is to have properties that aren’t being occupied. Half the battle of property management involves finding tenants who are interested in staying for a long time.
Aside from vetting every potential tenant, a property management business can work to get people in your homes, townhouses, apartments, and more. One of the best ways to do this is through strategic marketing, so it’s important to find a business that has enough resources for that.
There are also cases where potential tenants are interested in renting by don’t have a solid idea of what would best suit their needs. That’s when it’s crucial for a property management company to offer recommendations that are not only realistic but also tailor-made for the tenant in question.
After marketing and recommendations, the next step involves showings. These can be done on a virtual medium or through open houses that can help to build a lot of interest.
To get the most for your money, it’s best to hire a company by taking advantage of a package deal. However, you also have the option of picking and choosing the exact services that you need.
Are You Ready to Have Reliable Property Management?
Now that you’ve learned all about the services you can get from hiring a property management company, you can make sure that renting out your property is as easy as can be. That way, you can make your money work for you rather than the other way around.
We take pride in offering the highest-quality services to property owners in Delaware. Whether your property is in Bear, Pike Creek, Newark, New Castle, Middletown, or anywhere else in the state of Delaware, we’re here to help with the whole process.
Do you have one or more questions about what we can do for you? If so, feel free to reach out to us so that we can get back to you as soon as possible.
