Mention the term “rental property management,’ and you may assume that a outside management company is handling the collection of rent and solving maintenance issues for rental homes. Yet property management companies offer a wide range of services. From determining rental rates to creating annual reports for tax purposes, these companies manage properties so you can get a full return to your rental investment.
We have gathered together the 10 tasks that rental property management companies offer. While you may not need every service mentioned below, you should keep these options in mind when renting out homes. Then you will have the peace of mind that your rental property is in top condition and managed properly.
Rental Property Management Services Checklist
1: Create Accurate Rental Rates
Management companies help determine the rates that should be set for rental homes. They evaluate the current market, review the neighborhood comps, and adjust rental rates to reflect the ideal prices. They will suggest maintenance improvements that can increase the rental rates for the home.
2: Market Rental Homes
Rental property management companies will advertise the available house to tenants. They place ads on listing platforms to reach the largest audience of suitable renters. They provide rental information to callers, meet with possible tenants, and work with listing agents to find people who want to rent your home.
3: Perform Tenant Screenings
You don’t want a bad tenant in your rental home. Property managers screen tenants to ensure they will pay the rent on time and not damage the property. They will do background checks, income verifications, credit history reviews and other tenant screenings.
4: Handle Tenant Lease Agreements
Once the right tenant is found, the property manager drafts the lease and reviews the lease guidelines with the tenant. They will confirm the move-in dates, pet deposits, and collect all rental fees that are due prior to the tenant moving into the home.
5: Assist With Rent Collection
Rental property management companies collect the rent on a monthly basis. They will address late payments and send out notices to tenants who have not paid the rent.
6: Provide Maintenance Services
When there is a maintenance issue, it needs to be addressed immediately. The company may provide an in-house repair crew or contract licensed laborers to perform repairs and installations for rental homes. They fix up homes to make them functional and beautiful for tenants.
7: Create Rental Reports
The property manager will create management reports for local, state and federal reporting requirements. You can use these documents to set rental budgets and file taxes for the rental home. You can also use the documents to monitor cash flow.
8: Manage Evictions
The property manager can begin the eviction process to legally remove the tenant if they do not pay the monthly rent. They file the appropriate paperwork, attend court hearings and obtain help from local law enforcement in Converse TX to have the tenant removed from the home. They also ensure all remaining property is returned to the tenant.
9: Perform Property Inspections
The property manager will set up periodic inspections and take note of any lease violations, safety concerns, and needed repairs. They provide inspection reports so you can decide the best way to get the rental home in good shape.
10: Advise Owner Of Legal Disputes
A tenant or government agency may have a legal dispute about the rental home. The property manager will tell you about the legal dispute, provide a list of qualified lawyers for your case, and offer information about local, state and federal standards.
Rental property management companies will take charge of your rental home. Check out this list of property management services so you can hire the right company.