You’ve had enough. Tenants that don’t pay, midnight calls for repairs, showings on your property at all times of the day – it’s enough to make you give up on the idea of renting your property. The stress is too much, and you’re working too hard.
Instead of selling and giving up on the dream of a second income and a more secure future for you and your family, you may just need a property manager to take over for you.
Before you hire the first company or agent with the cheapest fees, take a look at our list of the services you should expect from your property manager. Even if you don’t need everything they provide, make sure the property management company you work with can give you plenty of options and handle all the details for you.
- Marketing your property across the internet
- Adding your rental to the MLS
- Scheduling and showing your property
- Taking calls from potential tenants
- Screening tenants
- Performing extensive background checks – criminal, employment, and more
- Explaining lease agreements to tenants
- Offer attorney-approved leases that protect you and your property
- Taking maintenance calls
- Scheduling maintenance and emergency repairs
- Maintaining relationships with good, reasonably priced local vendors
- Keeping up with fair housing laws
- Performing evictions
- Accepting security deposits
- Online rent payments to make rent collection easier
- Paying vendors for services
- Management of utility accounts
- Monthly financial statements for owners
- Answering questions from owners and tenants
- Move out inspections
- Regular home inspections – at least every six months
- Automatic lease renewals
- Annual property reviews
- Knowledgeable staff
- Plenty of options to communicate – email, phone, online portals, etc
When you start interviewing property managers, ask to see a list of all the services they provide. Find out what you’ll get for your monthly fee. If it doesn’t come close to this list, keep looking. Your investment, your peace of mind, and your financial stability are worth it.