It’s 2023, and there are more landlords than ever using property management services, which means that property management companies have to change with the times to fit demand and renter needs. In this article, we’ll explore what exactly makes up property management services today—and why you should consider hiring a property manager for your rental property.
What Are Property Management Services?
Property management is the process of managing a rental property and its tenants. Property management services commonly include maintenance, repair, and renovation of a property; collection of rent and other fees; marketing and leasing of the property; and many other small services that ease a landlord’s headaches.
Property managers are responsible for ensuring that all aspects of a rental building or complex are maintained in good condition so that tenants live comfortably and are encouraged to rent for years to come.
11 Common Property Management Services
With so many digital property management resources, landlords expect more from their property managers. This is why you MUST choose a property management company that offers a complete list of services, not just basic repairs, maintenance, and rent collection. Here are some of the top services a property manager can provide in 2023:
- Conduct inspections
- Market your property
- Screen for reliable tenants
- Handle lease agreements
- Collect Rent
- Resolve tenant complaints
- Schedule maintenance and repairs
- Administer late payment penalties
- Arrange for evictions
- Ensure legal and regulatory compliance
- Keep track of the financials
Your property manager should be prepared to do the following:
1. Conduct Inspections
Inspections are one of the essential services property managers provide. They ensure that your property is in good condition and help you maintain a healthy relationship with your tenants. If something goes wrong, like a leaky faucet or a broken window, it’s much easier to fix if caught early on rather than letting the problem persist for months or years before someone notices.
2. Market Your Property
Property managers will help you market your property. They’ll ensure all the details are in place—from the ads to the listing descriptions—and they’ll even handle showing the property to prospective tenants. This ensures that your rental gets plenty of attention, and you don’t have to worry about finding new tenants or dealing with last-minute cancellations.
3. Screen for Reliable Tenants
Property managers will also screen for reliable tenants. They’ll do background checks and credit reports and verify all references prospective tenants provide. This ensures that the people you rent to are responsible and trustworthy—two qualities that can be hard to judge on your own.
4. Handle Lease Agreements
Property managers will handle lease agreements for you. This means they’ll negotiate with tenants, draft the contract and have it signed by both parties. They’ll also manage renewals when they come up and ensure that your contract is following local housing laws.
5. Collect Rent
Property managers will collect rent on your behalf. This can be a huge time saver, especially if you have many properties. You won’t need to worry about chasing down late payments or waiting on a rent check in the mail; they’ll handle it all.
6. Resolve Tenant Complaints
Property managers will take care of tenant complaints. They’ll meet with tenants, attempt to resolve the issue and keep you in the loop as they work through the problem. This means you won’t have to deal with irate tenants over issues like a broken window or slow AC repair.
7. Schedule Maintenance and Repairs
Property managers will schedule maintenance and repairs. They’ll contact contractors, arrange for them to visit your property, and handle all the paperwork. This is a huge time saver for busy landlords who don’t have time to deal with these issues.
8. Administer Late Payment Penalties
If a tenant doesn’t pay rent on time, property managers will send out late notices and charge the tenant a late fee. This can provide an extra income source, without any extra work from you! Your property manager could also implement an automatic payment system that deducts the rent from the tenant’s checking, or savings account each month to ensure on-time payment.
9. Arrange for Evictions
If a tenant fails to pay the rent or violates the lease, you don’t have to worry about handling it yourself. A property manager will oversee all legal issues and evict troublesome tenants so they won’t be an issue again. In addition, they can help you find new tenants quickly by advertising your property on their website and other popular sites like Apartments.com, Zillow, or Hotpads.
10. Ensure Legal and Regulatory Compliance
Property managers are knowledgeable about all the laws and regulations that apply to rental properties, ensuring that you don’t break any laws or get fined for not following them. This includes keeping up with property maintenance codes and zoning bylaws.
11. Keep Track of Financials
If you own several rental properties, it can be challenging to manage them all by yourself. However, a property manager is experienced with keeping track of the finances and ensuring you’re earning enough from each rental property to cover your expenses and make a profit. They can help by sending you reports on income and expenses for each property. Some property management companies even have on-site accountants and CPAs to help you file taxes.
Professional Property Management Services Can Help
We hope this guide has given you a better understanding of the vital property management services to look for. The above property management services should be commonplace when interviewing a potential property manager. And while this isn’t the FULL list of services property managers offer, these eleven will give you everything you need to have a (mainly) headache-free rental property portfolio. Just be sure to always include a property manager’s fee in your rental property analysis!
Still thinking of self-managing? Check out our list of best rental property management software.
