Sometimes the responsibilities of being a landlord can be overwhelming, especially if you are handling multiple rental properties. Between property maintenance, collecting rent, filling vacancies, and responding to tenant requests, there comes a time when you might need some help. This is where a professional property manager comes in to play. Property management companies offer a range of services to help landlords and property owners streamline their business and optimize their income. Here’s a look at some of those services.

Handling Property Maintenance

No matter what you do, there are always going to be maintenance needs in any rental property. It can often be one of the more tedious tasks landlords face. Unfortunately, it can also be the most costly, in more ways than one. If landlords hesitate or delay on necessary repairs, a small issue can quickly become a big problem that requires expensive replacement parts and labor. Landlords also run the risk of giving their tenants the impression that they are not a priority, or that they are not taking care of the property as promised.

One of the biggest perks of working with a property manager is knowing a professional is on top of all your tenant maintenance requests, as well as keeping up with routine repairs. Property managers often work with a trusted pool of experienced technicians and vendors who are licensed, insured, and offer contractual discounts. This will ultimately save you both time and money when it comes to property maintenance.

Aggressively Marketing Rental Vacancies

Filling rental property vacancies is an essential part of any landlord’s duties. Ideally, a vacancy should be filled quickly to avoid gaps in income that could affect how your property is managed and maintained. One vital service provided by a reputable property management company is aggressive marketing of your rental property vacancies. With your target audience in mind, property managers find the most appropriate channels to share the rental property vacancy that will result in quick responses from qualified applicants.

Although you may think you have this part of your business figured out, it involves more than just getting a new tenant into the rental property quickly. Property managers know the value of creating buzz around your rental property and promoting the benefits of the neighborhood. Overall, you may be able to ask more in rent due to the perceived marketed value of the area. Property managers can also reach a wider audience through digital marketing efforts, posting professional listings, and through connections within the industry.

Tenant Screening

Once you have your pool of prospective rental applicants, it is time to choose the best tenant for your rental property. This process can take time, but it is an important step that will pay off in the long run. Having a qualified tenant who pays rent on time, respects the rental property and other tenants, adheres to the rental property rules and regulations, and has the potential to renew their lease year after year is the easiest way to maximize your income from a rental property. You won’t have to worry about late rent payments, tenant complaints, or having to fill a vacancy after every lease term expires.

Property managers have a systemized process when it comes to screening tenants. In addition to thorough background and credit checks, your property manager will also check references and conduct interviews with potential applicants to make sure they are a good fit for you and your rental property.

Lease Agreements

After finding the perfect tenant to fill your rental property vacancy, the next step is to make it official with a thorough lease agreement signed by both parties. Some landlords use a generic lease agreement without paying much attention to the details and end up regretting it in the long run. A good lease agreement should be considered carefully and include specific requirements and policies that apply to your specific rental property.

To avoid issues with tenants, property managers will help craft a complete property-specific lease agreement that spells out exactly what is expected of the tenant and landlord, and the consequences for violating the contract. The property manager will also ensure the contract is signed, filed, and available for reference when needed.

Collecting Monthly Rent Payments

When you work with a property manager, that person/company will be responsible for collecting monthly rent payments from your tenants, which can often be one of the more stressful jobs for landlords. Some property management companies can even help landlords receive rent payments faster by enabling tenants to make payments online through a website or a property management app. The property manager will then transfer the funds electronically to the landlord’s account.

Even in the unfortunate event that rent is not paid or a tenant’s payment does not clear, a property manager will also handles late fees, collections, and can even start the eviction process if it comes to that. Whatever rent policy is outlined in your lease agreement, your property manager will make sure to enforce those rules without you having to get involved.

Staying On Top of Landlord-Tenant Laws

As a landlord or property owner, you have enough on your mind already without having to worry about landlord-tenant laws and regulations. However, it is extremely important to stay on top of these things to avoid inadvertently breaking the law or doing something illegal. With the rental regulations always in flux, this is another area where a professional property manager can be very valuable.

Property managers make it a point to have a strong knowledge of all landlord-tenant laws and any local regulations that could affect your business. Having an expert on your side will help you keep up with current laws, make any necessary updates to your lease agreement or rental property, and to know how to address issues if and when they come up.

Streamline Your Business

Overall, working with a professional property management company will help to streamline your rental business with helpful services that free up your time and provide support for you and your tenants. If you would like to learn more about Henderson or Las Vegas property management services, contact the Black & Cherry property management team today! We have a proven track record of successfully partnering with landlords and property owners to maximize income, lower management costs, increase tenant retention, and keep rental property vacancies filled.