Did you know that individual investors own 70% of all rental properties in the United States? From managing rent payments to tenant screenings, owning your own rental property is a huge responsibility.
To make the most out of your investment long-term, you'll need to look at property management services. These companies take the hassle out of rent collection and so much more. This leaves you with more time and money to invest in other properties.
Keep reading this guide to learn how a property management company can help you!
Timely rent payments are crucial to your rental property's long-term success.
When you're managing your own property, rent collection is your responsibility. It's also your responsibility to deal with tenants that don't pay on time.
You'll also have to apply late fees and potentially deal with the eviction process if your tenant doesn't pay at all.
Property management companies take the stress and responsibility off you by offering rent collection services. They typically have an online portal setup that allows your tenants to pay rent easily.
They'll also implement a late fee policy and ensure your tenants pay any outstanding charges.
Tenant screenings are also very time-consuming. You'll have to run different background checks on your own to get the best overall picture of prospective tenants. It's all too easy to miss vital information if you don't have a sound system in place.
Luckily, a professional property management company will also take care of tenant screenings for you as a part of your property management services.
They'll conduct thorough screenings that include:
- Criminal background checks
- Past rental history
- Credit score
- Income and employment checks
- Verify IDs and social security numbers
You also won't have to worry about fair housing laws because each tenant application is managed the same way.
Providing maintenance for your properties can become a massive headache. Professional property management companies provide maintenance services for you.
Look for companies that have maintenance staff in-house. Ultimately, this will keep your costs down because you won't have to hire outside companies. If it's something the property management can't handle, they'll take care of finding trustworthy vendors.
Also, your property will be better maintained, so you won't have to worry about minor problems becoming more significant problems.
You'll benefit from services such as:
- Online repair requests for your tenants
- Preventative maintenance
- Trash removal
- Snow removal
- Electrical work
- Heating and air conditioning
- Management of emergencies like floods or power outages
Hire the Best Property Management Services
Now that you know more about property management services, it's time to take your investment to the next level.
You won't need to look any further than HomeRiver Group for all your property management needs. We offer leasing services which include marketing, showings, and tenant screenings. We'll also manage your rental payments and maintenance and construction needs.
We've been helping people in San Antonio since 2016 and offer full-service property management. Make sure you contact us today to discuss your long-term investment needs!