Property investors can choose to hire property management companies to handle the duties of their rentals. While this will cut down on their rental profit each month, the value that a property management company provides may include both monetary expense and time benefits.
A rental property requires both routine and emergency maintenance. It takes a good amount of energy to keep a home or apartment as nice as when you first invested in it.
Good maintenance management can improve your property’s bottom line. Aside from responding to tenant’s emergency call in a promptly manner, regular maintenance tasks must be performed as well. These can include:
- Appliance repair
- Grounds keeping
- Cleaning and housekeeping
- Snow removal
Investors will want to have a schedule and tracking system of these and any maintenance requests for each property that they own to keep record for both owners and tenants. This can become an extremely time consuming task depending on the properties owned. Hiring a property management team to handle maintenance can be a huge help.
If a rental property becomes vacant, owners will want to fill it with a new tenant as quickly as possible; which requires more than just an ad. This is another time consuming aspect of managing a property that management companies can play a big role in. Filling vacant properties includes:
- Property visits
- Speaking with prospective tenants
- Property showings
- Collection of rental applications
- Tenant screenings
- Approval of tenants
Prioritizing tenant screenings is an important step if you want to keep your property eviction free with a valuable and longterm renter. This includes examining a potential renter’s credit report, background check, eviction history, references, and verification of income.
There are a number of reasons that a tenant’s rent may not be paid on time. Property investors typically are not concerned with the why a tenant’s rent was not received, but with the payment actually arriving into the property’s bank account. A property management team can handle speaking with the tenant and ensuring the rent is collected in a timely manner.
Knowledge of Laws
As a property owner, it is important to be aware of the renting laws in your state. Property managers regular attend conferences and business events to stay up to date on the latest rental laws and policies. These can be valuable insights that property managers can then convey to owners and enforce compliance with for the individual properties and renters they are managing.
Duties of Property Managers
- Property managers may also have the following duties:
- Property inspection
- Rent increases
- Property insurance
- Tenant Relationships
Property Management Company in Cincinnati
Property management companies can maintain a profitable rental property on behalf of an investor by performing the above duties. If you are looking for a property management company in Cincinnati, contact Cincy Rents. We have a variety of professional property management services for property owners to save their time, work, and stress.