The tallest skyscraper and the smallest apartment complex can feel equally overwhelming when you realize that you and you alone are now in charge of them.
There are so many tenant requests to tend to and laws to memorize. Professional help makes the process easier and more profitable.
Read on to learn what property managers do and how they can help you.
Knowledge of Laws and Regulations
A property manager stays up-to-date on all landlord-tenant laws. These include areas such as:
- Housing discrimination
- Rent collection
- Lease management
They can help you avoid unintentionally breaking the rules or facing liability from false claims.
Management of Out-of-State Properties
A local manager understands the lifestyle and laws of their area. They'll attend to any issues as soon as they come up without tenants having to wait for you to arrive.
This not only protects your investments but lets you spread out. You can build your portfolio by investing in rising markets even if they're far apart.
Maintenance requests are every property owner's nightmare. They must meet the legal obligation to maintain a rental property so that it's safe, habitable, and meets all local and state codes.
Property management services can cover all forms of maintenance, including:
- Fixing broken appliances or plumbing
- Patching drywall
- Maintaining the grounds
What's even better is that they can do it faster and cheaper. The property management company has an in-house maintenance team of professionals that gives them competitive rates.
Marketing and Showing Vacant Units
The average rental vacancy rate in Dothan is 12%. A vacant unit is a money pit. Every cent you spend to maintain it will never be seen again.
Property managers help fill the pit with their marketing skills. They know what renters in the area are looking for and what to show off. They can fix any problems before showing them off to potential tenants in a way that convinces them to move in.
The same is true for properties that are about to go vacant. They can establish a relationship that convinces great tenants to renew their lease.
Letting in poor tenants is even worse than having none. A property manager will perform a thorough background check on every applicant. It examines factors such as their:
- Credit history
- Employment history
- Rental history
- Criminal record
They'll approve the client and even collect the security deposit for you.
A property manager is the best human tool to streamline the rent collection process. You can even have them do it for properties in different locations.
They also handle the human side of the process, which can be the most difficult of all. Do you want to tell a tenant that they're behind on rent or getting evicted?
Let a property management company handle it instead. They'll also be a major asset if the problems with your tenants become so massive that you have to go to court.
Find Property Managers in Dothan
Property managers are an owner's second-in-command. They handle tasks such as marketing, maintenance, tenant screening, and rent collection. They can even help you manage multiple properties.
Dothan Property Management can help you maximize the return on your rental. Get started with a free rental analysis today.