When choosing a property management service, it is important that you choose one that matches your style. Most people think that property management services are fairly "cookie-cutter" regarding the services they provide, however their a variety of different services that are available. It is important that you make sure that you are getting all of the services that you need, without the expense of unnecessary, additional services. Here is a quick look at some of the services that are available to you.
There are several services that are common within the most basic property management service packages. The first, and most obvious, is rent collection. Along with actually accepting payments, this will normally include the initial monthly billing as well as sending a notice of late payment. Additional financial services include paying utility and maintenance expenses, paying any mortgages and taxes, and even creating monthly financial statements. Financial services are often the most likely needs that a property management company will address. Dealing with the financial aspect of property management can be time consuming and stressful, which is why it is so often used.
Creating and maintaining a strong tenant relationship is essential in minimizing the amount of time a property is on the market as well as how likely current tenants will sign another lease instead of moving elsewhere. The first issue that will be addressed is actually acquiring tenants in the first place. To make sure that your properties are bringing in income, it is important that the property management service understands the local neighborhoods and communities. Without this knowledge, you could be renting out your space for far less than it could be, or you could be asking too much, which means that your space will remain vacant.
There are several potential legal issues that could become an issue over time. The most common is the need to evict a tenant due to non-payment. Property management services can handle all of this for you, and many even have a lawyer, or several lawyers, on retainer to handle these issues. There is also the possibility of other legal issues to arise as well.
There is a lot of physical work that goes into property maintenance such as landscaping and repairs. Most property management services will already have special rates and deals with certain companies to minimize your expenses. While this is not always a basic service, it can be a very useful one. Plus, it means that if there is a problem, such as an emergency repair, your tenants will contact the property management company instead of you.
When choosing a property management service that matches your style, it is essential that you know what specific services you want, and which ones that you do not. There are a large number of different services to choose from, but most of them fall into four basic categories including: Financial, Tenants, Legal, and Physical. The key is to decide what services that you need, and make sure that you are not paying for ones that you do not.