Being the owner of a rental property has never been a low-stress job. From finding tenants and collecting rent to ongoing maintenance and repairs, being a landlord comes with a seemingly endless roster of responsibilities.
But in the wake of COVID-19, property owners are under more pressure than ever. Luckily, property management companies offer the tools and resources to help ease the stress that comes with owning a rental property, and can provide landlord peace of mind when they need it most.
How Property Management Companies Relieve Stress for Property Owners
A property manager wears many hats so the first question to ask is what do property management companies do? Broadly speaking, they handle all the jobs that are associated with owning a rental property. If you are a property owner, working with a property management company frees you up to either focus on your next property investment or simply relax and enjoy the passive income your current property generates.
Marketing your property
For many landlords, effectively marketing their property is one of the greatest hurdles standing between them and success. Property management companies have the marketing experience and resources to not only craft a great listing, but get that listing in front of more potential tenants.
Finding quality tenants
Screening tenants can be a full-time job in and of itself. One of the most important jobs property management companies do is verifying factors like employment, income and credit history of prospective tenants. They also review past lease history and run criminal background checks to find tenants who are honest and reliable.
Most landlords don’t particularly look forward to rent collection time each month. Sure, watching rent payments roll in is great, but going after tenants for late and unpaid rent can be frustrating and uncomfortable. Property management companies have established systems in place to facilitate rent collection. That includes an easy online portal where tenants can make quick payments and sign up for auto-pay. Property managers also have the experience to handle situations where tenants are unable to pay rent.
Overseeing maintenance and repairs
When something breaks, it’s up to the landlord to fix it. Unless of course, you have a property management company that can take care of it for you. Property managers handle emergency repairs as well as routine annual and seasonal maintenance, ensuring that you never have to fix another water heater or trim the shrubs at your rental property ever again.
Inspecting the property
Property management companies oversee routine inspections of your property to help verify and maintain its condition. This includes inspecting and documenting the condition of your property before a tenant moves in, and after they move out.
Keeping tenants longer
Property managers are always working to keep landlords happy, but keeping tenants happy is an equally important part of their job. Satisfied tenants are likely to stay longer, which shortens vacancy cycles, reduces the need to find new tenants, and ultimately saves money for the landlord.
Enforcing the lease
Making sure tenants abide by the terms of their lease is another important task that falls to property management companies. This includes enforcing pet restrictions, noise ordinances and any other rules that may be stipulated in the lease. And while no one ever wants to have to evict a tenant, property managers have processes in place to handle it if eviction becomes necessary.
Contact us today to learn more about how property management companies can help reduce the stress and anxiety that comes with owning a rental property during challenging times. Our team is here to help every step of the way.