2. Finding the right tenants: Securing criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references require resources that a professional property manager has and will use to help you find good tenants.
3. Managing tenants: A property manager will manage all aspects of the tenant-landlord relationship, including routine and emergency maintenance, routine inspections, and any situations where conflict resolution is required.
4. Setting the right rental rates: The right property manager will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
5. Collecting and depositing monthly rent payments on time: Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow
6. Managing repairs and renovations: Your property manager should have long standing relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that he will use to provide you with options to maintain and upgrade your property. He will oversee any necessary maintenance projects, and take care of any renovations you choose to undertake.
7. Ensuring that you're in compliance with HOA, condo and real estate laws: There are a number of local, state and federal regulations, as well as fair housing regulations (such as the ADA) you must abide by as a landlord. A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
8. Managing your property when you are not there: A local real estate and property management expert can handle your investment purchase and rental wherever you are-- out of town, out of state, or out of country.
9. Real time info on investment opportunities: Property managers don’t just take care of the day-to-day aspects of running your income property; they will also keep you up to date on changes in the rental market, investment opportunities and other info you can use to maximize the profitability of your investments.
10. Maximizing the profitability of your property: As an experienced professional, your property manager will enhance your tenant retention, rent collection, property maintenance and therefore property value, and marketability.