There are a lot of choices when it comes to hiring Property Management Services, and unfortunately, not all of them are created equal. A good management company will be able to take care of the daily operations as well as have goals in mind to take care of the property in the long term. Knowing this, consider hiring a full-service management and leasing company to handle your rental property.
In the current market where a lot of homeowners are upside down on their mortgages, they may be forced into one of two options with their current home if they need to relocate. The first option is to sell their residence at the current market value and take a loss. The second option, which is becoming very equitable for homeowners that can not afford to take a loss on a property, is to turn it into an income property.
Any Reliable Property Management company will be able to put together a current market analysis to figure out what your property is worth on the rental market. Through their services, they should also set up marketing of your property and set up appointments to show your home to prospective, semi-screened, applicants who are interested in renting. As a homeowner, you have the final say as to whom you allow in as tenants, but they should present applicants who have passed a screening process.
Speaking of screening applicants, this is probably one of the biggest steps that a management service can help you through to find the right tenant for your home. Professional screening includes credit checks, background checks, personal and professional references, residence history, and employment verification. This will help you make a wise and informed decision on which tenant you, the homeowner, will ultimately choose based on the facts. The management company will negotiate the terms of the lease based on your requirements as well as draft and finalize the lease.
Property Management Services will be the one point of contact for all the monetary reporting as well. They will handle the rental checks and disbursements, charging tenants or homeowners for service and repairs, reporting taxes, collecting security deposits, and handling monthly invoices as well as end of year reporting.