If you own rental apartments then one of the most important people you need to hire is a rental manager. This is because they offer a wide range of services for your property to make sure you continue earning that passive income. There are many things which go into managing a rental apartment and for an owner it can be overwhelming dealing with everything. As a property owner you do not need to spend your time worrying about every small detail about your property especially if you have several of them.
These are some of the things that a rental manager from a reputable property management companies can do for you.
- Market your property
A rental manager can help you market your real estate and make sure that your property is always filled up. The manager will look for different advertising channels online where your rental property can get the exposure they require. The manager can also place strategic ads on newspapers and other publications plus listing sites for even more exposure. You need a rental manager to get your property out there and make sure they are fully booked or rented out.
- Rents setting and collecting
A property manager can help in setting attractive rates for your property. This is done by conducting a survey of the area in which the property is located. The goal is to choose the most competitive prices which tenants will find attractive. In setting the rent the property manager also makes sure the factors which affect prices are addressed. The rental manager can also set up a rent collection system. This is where the tenants will be making regular payments on specific dates and this ensures a smooth flow of income.
- Handle Maintenance
Properties need repair from time to time. A rental manager is tasked with the responsibility of checking the property to see if there is a need for repair. Regardless of the tenants regular repair or emergency repairs are inevitable. As a landlord or property owner you need someone who can address these issues promptly. This may include ensuring the property is clean or even dealing with concerns such as daily complaints. This is because tenants feel valued if their needs are listened to and addressed promptly. A good rental manager can also help in suggestions on how to make regular upgrades to the property to meet the market demand.
- Manage move-in and move outs
When a tenant is coming in the rental manager is responsible for making sure that the tenant is the right one. This includes background checks to make sure they check out. It also helps for security reasons as they can check for criminal records or rental history. This is done in compliance with the fair housing and discrimination laws. When a tenant is also moving out of an apartment or there is an eviction the rental manager is responsible for making sure there is a smooth transition. This is by assessing if there is any deduction that needs to be made in case there is repair required.