Many landlords invest in rental properties in hopes of earning passive income without a lot of work. What they soon realize is that managing properties doesn’t always come easy. From finding the right tenant to responding to middle-of-the-night emergency repair calls and everything in between, being a landlord can often be hectic.
This is where property managers come in. So, exactly what does a property manager do? Let’s talk about it.
Marketing Property
Getting your property in front of potential tenants is one way to keep vacancy rates low. But marketing it to the right tenants is the ultimate goal. Property managers have all types of advertising tools available to create ads with colorful images — and even floor plans.
Because of their expertise, property managers are also able to price properties just right.
Tenant Screening and Lease Signings
Approving tenants is never anything to take lightly. After all, you are handing them the keys to your investment.
Property managers have the skills and tools to thoroughly screen tenants, including keeping you safe from scams. Not only does this land you a higher quality tenant, but it is someone you can count on to care for your property as their own.
Of course, you can also expect a property manager to handle the lease signings and maintain the signed copies.
Walk-Throughs
Property managers will take care of all walkthroughs, including:
- Before listing it for rent, they will walk through the unit to make sure that it is in perfect condition and ready for tenants.
- They handle the showings, allowing potential tenants to check it out before applying.
- They also do walkthroughs before move-in and after move-out.
In other words, property managers have eyes on your property.
Maintenance, Repairs, and Renovations
Keeping your property in great shape should always be a priority. That means addressing issues as they arise and being proactive with routine maintenance. Many landlords try to handle all of this on their own, but it can become overwhelming and disruptive to life.
Property managers come with a network of contractors and skilled professionals who can handle maintenance, repairs, and renovations with ease. Many landlords find this to be a welcome relief.
Rent Collection and Financial Reporting
Bringing in money is one thing. Having to collect it yourself is quite another. A property manager handles all rent collection each month. They also will take care of your financial reporting every month, quarter, or year concerning your rent income and expenses.
Is your tenant not paying rent? Property managers will handle every step of the eviction process.
Additional Personalized Services
Whether you have one rental property or multi-family properties, you will have different needs. Property managers will work with you to personalize their services to meet them. For instance, landscape management, opening and closing the pool, and similar services aren’t what everyone is looking for but are likely available.
Property managers offer a comprehensive list of services. You can expect extensive knowledge of the industry and the local market and a network of contractors and vendors to ensure your properties receive the best care.
Virginia Property Management Group is a team of licensed realtors with industry-leading flat-fee pricing and world-class technology and service. They offer property management services in Northern Virginia, such as tenant screening, maintenance, rent collection, and more. Visit www.virginiapropertymanagementgroup.com or call (571) 749-2622.