When taking on a rental property as an investment for the first time, it is easy to think that you’ll be able to manage it yourself. While this is true for some individuals who are handy with tools, live close by, and have the hours to devote to the building and its tenants, it’s not a practical option for the majority of rental property owners.
In hiring a professional property management team, you alleviate the stress that comes with managing the property, and you gain access to a ton of useful tools that will maximize the amount of profit your property will generate.
Questions to Ask Yourself When Hiring a Property Management Company?
When looking for a property management company to hire for your rental property, you’ll want to ask some critical questions to determine if they are the right fit for you. Ask yourself the following:
- Are they up to date on the latest laws governing rental properties in your area?
- Are they committed to caring for the properties entrusted to them? Do a drive-by of the buildings that they manage to see.
- How is their communication? Get references and check in with other property owners who have used their rental management services.
- Do they provide frequent building examinations to ensure that it is undamaged, safe, and appealing to tenants?
- Do they routinely have high vacancy rates? If they have high returns and low vacancies, this is a good sign.
- Do they evict en masse? Numerous evictions show that the screening process may not be as rigorous as it needs to be.
- Do they take the time to listen to your situation and make accommodations for property owners that have specific wishes or goals?
12 Tools or Resources That an Excellent Property Management Company Provides
The right property management company is going to handle all of your property’s needs, such as: rent collection, tenant screening, maintenance requests, property marketing, as well as, financial reporting, building inspections, legal guidance, and provide a swift eviction process. Beyond this, you will get access to numerous tools or resources from the property management team, like:
- Accessible, online financial statements that pertain to your property’s profit and expenses.
- Direct deposit options for the landlord proceeds.
- Ensure the building meets all equal housing guidelines.
- List available rental spaces across multiple online listings.
- Utilize innovative marketing ideas to drum up interest in the property.
- Provide on-demand property showings to potential tenants.
- Create direct mailing campaigns for advertising purposes.
- Create professional, eye-catching signs for your property.
- Give you direct access to an online dashboard to view applications, lease agreements, maintenance requests and more.
- Run thorough inspections of your property on a regular basis and provide video and photographic evidence.
- Run routine property assessments to determine ongoing market value for rent and find viable improvements to make the property more appealing to tenants.
- Manage all tenants issues quickly and efficiently, including: rental collections, maintenance requests, and remarketing available units when an existing tenant chooses to leave.
By working with a professional property management team, you can choose to take a more hands-off approach and allow the experts to manage the stress and maximize your earnings.
If you have a rental property in the Orlando, Florida area and are looking for a property management company to achieve your goals, give Kanga Property Management a call today at (877) 589-3591 or contact us here.