If you own rental property, you’re likely wondering about companies that manage rental property. Why? Because you know how much work it is to manage a property yourself. You’ve come to the right place. We’re going to take a look at what you need to know about property management companies.
What Companies that Manage Rental Property Should Do
There are lists you can refer to when trying to determine the value of a property management company. Instead of sending you on a wild goose chase for the right information, take a look right here at some of the basics most can, or should, offer:
● Pre-screening tenants to check their rental history and credit scores.
● Property care and maintenance to ensure proper upkeep and safety
● Regular property inspections to be sure there are no damages or issues
● Help you determine the appropriate rental rates based on location and the current rental market
● Collecting security deposits as well as rent payments, including monthly payments for long-term rental and payments in full for vacation rentals
● Writing and overseeing lease contracts, including lease addendum as well as terminations when necessary
● Handling evictions should the need arise
● Property cleaning and preparation for short-term or vacation rentals
● Market your property to the right client demographic so you get the best rental candidates, and the best price, for your rental property
What are the Benefits of a Property Management Company?
In addition to all the services they provide, there are other benefits you’ll take advantage of when you hire companies to manage your rental property. First, you’ll have better tenant retention. They have the experience to offer what your tenants want and need. This leads to happier tenants, longer stays, repeat business and good reviews. Second, you’ll have tighter controls in place, not only with rent collection, but with property maintenance and, ultimately, the value of your property.
What Is the Value to You Personally?
Managing a rental property, especially a short-term or vacation property, can become a full-time job. Anyone who has hired companies that manage rental property can tell you that the primary value lies in the time it saves you. Instead of focusing your time and energy on your tenants, property maintenance, dealing with advertising, managing contracts, and being at the beck and call of your renters, a management company will do all that for you. You reap the benefits of your investment, and they do all the work.
If you’re a property owner in the Vail Valley and you want to get the most out of it as a rental, either for long-term or short-term use, it’s time to take a look at what will give you the most value. When you’re looking for companies that manage rental property, contact our team at Fireside Properties first.