What Is a Property Management Company?
Whether you have a rental property or plan to get one, you might consider hiring a property manager. But what is a property management company? And what services do they offer?
Find out what a property manager does and how they can maximize your investment and home value here.
What Is a Property Management Company?
A property management company is a business that specializes in maintaining rental properties for landlords and property owners. If licensed, they handle tasks such as finding and screening tenants, collecting rent, addressing any legal issues, managing all maintenance calls and vendor payments, and much more.
Property management aims to help owners manage their rental properties, generate income, and guarantee tenants are satisfied.
What Does a Property Management Company Do?
Property managers ensure a landlord or owner’s rental property is handled professionally and that tenants are taken care of. Some of the most common property management services include:
- Marketing services – A property manager will help you market your rental property and find suitable tenants by conducting a market analysis, taking professional photos, and handling all marketing-related tasks.
- Tenant screening – One of the main responsibilities of a property manager is finding and screening potential tenants; this includes conducting background checks to ensure the tenant is financially stable and has a clean rental history.
- Maintenance – Professional property managers have a system for improving and preserving properties, including making repairs, scheduling routine maintenance, and overseeing renovations or remodeling projects. They’ll also handle any issues that arise between the tenant and property owner.
- Accounting – Owner accounting services include collecting rent, paying bills, and handling accounting or tax-related issues.
- Lease renewal – A lease renewal team will stay in contact to ensure tenants enjoy their experience and are content living there. If any problems arise, they’ll inspect the issue and take care of necessary changes promptly.
How Much Does a Property Manager Cost?
The cost of a property manager depends on a few factors, such as the size and location of the property, the number of units it has, and the services the property manager provides. On average, property managers charge 8-12% of the monthly rent for their services. Some property management companies also apply additional fees, such as leasing or move-out fees.
Overall, it’s best to get quotes from multiple property managers to compare costs and services if you’re considering hiring a property manager.
Benefits of Hiring a Property Management Company
There are several benefits to hiring a property management company — the most important being the peace of mind that comes with having a professional handle the day-to-day management of your property.
Most property management companies, like 512-Society Property Management, have the resources to handle any issues that may arise, such as eviction proceedings or legal disputes. A professional property manager can also help maximize your rental income by keeping your property well-maintained and collecting rent on time.
How to Choose a Property Management Company
The first thing to consider when choosing a property management company is experience. Look for a company that has been in business for years and has a proven track record of managing properties successfully. If they have a website, look at their testimonials or try to get references from current tenants — that way, you know your rental property is in good hands.
The best property managers have strong communication skills, a reliable vendor portfolio, and specialize in the type of property you own.
Looking for a Central Texas Property Manager?
With over 17 years of experience, 512-Society Property Management is proud to be one of Central Texas’s most trusted property managers. From maintenance requests to helping you find profitable investment opportunities in high-growth areas, you can count on us for every aspect of your property management.
About the Author: Jessica Duncan is the 512 Society Property Management Broker. She and her family opened the business in 2005 and has assisted more than 12,000 clients with professional and reliable management services. Call 512-990-3551 for more information.