Hiring a Property Manager vs. Self-Managing
Once the ink has dried on your rental property deal, the next decision you are probably going to make is: Are you going to hire a property manager or get the property rent-ready yourself?
It’s common for new landlords to manage properties themselves, considering the resources they spent in the acquisition of the property. But some can find these responsibilities like showcasing a home or maintenance, challenging. So they turn to the expertise and experience of a property manager to fill in the gaps.
We at Alltrade Property Management have years of experience managing a variety of properties from single-family homes to multifamily communities and commercial spaces. So, we put together this article to take you through what a property management company can do for you.
Conducting Maintenance
Maintaining your property efficiently as possible is very important as tenants can be quite selective when it comes to the condition of the property. Property leasing involves both routine inspections as well as emergency maintenance – which could be conducted at any time.
Properly maintaining a property and conducting inspections can make use of a variety of skills. Looking out for the signs of mold infestation or repairing a damaged HVAC unit are both tasks a landlord may have to do. In addition, maintaining a rental home requires energy and patience. As a landlord, if you feel you may not be able to meet this expectation, then both you and your tenant will appreciate the help of a management company.
Advertising Your Property
A rental property is only making money when it’s full and advertising gives you the best chance of keeping it full. But this responsibility is more than just posting a few photos and descriptions on a listing website.
The use of high-quality photos and striking copy will help to lure in a prospective tenant. In-depth research in the demographics and rental market gives you an inclination of the type of renter to target as well as the amount of rent to charge. You also may need to showcase your property. Are you prepared for all this as a landlord?
Placing Tenants
To see your real estate investment grow, you need to have quality tenants in your space. Having a great tenant will help you to get your rent on time, incur lower maintenance expenses, and overall, get a better return on your investment.
A typical screening solution has several components that include criminal history check, social security verification, employment check, and credit history. You will also need to call past landlords for references.
All of which can take a large amount of both time and resources. So, why not let a property management company handle this for you?
Managing Tenants
From our experience in the Kentucky area, your tenant may not just call you for maintenance. Your tenant may call regarding issues and as you are their point of contact, anything related to their use of your space may be relayed back to you.
These kinds of issues can cause undue stress, but an experienced and professional property management service can handle it all on your behalf.
Enforcement of the Lease Agreement
The lease agreement is one of the most important documents regarding your rental property. It outlines the responsibilities, obligations, and duties of both the landlord and tenant. One of the primary responsibilities of a property management service involves checking for possible lease violators and enforcing the terms of the lease.
If a lease violation does happen, there is always the possibility of eviction, something that a property management company will be experienced with. At Alltrade Property Management we have years of experience in these proceedings so if you have any questions regarding evictions don’t hesitate to contact us.
Managing Other Duties
Property management isn’t just maintenance and management though. Other duties include:
- Collection and adjustment of rent.
- Compliance with local, State, and federal law.
- Financial accounting and reporting.
- Conducting Move-in and out inspections.
Which is Better for You?
A property management company has the network, experience, and expertise, to take the time-consuming tasks of property management off your hands. You can expect rent to be collected on time, the property to be in tip-top condition, and fully compliant with all laws as well as strict enforcement of the lease agreement.
Professional, Quality Property Management
With a property management company as your partner, you can enjoy the fruits of your investment.
Alltrade Property Management offers exceptional services at the highest standards whether you need help advertising your property, managing your tenants, or dealing with a complex eviction.
We are a full-service property management company offering reputable services across Eastern and Central Kentucky, Alabama, and Southern Indiana. Our company has refined its services to comprehensively meet the needs of our clients. With Alltrade as your property partner, you can be guaranteed a solution that is designed to meet your exact needs.
Reach out to us today and receive a quote.