An experienced property manager will provide marketing assistance. They will be the contact person for anyone curious about the property, be it from the sign in the yard or a link on a website. They should offer tours and/or walk-throughs as necessary and promote your property to prospective renters.
A qualified property manager will provide background checks and gather history on potential renters. Additionally, if property managers are paid a percentage of the rent on active rentals, landlords can be assured of a dedicated marketing push to get that property filled. Landlords can be better assured that renters will not willfully damage or destroy a property based on the history of an applicant, and credit checks will reduce your risk of chasing bad debts after eviction. Some property managers provide additional protection by running criminal background checks on applicants. Finally, property managers who choose to charge an application fee may have to work harder to get applicants, but the simple act of adding a $25 fee up front can weed out rental applicants and offer you better protection for your property.
An established property manager will also have a well established and proven database of contractors. While many landlords prefer to do some repairs on their own, fast access to a plumber or an electrician can save your property a great deal of damage and keep your renters happy and in place.
An experienced property manager should have no problems handling the toughest decisions. As you enter the rental market, it may be tempting to let rules slide if renters have difficulty paying or keeping up with maintenance such as lawns as required by lease. If you know that evicting a renter could be a difficult decision for you based on the renter’s personal circumstances, you need an experienced property manager.
A professional property manager can also save landlords a lot of bookwork at tax time. Property managers should provide you with consolidated documentation on repairs and expenses, the income you received over the year, and any marketing fees. As an added plus, property management fees are tax deductible.
Rental property managers are a terrific asset for any landlord. They should be able to weed out unsavory applicants, collect rents, disperse payments and tax documents, and act as the first contact for your renter should anything falter or fail in your property.