Property Management Essentials

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Are you in the market to entrust your rental property to a property management service? Many landlords and property owners have little desire to manage the day-to-day necessities that renting requires. This is where property management companies come into play—but how do you choose which one is the right fit for you and your tenants?

If you want to take the headache out of owning rental properties and only reap the benefits, hire a property management service to take care of the following essential business practices:

Rent Collection

One of the most important pieces to managing a rental is collecting the monthly rent. A property management company should take responsibility for keeping track of tenants and offering them a variety of ways to pay, ranging from cheque to cash to an online payment portal. It should also handle any issues with payment, such as a bounced cheque.

Not only should a property management service handle rent collection, but it should do it in a way that is deemed secure. You want your tenants to feel comfortable taking advantage of these services and want to rest assured that their money—and yours —is safe.

Tours (Virtual or In Person)

Some property management companies have made the shift to video tours only. Tenants can take the tour whenever they want from the comfort of their own homes and can view the video as many times as they need to decide whether this is the property for them.

Many people have difficulty making a decision on a rental if they can’t see it in person. To this end, a solid property management company may set up appointments to show the space. Maybe choose a property management company that offers both?

Social Media

How is your property management company going to get the word out about your availability for new tenants? While being listed on popular rental sites is a good first step, you should also look for a company with active social media profiles. More people than ever are turning to popular social media platforms to find their next place. Don’t miss out on this wellspring of leads.

Ease of Communication

One of the perks of hiring a property management company is that it handles communication between you and the prospective tenant. If someone has a question about the property or a major concern about something, you want these queries to be easily addressed. To this end, you should look for a property management company with multiple modes of reliable communication for both you and the renter.

While a phone may be a go-to source of communication, it’s not the only method you need. A simple chatbot on its website can help to field initial inquiries and lodge complaints to the right department. Likewise, having someone who responds to email or text messages is also helpful.

Marketing Acumen

You want a property management company that can get your property in front of potential tenants. To this end, you need to work with marketing experts who know how to advertise your property. This can tie into companies that offer video tours, know how to write great property descriptions, and have general knowledge of where renters in your local area are searching for new properties.

Inquire about how your property management company can interface with renters via email marketing and/or social media marketing.

Screening Applicants

Just because you’re in a hurry to rent your property out doesn’t mean that you should accept the very first applicant that comes your way. An essential property management company task is to verify that applicants are qualified to rent from you. It may request income verification, a credit report, a background check, and even a debt-to-income ratio. Those who go above and beyond may also ask for references.

It might cost more to hire out these services, but it’s money well spent if you can avoid a renter who frequently skips out on the rent and has a checkered history of picking up and moving when finances get tight.

Repair Costs

Maintenance and repair costs typically fall on your shoulders as the property owner. Look for a property management company that gets repairs done for a reasonable rate. In particular, you may want a company with its own handyperson services.

Getting the Right Property Management Company

Above are just some of the essential services you’ll need from property management services in Winnipeg. When you require a robust team, contact Premier Property Solutions Inc. to help you get top dollar on your property with minimal work for you!