There are many different services that property management companies offer. Services vary depending on the type of property you own, how many renters you have, and more. To better understand what a property management company does, review these common services.
About Property Management Services
Owning a property and managing one require completely different approaches. Working with an Aurora property management company ensures that your property and renters are properly looked after. A property management company will perform the following.
Property evaluation and rate determination: Rental rates fluctuate all the time. They are typically impacted by the property’s location and size. A property management company helps determine accurate rental rates by gathering information and analyzing the property. They will typically take photos of the inside and outside, make repair and upgrade recommendations, and suggest rental agreement policies.
Marketing the rental: If you’re unsure of the rental market, it can be difficult to find reliable tenants. An Aurora property management company can help find renters since they know the local market well. Your property will be properly showcased through online marketplaces with photos, videos, and property information. Plus, they’ll handle all communications and interests gained from these sites.
Handling communication and property showings: A lot of work goes into organizing showings of the rental to future tenants. Not only does the property management company handle all communication, but they set up showings for you. This also includes the distribution, collection, and processing of rental applications.
Screening and selecting tenants: Screenings like background and credit checks are common once applications are collected. This ensures that you’ll have reliable renters who make payments on time. There are some fees when it comes to screening through the National Credit Bureau. However, the property management team organizes all screenings and fees with the tenants directly.
Arranging lease agreements and renewals: Keeping up with lease renewals is time-consuming, especially if you have multiple properties. Property management ensures that all renewals are taken care of and updated if needed. For incoming renters, they’ll collect the down payment, security deposit, review the lease agreements, and perform a move-in inspection. For leaving tenants, they’ll perform upgrades and repairs, clean the unit, and handle the security deposit.
Handling legal matters: Each rental property needs to abide by local, state, and federal legislation. Dabbling in legal matters can be confusing, especially if you live out of state. Luckily, local property management companies are well-versed in Fair Housing and Tenancy regulations. You can rely on their services to keep your rental within legal standards. They’ll also handle tenant disputes and refer you to an attorney if needed.
There are many more services that an Aurora property management company can perform. These include performing routine inspections, assisting with financial transactions and documentation, and handling maintenance and repairs.
For more questions about how a property management company can help assist with your rental property, contact our skilled team. We’d love to help take the pressure off renting your own property. You can enjoy the financial benefits