If you’re a renter or a property owner, you’ve probably heard of something called “property management.” Knowing what that term encompasses could lead to some major changes to how you rent or handle your units.
Property management is when a landlord hires another company to oversee a property or set of properties. The responsibilities that the landlord passes on to the company can involve any of the following:
- Collect rent from tenants: A property management company will ensure that tenants are making timely rent payments. Many companies make the payment process easy for tenants by directing them to an online payment system.
- Handle evictions: Property management typically involves handling evictions, a process that is often uncomfortable for landlords. Because the company also collects rent, it’ll be able to keep track of late payers. The company can also deal with renters who breach their leases in other ways.
- Property maintenance: An Aurora property management company will hire professionals to take care of regular property maintenance. This could include tasks such as mowing the grass and trimming hedges.
- Emergency repairs: Some issues go beyond regular property maintenance. If a laundry machine breaks down or a rodent infestation suddenly occurs, tenants can reach out to the property management company. The company can use funding provided by the landlord to handle emergency situations.
- Screening tenants: Not everyone is going to be a responsible tenant. Screening tenants is an important aspect of property management. The company can use background checks to screen prospective renters and show the property to interested individuals.
Property management tasks don’t end there. They can also encompass bookkeeping for tax purposes and preparing reports for the landlord. Activities like these are a major benefit to property owners who want to ensure their properties remain as profitable as possible.
Benefits of Property Management
If you’re a property owner, the benefits of a property management company are fairly obvious. Because experts are handling the daily maintenance of your property, you have more time to focus on other matters. For example, you might direct your attention toward other investments. A property management company is especially helpful if you don’t trust yourself to handle legal or marketing tasks. They’re also useful for landlords who have trouble addressing repair issues in a timely manner.
Moreover, because the company is dedicated to addressing tenant needs, you may notice better tenant retention. And when you have vacancies, you can rest easy knowing that marketing efforts are underway. Overall, you’ll be less stressed about the state of your properties and the satisfaction of your tenants.
Renters who find themselves dealing with property management companies also experience some benefits. Interactions with these companies may be stricter and less personal than interacting with a landlord. However, property management companies can also be more responsive to the needs and concerns of tenants than a landlord might be. For example, it’s less likely that the company will forget to contact a repairman or collect rent on time.
Now that you know what property management means, you can ask yourself, “Is it right for me?” If so, Walters and Company may be the right solution for you.