What To Expect From A Property Management Company
Owning and investing in property is a hefty responsibility. It isn’t a surprise when someone ventures into the question of whether to hire a professional company to handle that burden. What to expect from a property management company is a valid question and concern, since they generally are expected to fill many roles for that property. What do they do, and what are the benefits of hiring one? There is a lot to go over.
We have seen a lot and filled all the roles that are needed. Providing Atlanta area property management needs throughout the city and suburbs, we understand that there are often a lot of questions about these roles. So let’s answer them. Let’s tackle what to expect from a property management company and why many choose to go down that route for peace of mind and many other real-world reasons.
Table of Contents
- Core Services Provided by Property Management Companies
- Benefits of Working with a Property Management Company
- Hire BMG to Do the Job Right
Core Services Provided by Property Management Companies
What to expect from a property management company comes down to their very definition. What do they do? A lot. Hiring a property management company means that they are taking on most of the burdens of owning and managing that property. That can be a lot of daily duties, especially when you’re talking about a number of properties all with their unique tenants and needs. Let’s dive into some of what we are talking about.
Financial Management
Property management companies are responsible for the day-to-day management of the finances of the property. That means collecting rent, daily bookkeeping using both new and old technologies, wrestling with profit margins, and so much more. Property managers are ultimately responsible for making sure the property is profitable, which is a huge responsibility that all owners should take seriously.
Communication and Tenant Relations
Managing the tenant relationship can be a hefty part of the role that property management companies have. Effective communication is crucial. After all, property managers serve as the primary point of contact for tenant inquiries, requests, and concerns. It’s also important for property managers to be skilled in conflict resolution, as they mediate any disputes that may arise. This can be from the onboarding process and getting tenants settled all the way to when they are moving out when managing the security deposit, move-out expectations, and more.
This isn’t even accounting for tenant-to-tenant relationships and any complaints that might come up between them. There are all kinds of things that might come up that skilled property managers will be able to navigate effectively.
Repairs and Maintenance
The ongoing maintenance of the units is an important part of the job. If you’re asking what to expect from a property management company, one thing you should be asking is whether they come with a skilled list of maintenance and repair professionals who are a phone call away.
Marketing and Tenant Screening
Property management companies have a large responsibility to try to limit vacancy time in rentals. Connecting back to their role as stewards of the financial components of the property, ultimately their goal is to make them as profitable as possible. That means posting ads and advertising the property effectively so that units are not left vacant and money is lost because of it. They use their local market knowledge to create targeted advertisements, craft compelling listings, utilize online platforms, and use effective advertising strategies to attract potential tenants.
They also oversee the tenant screening and application process as potential tenants come. While this may seem easy, there is a lot of legal and compliance know-how that a property manager needs to have so that applicants are shepherded through that process in the right way.
Legal Compliance and Additional Services
In regards to legal compliance, considerations regarding whether properties are adhering to local, state, and federal regulations happen during the tenant screening process, but they also are all over every part of the property management role. The units need to have safety measures and maintenance conducted that adhere to regulations that are spelled out concretely; they often vary from state to state. From how the security deposit is handled to what repairs tenants are responsible for versus the owner, there are so many components of property management that need to be conducted in specific ways based on local and non-local laws. A professional property management company is well-versed in all of this.
Benefits of Working with a Property Management Company
Most landlords and investors can benefit from property management and the services they provide. As spelled out, there is a lot to manage, and hiring professionals to do it alleviates a lot of worry. This is especially true if they own several properties. If you’re asking yourself what to expect from a property management company, hearing about their benefits in one concise list would certainly be helpful. So here you go.
- Tenant Selection – Professional property managers make sure there is a smooth process for finding reliable and responsible tenants.
- Vacancy Rates – Property managers work efficiently to fill vacancies quickly. They have marketing strategies that include effective property showings and streamlined application processes.
- Legal Compliance – Following Fair Housing Laws is important for rental businesses to avoid costly discrimination disputes. Property managers have expertise that helps properties remain compliant to avoid potential legal issues.
- Time and Stress Management – Hiring property management frees up rental owners’ time and relieves them of the stress associated with day-to-day maintenance tasks.
- Rental Income – Property managers work to maximize the ROI (return on investment) for property owners. They have experience in doing this in all sorts of markets and weighing all kinds of variables.
Hire BMG to Do the Job Right
Every decision a rental owner makes has the potential to cost or save them money. Hiring a professional property management company is often one of the most influential of these decisions. Weighing what to expect from a property management company often results in a lot of reasons why hiring one often becomes a necessity.
At Bay Property Management Group, our focus is on rental management and that alone. Whether it is your need for property services in Atlanta, Boston, or beyond, we can help. Our team of managers, leasing professionals, accounting staff, and maintenance techs is on hand to ensure no detail of your rental business is overlooked. So, if you are new to the industry or realize self-managing may not be the best choice for you, get in touch with Bay Property Management Group today.
