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Professional Property Management: How It Works and How It Can Benefit You

Jackson Property Manager Speaking with Rental Property OwnersDid you buy a single-family rental property? If this is true, you may be considering whether you should acquire a Jackson property management company to help you run it. But what does a professional property management company even do – and is it worth the cost? This blog post will go over how professional property management performs and what a property manager can do for rental property owners. By the end, you’ll better understand whether property management is ideal for you.

What is Property Management?

Professional property management is overseeing and managing a rental property on behalf of the owner. Usually, this may cover responsibilities such as marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, and so forth. In other cases, property managers may also be responsible for evictions.

Property management companies commonly charge a percentage of the monthly rent as their fee. For example, if your property rents for $1000 per month and the management company charges a 15% fee, you would pay them $150 per month. Some companies also charge additional fees for services such as lease renewals or marketing.

What Does a Property Manager Do?

The job of a property manager can be time-wasting. Property managers are responsible for numerous responsibilities. Some of the most common obligations of a property manager include:

– Marketing the property: Property managers are responsible for seeking tenants for your rental property. This incorporates listing the property on rental websites, showing the property to potential tenants, and screening applications.

– Screening and approving tenants: Once a list of qualified tenants is compiled, it’s up to the property manager to screen them and select the best candidate. Generally, this includes running a background check and verifying their income and employment history.

– Collecting rent: Property managers are liable for collecting rent from tenants each month. They may also handle late payments, returned checks, and evictions (in some cases).

– Handling maintenance requests: When tenants have a maintenance or repair problem, they will approach the Jackson property manager. The property manager is then responsible for coordinating with contractors, scheduling repairs, and ensuring that the work is completed on time.

The best property management companies can also help you optimize your investment properties and grow your portfolio. They deliver expert market analyses, comprehensive insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, and more).

Benefits of Hiring a Property Management Company

There are many benefits of hiring a professional property management company. Probably the most appealing feature is that it frees up your time. If you’re managing your rental property independently, that’s a lot of time spent on tasks like marketing the property, fulfilling maintenance requests, and many more. Property managers may handle all the day-to-day activities connected with owning and managing a rental property. This can save you time and money while allowing you to focus on other important things in your life.

Other critical benefits of hiring a property management company include:

– Reduced vacancy rates: A skilled property manager will understand how to market your rental property and screen tenants effectively. This can help you fill vacancies easily and reduce the time your property is unoccupied.

– Increased rent collection: A property management company can help you collect rent on time. They may also assist you in raising your rent prices (in some cases).

– Lower repair and maintenance costs: A property manager will have a network of reputable contractors with whom they work primarily. This can assist you in acquiring discounts on repairs and maintenance, as well as ensure that the task is completed at the appointed time.

– Fewer legal problems: A property manager can help you avoid potential legal issues by following all current laws and regulations. They will be able to professionally and legally handle difficult situations, like evictions.

 

If you’re thinking about employing a property management company, make sure to do your research and pick a reputable company that gives the quality services you need and want. Real Property Management Omega has over 30 years of experience in single-family rental property management. Contact us online today to learn more about how we can help you proficiently manage your properties and improve your investment portfolio.

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