What Does a Professional Property Manager Do? | Whittier Landlord Tips
If you’ve never worked with a property management company before, you may be unsure about what to expect when you have someone professionally managing your home. Property management is often misunderstood, and today we want to explain exactly what you can expect when you decide to work with a professional Whittier property management company.
Property Managers Lease Your Rental Property
A vacant rental property doesn’t earn you any money, so one of the first things your property manager will do for you is lease your home to qualified applicants. This starts with preparing the property for the rental market. You can expect your management company to have it cleaned and repaired. A good property manager may make some recommendations on things you can update or upgrade to earn more rental income and attract better residents.
Your property manager will analyze the current rental market and help you settle on a competitive but profitable rental price. Then, we will market the home online, schedule showings with interested prospective applicants, and walk them through the application process. Applicants will be screened thoroughly and consistently with a property manager. All fair housing laws will be followed and you’ll end up with a resident who has demonstrated a history of paying rent on time and taking care of rental properties.
We’ll check credit, verify income and employment, and look for prior evictions. During the screening process, a good property manager will talk to former landlords and conduct reference checks.
Once a resident has been found, you can expect your property manager to collect the move-in funds and execute the lease. There will be a thorough inspection to document the condition of your property.
Property Managers Maintain and Protect Your Investment
After a resident is placed, the day-to-day management will begin. This includes:
Managing routine and emergency maintenance issues.
Responding to tenant concerns and questions.
Providing accounting and bookkeeping services for your property.
Communicating with owners, residents, vendors, and other interested parties such as insurance agents, attorneys, accountants, and other professionals.
Our goal during the ongoing management period is to protect the condition of your property and keep you safe from any liabilities, lawsuits, or claims.
Property Managers Help you Earn More and Spend Less
A good property manager will do more than place applicants and collect rent. When you’re working with professionals, you’ll find that you can earn more on your investment, even with the management and leasing fees that you pay. Property managers place better residents quickly, which saves you money on extended vacancies, potential property damage, and eviction costs.
Your property manager will also inspect and maintain your home, addressing small problems while they’re manageable and relatively inexpensive. A minor leak that’s left to become a huge plumbing issue will cost you more and probably displace your residents. Good property management prevents that. You can also count on quality repair work because property managers provide so much work to vendors like plumbers and electricians.
We would love to tell you more about our Whittier property management services. If you have questions about what a property manager can do for you and your rental property, please contact us at LS Property Management.