You’ve had enough. Tenants that don’t pay, midnight calls for repairs, showings on your property at all times of the day - it’s enough to make you give up on the idea of renting your property. The stress is too much, and you’re working too hard.
Instead of selling and giving up on the dream of a second income and a more secure future for you and your family, you may just need a property manager to take over for you.
Before you hire the first company or agent with the cheapest fees, take a look at our list of the services you should expect from your property manager. Even if you don’t need everything they provide, make sure the property management company you work with can give you plenty of options and handle all the details for you.
1. Marketing your property across the internet
2. Adding your rental to the MLS
3. Scheduling and showing your property
4. Taking calls from potential tenants
5. Screening tenants
6. Performing extensive background checks - criminal, employment, and more
7. Explaining lease agreements to tenants
8. Offer attorney-approved leases that protect you and your property
9. Taking maintenance calls
10. Scheduling maintenance and emergency repairs
11. Maintaining relationships with good, reasonably priced local vendors
12. Keeping up with fair housing laws
13. Performing evictions
14. Accepting security deposits
15. Online rent payments to make rent collection easier
16. Paying vendors for services
17. Management of utility accounts
18. Monthly financial statements for owners
19. Answering questions from owners and tenants
20. Move out inspections
21. Regular home inspections - at least every six months
22. Automatic lease renewals
23. Annual property reviews
24. Knowledgeable staff
25. Plenty of options to communicate - email, phone, online portals, etc
When you start interviewing property managers, ask to see a list of all the services they provide. Find out what you’ll get for your monthly fee. If it doesn’t come close to this list, keep looking. Your investment, your peace of mind, and your financial stability are worth it.