When you decide to work with an Oakland property manager, you’re putting one of your largest assets into the hands of an experienced professional. This should bring you a lot of peace of mind as well as increase your ROI.
If you’ve never worked with a property management company before, we’re sharing some of the most critical tasks. These are five important things you can expect your property manager to do for you.
Price and Prepare Your Property
The first step in renting out a home is preparing it for the rental market. Your property manager will oversee the cleaning and any repair work that needs to be done before it’s marketed and advertised. You might receive recommendations on how to improve your property to attract better tenants and higher rents. Sometimes, a simple paint job or better landscaping can reduce your vacancy time and earn you a little more in rent.
Next, your property manager will use his or her extensive knowledge and access to reliable data to price your rental home profitably and competitively. You don’t want to price it too low because you’ll instantly lose money. You’ll continue losing money too, because bringing the rental rate up to market levels will prove difficult. However, you don’t want to overprice your home either. That will lead to longer vacancies or less qualified tenants. A good property manager knows your market and understands how to price your property.
Rental Property Marketing and Tenant Screening
Once your property is ready for the market, your property manager will take high quality marketing photos and create a listing that’s designed to attract a large pool of prospective tenants. Your listing will appear on a number of online rental sites that tenants frequently use, and a good property manager will also have a high profile website of their own as well as many local contacts to help you get your property rented quickly.
The showing process will be completely managed by your property manager, and once prospective tenants are interested in the property, your management company will handle the collection of applications and the tenant screening. This requires a lot of expertise; property managers must pay attention to all fair housing laws while conducting a thorough and consistent screening. Your tenant won’t be approved until he or she meets strict credit and income standards. Landlord references and eviction records will be checked and a full criminal background check will be completed.
Ongoing Management and Lease Enforcement
With a tenant in place, your property manager’s next job is to enforce your lease agreement, collect the rent, and respond to anything your tenant needs. Rent should be collected on time every month, according to the rent collection policy that is included in your lease agreement. Your property manager will be responsible for any tenant communication, the service of notices, and general day-to-day operations with anything pertaining to your property.
Routine and Emergency Maintenance
One of the most important roles of your property manager is to maintain your home. A good management company has processes in place to take care of routine, emergency, and preventative maintenance. They will work with licensed and insured vendors, and you should be able to save some money because most management companies receive discounted pricing from vendors and contractors.
Protecting the condition of your investment is an important property management function. You want to preserve the value of your asset and avoid deferred maintenance. Professional property management helps you do that.
Accounting and Bookkeeping
Tracking the income and expenses associated with your property is critical for tax purposes and to get an idea of whether your investment is performing the way you want it to. Good property managers provide regular accounting and bookkeeping reports and monthly statements with your rental payment. The accounting you receive from your property manager is professional, detailed, accurate, and transparent.
This is just a short list of what your property manager should do for you. With professional management, you and your tenants should have a better rental experience. Please contact us at Vision Property Management to learn more.