If you have one rental property to manage and you think you can do it effectively on your own but you’d like some professional help finding a tenant, you’re making a smart investment decision. Many property management companies in Oakland and the surrounding area will offer you a lease-only service, which means we lease your property to a qualified tenant and then we turn the day-to-day management functions over to you.
Most lease-only services come with a flat rate price or the management company will charge you the equivalent of your first month’s rent. Today, we’re explaining what types of leasing services you can expect in this situation.
Property Marketing and Advertising
The first thing you can expect from a lease-only property management service is the listing and marketing of your vacant rental property. Your leasing expert will take good pictures of your home, write a description, and make sure it’s priced properly.
A good marketing plan includes online advertising. There are dozens of rental sites that prospective tenants are using, and your property manager will make sure your property is visible to all potential renters. While placing these ads yourself may seem time-consuming and expensive, most management companies can automate the syndication of your listing across a number of platforms. Make sure your listing is also included on the property manager’s website.
Showings and Responses
As people begin to express interest in your property, you should have a leasing agent prepared to answer those calls and respond to those messages. In order to get your property rented quickly, your management company will need to be responsive and accessible. It’s important not to lose time. Good tenants won’t wait long for a call back. They’ll move onto the next property on their list.
Applications and Tenant Screening
Make sure the management company you’re using has a reliable application and a thorough screening process. A signed application must be submitted by all adult residents who are 18 years of age or older. The screening should include:
- Credit checks
- National criminal background and eviction checks
- Employment and income verification
- Rental history verification
We think it’s a good idea to talk to current and former landlords. We also like to document income so we’re sure the prospective tenant can afford rent every month. Typically, a management company will collect pay stubs or bank statements or tax records.
Lease Negotiation and Execution
After a tenant has been screened and approved, it’s time to collect the move-in funds, which typically includes the security deposit, first month’s rent, and any additional pet deposits or fees. Then, your property manager will go over the lease in detail, explaining all of your expectations. Your tenant needs to understand the rent collection policy, how to report maintenance and repair needs, and what the rules and responsibilities are for the property. You may want to talk to the tenant yourself about these things, but your lease-only services should include having the lease signed.
We offer lease-only services as well as full-service property management in Oakland and the surrounding communities. If you have any questions or need any help, please contact us at Vision Property Management.