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Friday, 04 March 2022 20:54

What Does a Rental Management Company Do?

Owning single-family and multifamily properties in Buncombe County is a great pathway to financial freedom. With all of the growth in the Asheville area, it only makes sense to begin investing now and begin a journey into real estate investment. Asheville is booming, and the towns and hamlets throughout the Asheville metro area are also seeing increasing growth. 

But, when you have properties for rent and are struggling to find tenants or best manage your property, sometimes it is best to leave it up to the professionals. Rental management companies are a great asset as they use their expertise and team of professionals to manage the important facets of owning leasable residences. 

You may have no clue what exactly a rental management company does, a question that could cost you quite a bit of time and money. By the end of this post, you will have a better understanding of what a rental management company can do for you to make your life as a real estate investor easy.

 

The Basics of What a Property Management Company Does

Property managers are great assets to real estate investors, especially those who live outside the immediate area where their properties can be found. Property managers maintain the status quo of a residence, ensuring that your properties are well taken care of and full of happy tenants. They do this by:

  • Setting and collecting rent
  • Handle maintenance requests
  • Deal with complicated repairs
  • Fill vacant properties through marketing and sales
  • Set accurate budgets for properties
  • Make regular inspections and keep accurately detailed records
  • Handle tenant relationships
  • And much more

If you are struggling to handle these tasks, then it's time to hire a rental management company.

1. A Property Management Company Collects Rent

Setting and collecting rent is one of the most important parts of a rental management company’s job. The very reason that you put your property up for rent is that you see the potential ROI from rentals. Rental management companies ensure that your rent is set accordingly to maximize your returns while also understanding the market. 

Collecting this rent is not always easy, but your property manager will keep the cash flowing on time and in full. 

2. A Property Management Company Arranges Maintenance

Nothing is more frustrating than dealing with service calls and is probably one of the biggest driving factors for real estate investors to hire a property manager. Not only do property managers have access to time-tested contractors to handle repairs and preventative maintenance, but they can also help set up regular inspections for anything needed to put your property ahead of the curb in terms of excellence. Property managers also can set expectations on who is responsible for repairs on the property. Excellent service will keep your tenants around long term. 

3. A Property Management Company Helps Find Tenants

Marketing your property sounds easy but entails way more than just listing your property in the classifieds section of your local paper. Rental management companies have vast email lists, access to real estate directories, and proven track records that potential tenants trust. 

Hiring a property manager means that you can put those things out of your mind and leave all the showings and open houses to the pros.

4. A Property Management Company Helps with Finances

There is nothing worse than sitting behind a computer digging through your financial statements for your property. It’s time-consuming and, when done wrong, can lead to costly mistakes. Handing off bookkeeping and invoicing to a professional can keep your tax burden low, vendors happy, and cash flow. 

5. A Property Management Company Helps Arrange Regular Inspections

Regularly inspecting your properties can be extremely time-consuming, and it is very easy to miss key things that professionals automatically look for. With all the types of inspections,  move-in, mid-lease, and move-out, they all need to be well documented to ensure that you are covered. 

Inspections not only give you an accurate baseline for how a tenant is keeping up your property, but also can be a useful way to build a good rapport with your tenants. A professional property management company knows exactly what to look for and can better hold your tenants accountable by keeping accurate records.

Finding the BEST Rental Management Company

If you decide to hire a Rental Management Company, then here are a few tips on finding the right one.

  • Hunt down recommendations from trusted review sites and other real estate investors in your area.
  • Contact property managers and ask questions. Not all companies manage every type of property, so finding the one that can handle your specific needs is extremely important.
  • Seek out information from professional directories such as the Better Business Bureau or trade directories.

Finding a quality rental management company is key to success when it comes to real estate investment. Knowing that your property is in good hands will keep you out of the weeds and enjoying the fruits of your labor. Asheville Phoenix Properties is the premier rental management company that can ensure your properties are well taken care of. 

When you partner with Asheville Phoenix Properties, you have decades of professional property management experience on your side. Asheville Phoenix Properties takes great pride in serving both property owners and tenants by managing single-family and multi-family dwellings throughout Buncombe, Henderson, and Haywood counties. Get in touch with Asheville Phoenix Properties today.