There are a lot of myths surrounding the concept of property management and many new, first time property owners have gotten bogged down by these assumptions and things they hear and read about. Eventually going in blindly for a property management firm, property owners end up paying and losing a lot of money that could have been part of their profit basket. Here are a few things that you should know that nobody told you about property management.
You know that your property management company will collect your rent for you every month, but did you also know that they can set the rent? Property management companies can set the right amount of rent for any given locality and keep it in place with the local laws as well as make it competitive enough to attract tenants. They can also adjust the rent according to market conditions.
Property management companies not only find you tenants but also, do all of the necessary screening before taking them in. It is very important to have your tenants screened for criminal records as well as their financial history as even those who seem friendly and amiable can have a different life behind closed doors.
There can be a lot of complaints that a tenant can face including the facility, landscaping, electrical, and even the roofing. A good property management company can easily take care of most of the usual complaints and also a long list of unusual ones like unbearable noise from the neighbors.
Every property has a good amount of paper work and reports that have to filed in regularly with the authorities. Accounting and taxes aside, there are a whole host of paperwork filing duties that must be met without fail and they will be taken care of by your property management company for you.
These are among the less known, yet integral part of the roles and responsibilities of any property management company.