Residential property owners are wise investors and certainly no strangers to hard work. They’ve learned to work judiciously by delegating tasks to others, freeing themselves up to obtain new investments. Long-term benefits of assigning the daily responsibilities of managing residential properties offersinvestors the opportunity to streamline their obligations so they can focus on future goals.
The Benefits of Hiring a Residential Property Management Service
What exactly do residential property management services do? Will they cover the midnight emergency phone call about a backed-up toilet (while property owners are fast asleep)? Here are some reasons it’s worth it to hire a residential property management service:
(1) Manage Security Deposit Escrow Funds: Residential property management services manage security deposits in a third-party location, making tenants more comfortable when they sign a lease. Property management professionals comply with local and state regulations.
(2) Provide Bookkeeping and Create Detailed Reports: Monthly income and expense records and cash statements are provided by property management services, saving you the tedious trouble of creating comprehensive bookkeeping records for your investment property.
(3) Take Emergency Maintenance Phone Calls: Property management services give owners the opportunity to avoid unexpected emergency interruptions day or night. The residential property management service fields calls 24/7 and deals with the emergency maintenance calls from tenants.
(4) Establish Balanced Rental Rates: Maximizing your monthly income and maintaining low vacancy situations are done by finding the sweet spot in the amount charged for the property’s monthly rental rate. By studying the market, residential property management companies establish balanced rental rates based on facts, creating long-term, win-win situations for owners and tenants.
(5) Systematically Screen Potential Tenants to Locate the Best Fit: Property management services thoroughly evaluate potential renters by conducting criminal background checks and security checks, obtaining credit reports and verifying tenant employment, and acquiring references from previous landlords. Delegating these types of details to a property management service benefits owners in the long term as the best tenants are found.
(6) Hire Quality Maintenance Professionals When Repairs Are Needed: Property management companies oversee multiple properties and know the market when it comes to contractors and tradesmen. When maintenance or repairs are needed in your investment property, the property management service contacts the maintenance workers needed to take care of your investment in a timely, prudent fashion. Additionally, they contact your tenant to work out the scheduled repair or maintenance need.
(7) Help Investors Avoid Lawsuits by Keeping Your Property in Compliance with Regulations: There are federal, state, and local regulations you must abide by when renting your property. A residential property management service helps you avoid lawsuits by staying up-to-date with all the regulations.
(8) Open Up the Opportunity for You to Invest Out of State: Property management services broaden the possibilities of where you can invest next. They are able to provide management beyond your local area, opening up greater investment possibilities for you to secure in the future.
(9) Create the Best Opportunity for You to Profit from Your Investment: Property management services receive compensation by charging a percentage of the monthly rental for their management services, saving you the expense of hiring someone to personally care for your property. They also help you profit from your investment by saving you valuable time in the day-to-day details of managing your investment.
(10) Collect and Deposit Rent Payments in a Timely Fashion: Property management services take the sting out of collecting rent by covering all that it entails monthly, freeing up the owner’s time. They utilize a proven system to collect monthly rent, and confirm payments are made by their due date each month. Their efficient rent collecting practices help owners receive expected monthly cash flow, simplifying the process.
(11) Manage Tenant Needs and Complaints: Residential property management services take care of the long-term management of tenant needs and resolve any conflicts that may arise between the tenants and the landlord. They also carry out routine inspections to identify any areas within the property that need to be addressed.
(12) Boost Your Time to Attend to Other Tasks: Property management services cover the details needed to manage your investment and free you up to attend to the things that matter most—such as family, friends, and furthering your career. Delegating the management details and assigning the responsibilities of your investment property to residential property management professionals is well worth the investment, allotting your time for other tasks.
(13) Fill Your Property Quickly by Marketing Intelligently: Residential property management companies are able to secure the best tenants and fill your property in a timely fashion. They draw from years of experience when it comes to marketing and advertising your property in a way that will create win-win situations for owners and tenants alike.
McGraw Property Management professionals understand the time-consuming tasks involved in managing your residential property and your lease agreements. So, we’ve prepared all the resources needed to smoothly navigate everything your property management requires. We help investors who own townhomes, condos, duplexes, or apartment communities as well as homeowners desiring to lease their previous home or rental property.
Services McGraw Property Management Offers
- Inspections: Conducts inspections and creates detailed documentation of your property’s condition when tenants move in and after they move out.
- Renters: Locates the right tenants to lease your property. Owners get the last say in who leases their home or unit.
- Repairs: Coordinates repairs 24/7 for your property with the best vendors.
- Meet Requirements: Enforces the Landlord and Tenant Act.
- Responds: Communicates professionally to all tenant inquiries, concerns, or complaints.
- Assists: If an eviction process is required, we’re here to help.
- Accounts: Provides a full-service accounting department.
- Reports: Owners receive monthly statements and annual cash flow reports.
- Inspects: Provides optional biannual property inspections.
For over 80 years, McGraw Property Management Services have linked homeowners, tenants, and real estate investors, forging win-win relationships. See our Property Management Services and call McGraw Property Management and tell us what you’re looking for.