Property management encompasses all aspects of operating an income property, from procuring and screening tenants to maintaining the property, collecting rent, and handling any issues that may arise.
If you've owned income property for any length of time, you know that owning a rental unit can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time and effort.
While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. With this in mind, here are some critical tasks PCP can help you with:
While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, PCP will conduct a thorough market study in order to set a rental rate for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
You are probably aware that securing payment from clients can be difficult, not to mention awkward. PCP has efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
Through long experience, PCP will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies. Using social media and on line platforms help to defer costly print media and quickly access potential tenants for you.
PCP is experienced in finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references. Personnel interviews are key in securing the lowest risk tenants for your property.
In addition to finding good tenants, PCP will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required. We have a 24 hour answering service to accept maintenance requests, and proper dispatch both routine and emergency calls.
We have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only will we get you the best work for the best price, they'll oversee any necessary maintenance projects without costly call backs or tenant disatification.
There are a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). PCP can help you avoid legal issues by keeping your property up-to-date and in compliance with these regulations.
If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By hiring PCP, you can take advantage of investment opportunities in any location you wish.
By hiring PCP to take care of the day-to-day aspects of operating your income property, you're free to spend your time identifying further investment opportunities or otherwise furthering your other business interests.