Around 36% of households rent apartments or homes. As a result, there is always a high demand for rental properties.
This is great news if you're a rental property owner, but there is a downside. Managing rental properties is an overwhelming job.
However, you can hire a company that offers rental property management services. You don't have to hire them to do everything. But you could hire them to do a few things.
Here are three services these companies offer that you might need.
1. Tenant Services
Your tenants play a role in your company's success. Good tenants reduce your workload as they pay their rent every month. They also care for their units, leaving them in better condition than bad tenants.
The challenging part is choosing good ones. A property rental management company has a system for this service. They know how to select good tenants.
The primary way they do this is through tenant screenings. First, they screen every tenant before approving their application. Then, they approve their applications if the tenant meets their standards.
The second part is keeping good tenants and reducing your vacancy rate. Again, a property management firm can reduce your vacancy rate, holding onto tenants longer.
Reducing the vacancy rate reduces your expenses and boosts your rental income.
2. Repairs and Maintenance
Next, how well do you handle the repairs and maintenance your properties need? If you need help with these tasks, you'll benefit from hiring a company that offers services for property management rentals.
Managing rental properties results in emergency repairs and normal repairs and maintenance. Additionally, it includes preparing units when tenants move out.
If you have trouble with these activities, your properties might suffer. As a result, you might need help finding good tenants. After all, good tenants want well-maintained rentals.
Thus, you could hire a company to handle every repair and maintenance task your properties need. Great maintenance ensures you hold your property value and helps you attract higher-quality tenants.
3. Accounting and Financial Management
Finally, you might turn to a rental property manager for help with your recordkeeping activities. Keeping good records is crucial for every rental property business.
Your records help you evaluate your company's performance. In addition, they help you find ways to boost your income. Good financial records also prepare you for tax season.
Failing to keep good records is one of the biggest mistakes rental property owners make.
When you hire a rental property management company, they will handle every bookkeeping task.
They'll likely use accounting software to track your income and expenses. Then, at the end of the month or quarter, they can give you a report that shows all the period's transactions.
Hire a Rental Property Management Company for Help
You can hire a rental property management company if you need help with these things or others. They'll customize the services for you and help you improve your rental property business.
Our team offers property management services in San Mateo, CA. Contact us to learn more about these services and costs.