In 2019, the rental vacancy in Houston, Texas, fell to 8.79 percent. And with rental prices skyrocketing, keeping renters happy and properties full is crucial.
As a property manager, it's your responsibility to handle all the components of the property. These include tenant placement, the terms of the lease, and maintenances. Failing in one of these areas will cast a poor reflection on you and make it harder to fill vacancies in the future.
Save yourself the hassle by partnering with a full-service property management company. Hiring a property management team will help you balance the responsibilities. And allow you to focus your time on other investments.
Of course, not all property managers are equal.
So whether you are a novice or veteran in the field, understanding aspects of quality property management services is imperative.
Below are three rental property management tips we've collected that property managers should know.
1. Know Your Tenants
To find tenants for your rental, you need to entice them with your property. Come up with a full-proof marketing plan complete with open houses and advertisements. You should also use social media to market and connect with tenants.
Quality property management services will have a team that specializes in marketing. When you receive applications, your property management company will begin tenant screening. Tenant screenings provide a background, credit, criminal and rental history check.
Once you’ve found the perfect candidate, it’s time to sign the lease. When you create the lease, you should have the help of a professional who understands the legal terms. The rules, regulations, and rent collection will be in the lease and gone over with the tenant.
Everything needs to be clear, so there is no room for misunderstanding.
2. Manage Maintenance and Inspections
Property managers must maintain a safe environment for their tenants. The focus is to extend the life of appliances and the foundation. Maintaining the property will reduce the number of emergency repairs which keeps tenants happy.
A full-service property management company will help you follow state and local inspections. They’ll also assist with general maintenance like lawn care, plumbing, and HVAC needs. A property management company will also supervise any contractor you hire.
They may even have recommendations for trusted professionals they've worked with before.
3. Understand Your Finances
Some property management companies offer a rental analysis. This analysis gives you an idea of what your property is worth so you can price it accordingly. They'll also provide you with a finance team to help you understand the cash flow.
They ensure you are making a profit with your investment.
Property management services will also help you stay on top of your paperwork. They'll keep track of your lease agreements, applications, and insurance papers. They'll also handle any fees from maintenance and inspections.
Rental Property Management Companies Help Property Managers
Precisions Realty's Houston Property Management makes rental property management easy for property managers.
We ensure you get the most out of your investment with our market analysis, tenant screening, and financing. Don't overwhelm yourself trying to wear every hat in the box.
Contact us today to get started with a free rental price analysis!