If you’ve never worked with a professional Woodstock property management company before, you might not be entirely sure about what to expect from your property manager. You should expect that they’ll share their resources, experience, and systems with you in the pursuit of the best investment experience possible.
We’re covering some of the basics in today’s blog so you’ll know what to look for when you’re trying to decide who can best lease, manage, and maintain your rental properties.
Professional Management Includes Leasing Services
You can expect your property management company to find and place a qualified tenant. There are several things that have to happen before you’ve leased your property, however, and a good management company will also take care of those details, which include:
- Preparing the property for the rental market
- Accurately pricing the property
- Taking high quality marketing photos
- Strategically advertising the home online and throughout professional networks
Your property manager will arrange showings, follow up with prospects, and take care of the application process. You should expect rigorous screening that’s consistent and compliant with all fair housing laws.
Once a tenant has been approved, a full-service property management company will collect the security deposit and other move-in funds, go over the lease, and conduct the move-in inspection, which ultimately documents the condition of your home when the tenants take possession.
Ongoing Property Management and Maintenance
With a good tenant in place, you can expect your Woodstock property management company to take care of any day-to-day issues or logistics associated with your property. This will include:
- Collecting rent
- Enforcing the lease agreement
- Managing questions from tenants
- Responding to routine and emergency maintenance
- Serving notices as necessary when rent is late or unpaid
Routine maintenance is a huge part of what your property management company will do. You can expect them to have access to a reliable team of vendors and contractors who are licensed, insured, and willing to stand behind their work.
Preventative maintenance should also be part of the services you receive. When a property manager is keeping a close eye on the functions of your home, you’ll have fewer surprises and less expensive repairs.
Rental Property Accounting and Bookkeeping
A full service property management company will use technology to improve communications and keep all their systems and processes efficient and effective. When it comes to accounting, you should expect detailed and transparent accounts and statements. Your property manager should always keep you informed on the income and expenses associated with your investment, and you should have all the forms and documentation you need at tax time.
Online portals are available through nearly every full-service property management company in Woodstock. You should be able to log onto your owner portal and see your statements as well as inspect documents such as leases, invoices, and inspection reports. With the right technology, your property management company will be able to collect and pay rent electronically and provide an easy and secure way to communicate.
A good property management company will provide a full range of services and offer you peace of mind. You should feel like you’re getting a lot of value and service in exchange for your management fee. If we can tell you more about how to prepare for the professional management of your home, please contact us at Clients 1st Property Management.