Why Property Owners are Choosing Professional Property Management Services in 2023
In 2022, 86% of property managers reported working with new clients, ranging from seasoned investors to first-time landlords. So, what are the benefits of professional property management services, and what services should property owners expect from their property manager? In this post, we will answer these questions and help property owners make an informed decision when selecting a property management partner.
What are Property Management Services?
Property management services refer to a broad range of services provided by property managers or management companies. These services are designed to meet the unique needs of property owners, and can range from “full-service” options to partial or “a la carte” management services. There are, however, certain services that property owners should expect from a professional property management company.
Brokers International Property Management offers the following standard property management services:
- Property Evaluations
Brokers International Property Management can help property owners assess the value of their property and determine a fair rental rate for prospective tenants. This includes knowledge of the local market, relevant laws, and pricing strategies to maximize profit. Additionally, Brokers International Property Management can identify any necessary changes to the property before it goes on the market, such as installing security measures to provide a safe space for tenants.
- Marketing and Advertising
Brokers International Property Management can assist with preparing a property for rental, including minor updates like landscaping and staging for marketing photos. They also create ads for the property and post listings across multiple sites to attract the perfect tenants for your property.
- Tenant Showings
Brokers International Property Management works tirelessly to find tenants for the property. This may include offering 24-hour answering services, hosting open houses, partnering with realtors, or conducting private showings. They also provide potential tenants with applications and collect completed applications accompanied by application fees.
- Tenant Screening
Brokers International Property Management sorts through applications to identify the perfect tenant for the property. They perform background and credit checks to ensure quality tenants while remaining impartial and cognizant of all fair housing laws and obligations.
- Tenant Move-In
Brokers International Property Management coordinates all aspects of move-in with the tenant(s) and completes essential paperwork, including any move-in or move-out inspections necessary between tenants.
- Maintenance
Brokers International Property Management can handle both routine and emergency maintenance and repair requests. They use convenient technology to collect rent, manage late fees, and perform property inspections and evaluations throughout a tenant’s occupancy.
- Renovations
Brokers International Property Management is adept at managing vendor relationships, coordinating elements of renovations, and ensuring all parties are paid on time.
- Accounting
Brokers International Property Management handles bookkeeping, tax filing, and routine paperwork. They keep property owners in control of their investment while handling busy work.
- Evictions and Legal Support
Brokers International Property Management knows the proper legal process to pursue for evictions and explores every possible mediation avenue before evicting. They have licensed legal resources available to supplement their advice.
ROI of Property Management Services
Professional property management services reduce costs by negotiating better contracts with various professionals, including cheaper legal fees. They bring contractors more work than just one property, allowing them to negotiate lower rates. Additionally, property management companies have established connections and access to better workers, resulting in higher quality, cost-effective, and longer-lasting renovations. Brokers International Property Management provides value at every step of the rental process, helping property owners save money.
How Much Do Property Management Services Cost?
The cost of property management services varies depending on the property owner’s level of involvement and the scope of services covered in the agreement. Brokers International Property Management offers both a percentage of the monthly rental payment or a fixed monthly property management fee
