Did you know that residential renters pay around $500 billion in the United States every year?
Managing property is not as easy as you may think. The process includes a number of steps that many people don’t know about. This includes property marketing, tenant screening, drafting lease agreements, inspections, and even collecting rent from your tenants.
This is why property management companies can be so valuable. Partnering with an experienced property management company can help you manage your existing property so that you can focus on upgrading and expanding your portfolio.
Curious to know how property management companies work? Here’s everything you need to know.
What Is a Property Management Company?
A property management company is a third-party firm that works with landlords to maintain and manage a rental property on their behalf. These firms can specialize in a variety of different services but ultimately aim to make the life of any landlord easier.
What Does a Property Management Company Do?
Different property management companies specialize in different services. Here are some of the main services property management companies offer.
Marketing is a powerful tool that can help you find reliable and trustworthy tenants. Property management companies know the best ways to advertise your property so that you find the perfect tenant for you.
Screening and Inspections
Property management companies can also do extensive tenant screening. These firms can also help with tenant and rental inspections. This can help make sure everything is up to standard before your tenant moves in.
Some property management companies offer maintenance on the property itself. This can help take the burden off your shoulders while making sure that any issues that come up will be serviced as soon as possible.
Property management companies can also make the rent collection process a lot easier. By collecting the rent on your behalf, you don’t need to worry about anything besides getting paid at the end of the month.
Some property management companies will even help you with your financial reporting. This can help give you an accurate view of all the money coming in every month. They will also help you prepare all the necessary financial reports and accounting you need to file your taxes efficiently at the end of the year.
Experienced Property Management in Denver
Property management companies specialize in a variety of services aimed at making your life easier. From general maintenance to collecting rent on your behalf, property managers can help you every step of the way.
Experienced property managers like Investor’s Realty specialize in a wide range of administration services as well. This includes financial reporting, marketing, and screening services as well.
If you have any questions or want to learn more about how hiring a property manager can help you, feel free to contact us today.