The Importance of Property Management
There’s a high demand for rentals in scenic Los Brazos Valley, which makes the area an obvious choice for property investors who want high returns on their assets. And while choosing an investment property based on location, operational costs, profitability, and other factors have a huge impact on the success of your rental, there’s another thing that affects the performance of your rental – property management.
Texas property management is a 24/7 job, with professionals responding to tenants’ complaints and keeping vacancy rates high around the clock.
Find out what goes into property management and why it matters to property investors.
What is property management?
Property management is the profession of overseeing and managing the operations of a rental property, such as an apartment building or a multifamily. This task is typically performed by a third party, such as a real estate company with significant experience in operating rentals as well as access to a pool of renters.
However, in certain instances, the property investor may take over the role, especially if the rental is limited to just one or few units.
What does a property manager do?
Property managers perform a wide range of tasks related to the operations and management of your rental property. These tasks include, but are not limited to, the following:
- Scheduling repairs and maintenance work
- Creating and promoting rental listings
- Attracting and screening tenants
- Evicting tenants
- Returning deposit money
- Preparing and administering lease agreements
- Collecting monthly payments
- Maintaining a record of financial documents
- Preparing and sending regular reports to the property owner
And so on. Essentially, property managers must ensure tenant satisfaction, maintain records, and keep vacancies to a minimum.
Because of the amount of work that goes into property management, especially for larger rental properties, property managers must automate certain aspects of the role, such as billing, collection, and records management.
With the property manager taking over these tasks, you can choose the level of involvement in the rental.
If you want to be more involved, you can check in with the property manager on a day-to-day basis.
But if you have other commitments, or if you’d like to maintain some personal distance from your investment property, you can have peace of mind knowing that your rentals are being managed properly, even if you don’t communicate with the property management or tenants on a regular basis.
The importance of property management
Hiring a property management company comes with the following benefits:
- Lower vacancy rates – With a property manager actively promoting your listings and securing tenants, you can expect to have a reasonably high occupancy rate year round, especially if your rental is located in a desirable area.
- Quality tenants – The property manager will conduct a thorough background check to secure quality tenants. The screening process typically involves financial, employment, and criminal checks. The property manager may also speak with previous landlords.
- Better tenant relations – Your property manager will respond to tenant complaints and requests for repairs to ensure tenant satisfaction and strengthen tenant relations. This, in effect, helps minimize turnover and vacancy rates.
- Better-maintained rentals – Rentals get a lot of wear and tear from the sheer influx of people moving in and out of the units. Moreover, rentals must meet basic requirements for safety and building codes. A property manager will make sure that your investment property is properly cared for by scheduling regular maintenance and repairs.
- Increased profitability – Well-maintained rentals are more attractive to prospective tenants, which is why hiring a property manager can help make your investment property more profitable. Moreover, they make sure that all the proceeds from monthly rentals, penalties, and other fees are remitted properly so that you don’t lose money in the process.
- More time and freedom – Entrusting operations with a property manager frees up your time so that you can turn your attention to other investments. It also helps minimize stress and prevent burnout.
How to choose a property manager
When looking for a property manager in the Brazos Valley, choose someone who has proven experience in property management in addition to a robust portfolio of rentals.
Moreover, their personal values must be aligned with yours – choosing a property management company that strikes a balance between protecting your interests and making sure that tenants are treated fairly is ideal.
Looking for property management services in the Brazos Valley? Berkshire Hathaway Home Services (BHHS) Caliber Realty has over 60 years of combined experience in property management and leasing services. You can reach the BHHS Caliber Realty team here. You can also speak with a property manager at 979.694.8844, 979.694.2299, and Sales(at)BHHSCaliber(dotted)com.