Rental properties are a great way to increase your assets and make money on properties you no longer live in. However, being a landlord is a tricky business, and finding the time to manage your tenants’ concerns while balancing your day job can easily become overwhelming. Hiring a property management company to act in your stead helps take the stress out of owning and operating rental properties. Here are a few of the most commonly asked questions about how property management works and what you can expect when entering into this type of agreement.
4 Common Questions About Working With a Property Management Company
1. What Exactly Does a Property Manager Do?
Dedicated property managers act as the landlord on your behalf. This means they interact with tenants, handle maintenance appointments, take rental payments, and address all other standard tasks you’d assume as the landlord. They allow you to simply be an owner of the property while still helping you grow your income with none of the traditional frustrations landlords experience.
2. Will the Company Handle Screening Prospective Tenants?
The property management company handles all tenant screenings and will consider your personal requirements when searching for the right renter. During a standard screening process, the company will ask for the tenant’s rental history, employment status, credit score, and any roommates they intend to live with. This helps the company understand if the property is suitable for their needs. If the tenants are a match, the company will prepare the lease agreement and handle all lease negotiations.
3. Who Determines the Rental Rate?
Typically, the rental rate is set by the property owner, but your property manager may be able to offer insight into the rates that will get you the types of tenants you’re looking for. Setting the rate too high keeps your unit from getting rented in the first place, while extremely low rates can attract disreputable tenants or those with troubled histories. Ultimately, it’s up to you to decide the rental rate, but if you’re unsure of what to charge, speak with your property management team.
4. Do I Need to Handle Emergency Maintenance Calls?
One of the main reasons landlords seek out property management services is to spare themselves the annoyance of emergency maintenance calls in the middle of the night. If a tenant has a problem with the unit outside of standard business hours, you will not have to answer the call. The management team handles all maintenance calls regardless of the time they’re made.
Looking for an experienced property management company to oversee your rental property? Look no further than Twin Cities Home Rental in Minneapolis, MN. Their dedicated staff will work to make sure your tenants and your property are well taken care of. Learn more about their services online, and call (612) 822-4663 to schedule a consultation with their staff.