While owning a rental can be rewarding, property management often requires a considerable amount of time and effort. If you handle all of the work on your own, this can limit your ability to invest in new properties outside of your immediate radius. Working with a professional management team can free up your calendar and help you save money in the long run by offering the following benefits. 

How Can a Property Manager Help You?

1. Determine & Collect Rent

Your rental rate will determine your profit, expected vacancy period, and tenant quality. A property management company performs thorough market research of local rent prices, location demand, expected expenses, and special property features to calculate the best price that maximizes income while maintaining a low vacancy rate. 

When it’s time to collect rent from tenants, experienced companies already have systems in place to ensure payments are made on time. This means you can expect a deposit at the same time each month. 

2. Find & Manage Tenants

A good property manager knows what type of tenants you hope to obtain and creates effective and compelling marketing plans where these individuals are likely to be found. When a prospective party inquires about a vacancy, they will then handle all the paperwork—including background checks, credit reports, employment verification, and landlord references—to determine if they will be a good fit.

After the person has moved in, they will also handle all of the tenant’s needs, ensure contract agreements are being honored, and provide conflict resolution. 

3. Ensure Legal Compliance

Landlords are required to follow numerous local, state, and federal building codes as well as rent and maintenance regulations. A property manager will ensure you are in compliance with all of these and any applicable landlord-tenant laws. They will implement any necessary changes in the future to protect you from lawsuits and fines.

When you need help looking after rental properties, turn to Galvin Realty Group Inc. For 50 years, they have provided asset management and commercial investment real estate services to Rochester, NY, and the surrounding counties. They will help to take the stress out of managing your property by providing detailed inspections, contractor recommendations, and preparing the property to rent. Call them at (585) 546-1290, and visit their website to learn more about their rental property management services.