Property Management Services: What are Property Management Services
Written By
Belong on Mar 24, 2021
Owning a real estate investment can be a large task to tackle, from finding tenants to fixing maintenance issues, there is a lot that goes into renting a home. Property management companies offer a wide range of services to mitigate those tasks, be it for your residential property or commercial property. A reliable property management company will offer full-service property management so you don’t have to lift a finger for your rental home. Transparency and clear communication are also big factors in determining whether or not a company will be able to meet your rental needs. You may be thinking, is a property manager worth it?
You own a home.
We have someone to ❤️ it.
What are property management services?
From scheduling repairs for leaking faucets to collecting rent from tenants, property management services help you take care of your investment property. A good property management company will help you deal with all of your rental needs while allowing you to relax and continue to collect that passive income.
However, not all property management companies offer the same services and may not meet all landlord expectations. Look for a company that has numerous years of experience and one that offers all the necessary services you require to make your rental property thrive. To learn more, see what you should be looking for and avoiding in a property management company so you can steer clear from bad property managers.
The cost of hiring a property management company may vary based on the number of properties you are working with, what services you are looking for, and what monthly management fees the company offers. Oftentimes there will be multiple packages you can choose from in order to meet your rental property needs and your wallet. Packages can start for as little as $200 or charge 6-12% of your monthly rental value.
Complete List of Property Management Services
The rental management services you choose to use for your home may vary based on your needs, your location, and your tenant’s needs. Most property managers and/or companies do not offer an end-to-end service/solution or they up charge you for these things. Here’s a list of services offered by property managers:
- Evaluate Property
- Prepare Your Home for Renters
- Market Property
- Tenant Screening
- Rent Collection
- Mortgage and Utility Payments
- Managing Tenants
- Repair and Maintenance Service
- Understand Landlord-Tenant Laws and Regulations
Evaluate Property
Before renting your property, a management company will perform a pre-rental inspection or free rental analysis. This way the company can fix or capture any pre-existing issues your property may have. It will also allow the company to make pricing suggestions later on as well as offer recommendations on improvements you can make in order to increase the value of your home.
Prepare Your Home for Renters
Making your property look rentable and cozy will increase your chances of renting your home to a new tenant quickly. A property management company will oftentimes help prepare your property for new renters by cleaning and staging your property for professional photos and tours.
Market Property
A vacant property means less income for you. Property managers can help mitigate an empty property by suggesting pricing for your property based on the market in the area and surrounding areas. Once your home is ready to be shown, the management company will market your property with photos, videos, and 3D tours on its website and other major rental sites. Agents will be available to show your home to prospective tenants in person on a regular basis until a renter is found.
Tenant Screening
Tenant screening is one of the most important steps in the rental process in order to find good quality tenants to love your home. Management companies should thoroughly screen every applicant by obtaining their rental history, credit check, background check, referrals, and employment verification. This screening process will ensure the company finds a good fit for your home as well as finding a tenant that can pay rent on time every month. Belong will even go the extra mile and perform in-person interviews with prospective residents to find the perfect fit for your home.
Once a tenant is approved, the company will collect the security deposit, have the leasing agreement signed and filed away, and will schedule a move-in date. This way the new tenant can seamlessly start the renting process and you can start making money off your property.
Rent Collection
Another important service a property management company offers is rent collection from your tenants at the beginning of every month and will automatically deposit it into your bank account. If a renter doesn’t pay on time, the company should have a strict policy in place, like enforcing late fees, administering warnings, and lastly, distributing eviction notices. This way you will have a constant cash flow from your investment property while the company takes care of those who aren’t paying their rent.
Mortgage and Utility Payments
Some property management companies even offer to pay your mortgage, HOA fees, and utility payments with the money you receive from rental payments each month. This way you don’t have to worry about forgetting to pay a bill or worry about multiple payments.
Managing Tenants
In addition to finding qualified tenants and orchestrating leasing agreements, a property manager will coordinate any communication between you and the tenants. If tenants have any questions, concerns, or issues, the company will provide clear communication to the tenants in a timely manner. Property managers should foster good relationships with tenants in order to make them feel at home while maintaining a professional demeanor. And when renters are ready to move on and move-out, the company will have a plan in place for filling that space quickly so you don’t miss out on cash flow.
Repair and Maintenance Service
Normal wear and tear are bound to happen to your property while renting it out. A management company will provide and oversee all repairs and maintenance to your home. The company may have an in-house maintenance crew or may hire contractors to perform these tasks. Tenants can submit maintenance requests to the company and the repair will happen in a reasonable timeframe. This will ensure your home is being taken care of while keeping your renters happy.
For larger maintenance issues or serious damage made by residence, the company will check with you before making any large changes or purchases. This way you are in the loop when something serious happens to your home and when a project may need a significant amount of money to fix.
Understand Landlord-Tenant Laws and Regulations
As a property owner, making sure you know all landlord-tenant laws can be overwhelming, especially if you have rental properties in multiple locations. Property management companies will have a thorough understanding of the Fair Housing Act and all federal, state, and local landlord-tenant laws and regulations so you don’t have to. This will ensure your property and the company are providing a safe, healthy, and non-discriminatory living environment for your tenants. The company will also know how to address and resolve any issues that do come up.
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Additional Property Management Services for Belong Members
Moving
Belong has partnered with reputable moving companies that are here to help you with your move. We will gather 2-3 movers best suited for you; all you have to do is submit a form detailing your moving needs and we’ll take it from there.
Cleaning
Belong Members who are interested in cleaning services (one time, bi-weekly, monthly, etc..) receive a discount with our partner.
Furniture
Belong offers its members a discount on furniture with “Work From Home” needs. Enjoy up to 35% off using the Belong code given to members. The code can be used on desks and chairs in our partners Work From Home Collection and get a free ergonomic consultation to help with the design and fit of the furniture. These items will be delivered within 5 business days.
Renters Insurance
Belong is currently in discussion with multiple insurance companies to develop a partnership resulting in a Member discount on their insurance policies. This should be solidified in the near future.
Storage
Belong is currently in discussion with multiple storage companies to develop a partnership resulting in a Member discount. This should be solidified in the near future.
Kim H.
Move-In Day June '19
Tim S.
Move-In Day Oct '19
Katie M. & Brad S.
Move-In Day Jan '20
Qiang Y.
Working with Belong since Nov '20
Neeraj M.
Working with Belong since Nov '20
We have absolutely loved every second in this home... This is a very special property and the next tenants will be lucky to have found it!
Ready to Have Your Home Loved with Belong?
If you are a homeowner ready to make renting your home easier, then join Belong. Belong is an experienced Property Management
company ready to find someone to love your home as much as you do. We offer end-to-end services for your home
, designed to make your rental experience worry-free, satisfaction guaranteed! We currently offer services to homes in the Bay Area, the LA area, and Orange County. See if you qualify today at Belong.com
.