Managing a rental property in Edmond has probably proven to be more time-consuming and effort than you planned. When purchasing an investment property, you probably imagined making a few repairs, finding a couple of tenants, and collecting rent, right?
Well, now that you’ve had some experience, you know that there is more to managing a rental property than that. There are so many tasks and property management responsibilities on your plate that you may be feeling overwhelmed.
You may be wondering who you can go to for help with your Edmond rental property. The answer is a property management company.
In this article, we’ll discuss the important tasks that property managers can take off your plate, so you have less stress and more time to focus on the things you actually want to do.
What Property Managers Do in Edmond, OK
Property management companies have been saviors of landlords for years. Many of them will completely manage rental properties so the owner can achieve their goal of truly passive income. But what exactly does a property management company do?
1. Fill Vacancies Fast
Vacancies are one of the scariest parts of being a landlord in Edmond. An empty property means no income. One of the main property management services is to acquire new tenants and fill these vacancies quickly.
A property management company uses its real estate marketing knowledge and techniques to advertise your vacancy to high-quality tenants. Property managers will also host rental property showings to interested parties, draft the rental lease, and collect security deposits and signatures from tenants who have passed their rigorous screening process.
A great property manager will fill your vacancy in 28 days or less. At Real Property Management Resource, we often do it in less time.
2. Ensure Quality Tenants
Before a property manager allows a prospective tenant to sign the lease and move into your Edmond rental property, they will perform a thorough tenant screening. During this screening process, the property management company will determine whether or not the person is qualified to live there.
As part of screening prospective tenants, they will check the rental property applicant’s credit report, criminal background, income statements, and reach out to references to get a sense of their character. This tenant screening process can help you avoid dealing with late rent payments, damage to the property, and having to struggle through the eviction process.
3. Collect Rent On-Time
One of the most dreadful parts of being a landlord is worrying about collecting rent on time every month. Nobody likes going after tenants who haven’t paid rent and asking them for the money.
When you work with an Edmond property manager, you’ll never have to deal with asking tenants for rent again. 67% of people become landlords to create a passive stream of income, which is achieved when working with a professional management company.
Property managers are skilled with getting rent on time while following state and local laws and using modernized rent collection methods, including electronic payments. If a tenant is late, they will make sure to collect it as soon as possible.
4. Answer Late Night Calls
When you receive a late-night emergency maintenance call from one of your tenants, you probably wonder why you ever thought owning rental property was a good idea.
What if you never received maintenance requests from a tenant ever again? It would be pretty nice and stress-free.
With a property manager, this dream becomes a reality. Whenever a tenant has a maintenance request, they will go directly to the property management company instead of you. Your Edmond property manager will then contact a trusted contractor and schedule the necessary maintenance and repairs.
You will simply get a notification that there has been a maintenance request. The rest is up to your property management company to complete the maintenance request and keep you up-to-date on the repairs through clear communication.
5. Protect Your Property Value
It’s always a good idea to have routine property inspections throughout the year. Not only does this help to maintain your property and avoid maintenance issues, but it also holds tenants accountable for their actions and any damage they cause.
A property manager in Edmond, OK will conduct these routine property inspections. Usually, they take place during move-in, move-out, and at least once during the lease term.
These routine inspections can be time-consuming, which is why landlords definitely like that they’re part of property management services.
6. Handle Evictions
Evicting a tenant is a lengthy, expensive, and stressful legal process that most landlords never hope to encounter. Not only do you have to deal with the tenant breaching the lease, but then you have to enforce the eviction and gather evidence while strictly following state and local laws.
Fortunately, when you work with a property manager, they will help ensure tenants follow the lease agreement and take care of any evictions that may arise. It’s important to note that property managers don’t often encounter evicting tenants, thanks to their thorough screening process in the beginning.
However, your property manager will represent you in court in the case of an eviction and may even handle the legal fees. Some property managers even have an eviction protection plan.
7. Financial Reporting and Accounting
Owning a rental property is very much like running a business. You must keep track of your expenses, revenue, and profit. This information isn’t only for your own benefit but also for when you have to file taxes.
Again, this task is time-consuming and requires a lot of organization. For these reasons, many rental property owners prefer property managers to handle financial reporting about their property.
From these financial reports, you can determine how your rental investment is performing, what you can do to maximize your ROI and make informed decisions about your assets.
Real Property Management Resources is the Leader in Edmond Property Management
So what is the best property management company in Edmond to handle all these tasks for you?.
The answer is Real Property Management Resources!
Our expert team of real estate professionals has helped hundreds of landlords in the area to achieve a passive rental property income stream while maximizing their revenue. We guarantee quality tenant placement and rent collection while also maintaining your property as if it were our own.
Are you ready to get some help managing your rental property in Edmond? Contact us for a free rental analysis and to see how we can assist you today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.