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What Exactly Does a Property Management Company Do?

If you’ve recently invested in a rental property and find yourself needing some additional support, you could be in the market for a property management company’s services

But what do they do for you and your investment? What is the extent of their support in managing your vacation rental property? 

You might feel apprehensive at the idea of hiring one. That’s why we created this list to offer you insights on the benefits of hiring a property management company.

 

Marketing your Property

Property management companies specialize in keeping your rental property at an optimal occupancy

They make sure they’re attracting many potential candidates. Property managers have wonderful advertising plans to do this.

Here are a variety of methods they use:

  • Traditional marketing (placing ads in newspapers)
  • Online (Airbnb, VRBO, Craigslist, Facebook)
  • Referrals from other landlords and investors
  • Referrals from friends
  • Referrals from former occupants

 

Screening Prospective Guests

Property management companies have a rigorous system to make sure a quality guests occupy your rental

Property management companies have great resources to conduct screening in a speedy manner

Their long-term involvement makes them efficient and aware of what type of candidates are worthy of welcoming in your vacation rental property.

 

Handling maintenance and resolving complaints

 Property management firms will handle the upkeep, emergencies and guest complaints

The stress of tending to an emergency in the middle of the night will be put to rest. This is one of the benefits of hiring a property management company


They have adequate resources and best practices in place. This will make you confident that your property and guests are in good hands.

Property management businesses normally have a hotline for guests to call. They also have online portals for requests

These landlord accountabilities are transferred to the property management team

 

Inspection of the Property

Property management companies can maintain your property in tiptop shape. It helps regular inspections are conducted to intervene quickly should a critical repair be needed

This can alleviate costs in the long run. They can also check whether your guests are minding the property.

 If guests have maintenance issues, the property management team can respond right away

They can contact professional technicians and arrange to calculate the repair cost. This attentiveness will keep guests happy resulting in longer and more frequent stays in the rental.

 

Bookkeeping

Property management companies keep your financial documentation in order. You can relax as they keep track of the rental payments, providing receipts, etc.

A file is kept of the annual financial statements, monthly income/ expense reports and invoice payments from property maintenance

They also guard copies of receipts for the insurance premiums, utilities and housing association fees. They can also account for the tax of your vacation rental property.

Hiring a property management company means you don’t pay an accountant to perform bookkeeping tasks. They can file annual taxes for you

The responsibilities outlined here are not the full list. It provides you with an idea of the benefits they can offer

As professionals, you can trust they have adequate resources, solid experience and a large network of service providers

Having a property management firm to support your rental has an advantage. You can avoid costly mistakes with their proper guidance

If you want to hire a property management company, select the best.

Research and verify how long they have been in the property management business

Look for a company with positive feedback and contact them for a consultation. This way you’ll make a prudent decision.

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