Property management is a vital part of owning and renting property. Whether you are a full-time landlord with dozens of units or just rent out a single home you used to live in, property management is something that should be given careful consideration. There are two main types of property management: full-service and partial. Here we will discuss the benefits of full-service property management and why it might be worth the cost for landlords and renters alike.
Full-Service Property Management Benefits
Full-service property management is a comprehensive service that covers all aspects of rental property ownership. This includes tenant screening and placement, managing collections, maintenance, legal compliance, and more. Full-service property managers are available 24/7 to respond to any tenant inquiries or issues, especially emergency maintenance. They can handle everything from minor repairs to full-scale renovations between tenants or for newly purchased fixer-uppers.
One of the key benefits of full-service property management is their ability to screen potential tenants carefully in order to ensure that only reliable, quality renters move into your home or apartment. Good screening should include criminal history, credit history & score, rental history, eviction history, etc.
A full-service property manager will also handle all necessary inspections and paperwork to keep you compliant with local and state laws. Some jurisdictions will require rental inspections by the city or county before being able to even rent out a property! Each city and county will also have its own unique laws and ordinances related to evictions, repairs, appearance standards, code enforcement, etc. Having a local full-service property manager to assist with these unique differences is extremely important for keeping your liability risk low.
Is Full-Service Property Management Worth the Cost?
Full-service property management companies typically charge higher fees than partial services because they provide more comprehensive coverage for landlords and tenants alike. However, this doesn't mean that it needs to be overly expensive! With careful research, you should be able to find full-service property management companies that offer competitive rates that are worth the cost. In fact, some full-service property management companies will even offer enhanced benefits and guarantees, the value of which will far exceed the slightly higher cost. For example, Revolution offers guarantees against pet damage, general property damage, lost rent, and eviction costs.
How Do You Choose a Full-Service Property Management Company?
When choosing a full-service property management company, it's important to choose one with experience and expertise in the local market. It's also important to make sure they have a good reputation among both landlords and tenants. Look for customer reviews online or ask around for referrals from other homeowners or real estate professionals. While property managers tend to have lower online review scores than other kinds of companies as a result of having to do things like evictions and withholding money from security deposits, a good property manager should still be above a 3-star Google rating.
A good full-service property manager will help maximize your profits while minimizing headaches associated with owning rental properties. Owning your rental property should be largely a hands-off, "set it and forget it" endeavor if you are using full-service property management. Your involvement should basically be limited to reviewing your monthly statement each month. Everything from rent collection to repairs to lease renewals should be handled by the property manager without you needing to get involved. Even if you are an active investor, your time should be spent on sourcing deals for new investments, not on handling day-to-day property management functions!
Overall, full-service property management is an invaluable service for both landlords and renters alike. From tenant screening and placement services to managing collections, maintenance, and legal compliance, full-service property management can help you maximize your profits while minimizing headaches. With careful research and due diligence, you should be able to find full-service property management companies that offer competitive rates that are well worth the cost.
Do you need Full-Service Property Management?
Contact Revolution Rental Management today for a free consultation! We will provide an in-depth assessment of your rental property and help you to select the property management service package that is right for you. From tenant screening and placement to maintenance, collections, and more - we have the expertise to handle everything so you don’t have to! Let us put our knowledge and experience to work for you – contact us today!