Property management for rentals involves overseeing home and apartment rental properties to make sure they’re occupied, tenants are paying rent on time and all maintenance needs are taken care of. This can be a complex task for landlords, especially when it comes to the legal side of managing a property and meeting federal and state landlord-tenant laws. Some landlords may choose to DIY their property management and others prefer to hire a professional.
Setting rent: A property manager is familiar with market rent prices in the area and can help an owner set a rent price that will attract tenants while still covering mortgage costs, utility bills, property taxes and other monthly expenses. This can be a challenging aspect of owning a rental property, but it is important to find the right price to ensure an investment is profitable.
Tenant screening: A property manager knows how to screen potential tenants for a property, which can include an interview process and verification of income, employment, criminal background check and credit report. They can also enforce lease terms and evict tenants who are not following the rules of a rental.
Vendor management: A property manager can manage relationships with vendors, such as contractors or cleaning companies, to ensure a property gets the best service for the price. They can also negotiate “bulk rates” with some vendors, which could save owners money on common repair costs.
For landlords who want to streamline their property management processes, there are several software options available. For example, Buildium is a cloud-based program that offers landlords the ability to approve tenant applications, handle payment requests and update financials from one location. Its tagline is “refreshingly simple software,” and it offers free training, onboarding and customer support. property management for rentals