While being a hands-on manager allows you to have a close control of your property, it may not be the right choice even if you are willing to allocate much time to property management because of the enormous responsibilities involved. For those with busy schedules or numerous properties in an area, it is even more necessary to secure the services of a professional property management company. The services offered by professional property managers goes beyond rent collection.
The main responsibilities of a property management company include:
Property and Rent Evaluation
Property management services do a thorough evaluation and documentation of your property including getting professional photographs on the interior and floor plan. Using this, they are able to research the market rent rates and decide the optimum rent for the property. They also offer advice on things like pet policy as well as features to add to the building to maximize the return on investment.
Property management companies are able to determine the sort of clientele your property will attract. They have to target and find the right mediums through which they can attract such clients which may involve using connections with other players in the industry such as Realtors and advertising in real estate listings or websites. Besides this, they have to prepare the property for presentation using high-quality photos and virtual tours to make it stand out from the rest.
Screening Prospective Tenants
The primary concern that property owners have is getting responsible tenants that will not only pay on time but take care of their properties. Property management companies help in screening prospective tenants based on their income, rental history and identity to decide on the most suitable occupants of the property. They know how to scrutinize the applications and identify the warning signs. All this is to ensure that they get the best person to rent your property.
Property managers handle the tenant move in process, ensure the necessary documentation is done including the signing of agreements and conduct a move in inspection with the tenant to ascertain the condition of the property and have the tenant sign a confirmation document. They help the tenant to understand all the property rules and any lawful penalties for breaking any of the rules. They also handle the moving out by tenants from the property.
Handling Rent Collection and Evictions
Using property managers ensures timely rent payment because they chase down late payments and charge fees as appropriate while also serving tenants with relevant notices in case of late payments. The services may also include the issuance of eviction notices when necessary while coordinating with relevant authorities. In certain cases, the property manager will represent the owner in court as well as advice on the right legal steps to take.
Property management services also handle financial management on behalf of the owner as it relates to the properties they are in charge of. This includes roles such as payment of relevant fees to local authorities, preparation of financial statements and tax documents among others.
Repairs and Maintenance
Property management services perform regular inspection of both the inside and the outside of a property to ensure the buildings are in good condition and that there is no violation of any building or health code. They also ensure that the tenants are maintaining the house in good order. Conducting repairs and maintenance on your property does not only provide a comfortable stay for the tenants, but it also helps retain the value of your property. Professional property managers outsource maintenance tasks to regular contractors and handle the payments. The company will assess your property's status on relevant issues and repair any problem before they become intractable or cause harm.
The benefits of hiring a property management company include:
1. Increased tenant retention.
2. Reduction of vacancy cycles.
3. Efficient rent collection process.
4. Avoidance of time-consuming legal tussles.
5. Freedom to focus on other important projects.
If you need a professional property management services in Chennai, Rent4free, a no subscription and no brokerage rental portal offers personalized management plans to property owners. It provides extensive coverage to the Chennai rental market. Indian Expatriates are also welcome to use our services as we offer robust and efficient NRI property management services.
While the major service offered by many property managers is rent collection, Rent4free offers a comprehensive property management plan which combines many services such as basic rent collection, annual rent reviews, inventory preparation, maintenance and handling of tenants’ relations into one package. Rent4free is, therefore, your best bet for hassle-free property management services in Chennai.