Depending on the portfolio of your property and the desired amount of your involvement, you should hire the best property manager. Some companies may take up the entire responsibility and some may ask a lot of queries to the owners. Before you take a final decision, you should know the entire process and the roadmap of your property management. Let us go through the different stages of the property management process.
Stage 1: On boarding To Prepare the Property
- Initial Enquiry- The preparation may start with just a phone call or email. The Director of the property management company should jump into action. They will explain the services, requirements, fees, and other queries of the owners.
- Analysis Of Property- When the owner enquired about the services, the next step is for setting up a rental home analysis. The property management firm will inspect the entire property for providing the owner with an idea of the expected rental income according to the market standard
- Property Management Agreement (PMA) – After the lease, the property management agreement is the most important document for the owners. Before signing the agreement, the owners should always ask if there are any queries. Eugene property management services will be there to solve all your queries.
- Repairs- If the property needs a major repair, it should be done before letting it out to rent.
- Legal Compliance- Before renting out, the property should be legally compliant.
Stage 2: Marketing For Moving In
- Meet your team- When the property is assigned to the property management company, you should meet the dedicated managers.
- Marketing- Different good-quality photos will be required in this stage. The rental listings will be posted with those attractive photos.
- Tenant Screening- The tenant screening process will include background screening, income verification, credit check, reference checks, and rental history.
- Cleaning and final repairs- If any minor repair is remaining, that repair and cleaning is to be done in this stage before move-in
- Lease sign and move-This is one of the very important steps in the rental process. The tenants should understand all the obligations. The paperwork needs to be signed on the day they are moving in.
Stage 3: Ongoing Management Process
- Collection of rent- Property managers will take care of the rent collection and will disburse the fund to the owners.
- Services of Accounting- Providing the essential tax documents, accessing the late fees, processing payments, and the entire accounting services are successfully managed by the property managers
- Reports of Owners- Owners should have a portal to check the real-time updates and reports
- Maintenance- Property managers may help tenants with their concerns with maintenance and emergency issues.
When you have hired a property management company, you can easily relax by providing all the responsibilities on them. The self-explanatory stages will help both the owners and the tenants to remain stress-free. The owners need not worry about the rent and the tenants need not worry about maintenance and emergency issues. If you have selected the right property manager, you should remain minimally involved with the management of your property.