There's a reason why the job outlook for property management companies is expected to grow by 5% over the next decade. Being a landlord is a hard job. Often prospective property investors think it will be a passive form of income only to discover that it eats up a lot of their time and energy.
Or, someone will inherit a rental property and become an accidental landlord. Regardless of the reason, property management professionals can help simplify any Arizona rentals you might have.
But what exactly are property management solutions? And what are the benefits of them? In this tenant management tips guide, we'll answer these questions so you can decide if these types of rental solutions are right for you.
What Are Property Management Solutions?
Property management solutions are services offered by management companies that make your life as a landlord a lot easier. Management solutions can be as hands-on or hands-off as you want.
Some landlords only rely on them for certain management aspects, like maintenance. Others have them deal with every aspect of management and tenant relations.
The solutions that a property management company will depend on the specific company and the rental management tools they have. However, some common ones include:
- Tenant screenings
- Lease work (from drafting to signing)
- Rent collection
- Property maintenance
- Property repairs
- Owner statements and reporting
- Budgets
- Compliance with laws and regulations
- Taxes
- Marketing
In exchange for these services, the property management company will take a small percentage of your rental income.
What Are Some of the Different Types of Property Management?
It's important to remember that there are different types of property management services out there. The first type is resident property management.
This involves managing things like homes, apartments, condos, townhouses, and similar dwellings. Considering the United States housing market is short 6.5 million homes, it shouldn't come as a surprise that this is the most popular.
Another type of management service is commercial property management. This includes managing office space and similar buildings that are rented out to businesses. Lastly, there are vacation rentals for short-term renters visiting a city on vacation.
What Are the Benefits of Property Management?
One of the biggest benefits of property management is reducing landlord stress. Being a landlord can be incredibly stressful even when you have real estate management tools.
You might be trying to enjoy your evening when you get a call from a tenant that your property is flooding. Or, if you have a tenant that requires eviction it can lead to months of expensive, time-consuming work.
Property management services take all of this work off your plate. That way, you can enjoy passive income, or focus on other property investment deals.
Need Property Management Solutions? Contact Aloe Property Management
We hope this guide helped you learn more about property management solutions. Here at Aloe Property Management, we know the importance of real-time communications with our clients.
That's why we leverage the latest landlord software solutions with some of the best property managers in Arizona. So if you're ready to simplify your rentals today, get in touch with us.
