When you invest in the real estate market, particularly the rental segment, you hope to get a regular income from your investment. Since you do not want to waste time hassling tenants to pay rent on time as well as looking for potential tenants to fill up vacancies, you may want to hire a professional property manager. To find the best rental property management Alexandria VA has to offer, it is important you spend time to look for a firm that has been doing this job for many years and currently manages hundreds, if not thousands of units.
What Property Managers do
i) Rent Collection
This is the most important as well as the most basic function of any property management firm. After all, the goal is to ensure the property owner gets a decent return from their investment, and this can only be done through efficient rent collection. The best managers normally come to an agreement with tenants on when and how rent is going to be paid. Whatever the agreement, the manager may agree to pay the full rent, for the occupied units, on a particular date to the property owner.
ii) Finding Tenants
To find paying tenants, property managers have to advertise vacancies and market the property. They also have to vet tenants before allowing them to move in. After all, they have to make sure that the tenant is able to pay rent and has a history of paying rent on time.
iii) Maintaining the Property
One of the most important functions of property managers is maintaining the property. They often hire plumbers, electricians, HVAC contractors and landscapers to ensure that the property is well taken care of with the aim of maintaining its value as well as to attract potential tenants. In some cases, the property manager may handle all accounting functions relating to the property in addition to paying property tax.
iv) Evicting Rent Defaulters
There are some people who may not be willing or able to pay rent after moving in. While some of these people may be decent enough to move out willingly, others may refuse to move out. The latter must be removed in a legal manner. A competent property manager can evict rent defaulters in a legal manner by following all the laid down rules.
When looking for a suitable property manager, there are several key factors of consideration. However, reputation is the most important. This is because it is very easy for a manager to claim a lower occupancy rate and steal from their employer. Therefore, be sure to read reviews.
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