It's easy for real estate operations to get lost in the shuffle of paperwork.
Managing these operations on your own slows down the process even more. You have so much on your plate, from tenant screening and marketing to maintenance.
Hiring a Westminster property management company is the first step to streamlining operations.
Learn more about managing property management solutions effectively.
Property Management Software
Property managers use the latest software to assist both tenants and investors.
Rather than filing out paper applications, prospective tenants fill out online applications. All eligibility guidelines are outlined in the application portal. This helps managers filter applications quickly so that the most eligible applicants get first priority.
Selected applications from the portal will go through rigorous tenant screenings.
Leads are screened for the following:
- past rental history
- financial history (credit scores, etc.)
- annual income
- criminal history
The above steps are part of the tenant procurement and placement process. Property marketing is also a part of this process. Managers create rental listings and list them on major real estate sites.
Once a tenant screening is cleared, property managers initiate the leasing process. Once approved, tenants are given the keys and an account with the company's tenant portal. Through this portal, tenants can submit property maintenance requests and pay rent.
Property Maintenance Protocol
You don't have to worry about repairs and upkeep. Your assigned property manager will regularly check in on the property to ensure curb appeal is intact. They're also alerted to portal maintenance requests and can be reached by phone for emergency repairs.
Property managers work with gardeners, HVAC installation companies, roofers, and more local businesses to service repairs and upgrades. Tenants may also ask for upgrades which also increases property values.
If you're worried about tenant turnover, you could work with a property manager on lease renewal strategies. Turnover is a costly problem. Plus, you have to pay extra marketing, cleaning, and tenant placement costs.
Property managers use their contracts and marketing expertise to create incentive-driven lease renewals. For example, you could include a first month's rent discount, new countertops, microwave, or coupons.
Financial Services and Valuation
Financial services go beyond rent collection. As you grow your rental portfolio, you'll need financial expertise to locate properties, pay taxes, fill vacancies, and grow your rental income.
Other financial roles include:
- Paying vendor invoices
- Owner disbursements
- Vendor management
- Property taxes (statements and 1099 forms)
- Statements and Reporting
The first step starts with a free rental analysis. This valuation tool reveals your property's current value.
Rental valuation tools help you decide on upgrades that can appreciate the value of your property.
Property managers also streamline the eviction process should the need ever arise, sparing you from costly conflicts with tenants.
Property Management Solutions
Don't pay the costs of disorganization. Learn how a property management company can help you streamline financial responsibilities, tenant placement, lease renewals, and more.
Property management solutions in Westminster are your first step. PMI Mile High wants to be your partner in real estate. Book a consultation to learn more about our process.