The HLW Group is a full-service property management company based in Hayward, and servicing the greater Bay area. Today, we want to talk to you about property management services so you’ll know what to expect when you hire a management company for your rental property.
Experience, Professionalism, and Personalization
You should hire a company that is willing to tailor their services to your needs because no two investment properties are alike. The needs of owners and investors are also different, and you want your goals and expectations to be the same as your manager’s.
A good property manager will provide experience in the industry and a personalized plan for management that will result in greater ROI and a successful rental experience for you and your tenants. Before your home even goes on the market, a good manager will evaluate and optimize your property to ensure it earns you the most money possible.
Marketing and Tenant Screening
A good marketing and advertising strategy will help you rent your home quickly to the most qualified tenants. You need a property manager who will customize a marketing plan to fit your property and the tenant pool you’re hoping to reach.
A professional screening process includes conducting background and credit checks, talking to employers, verifying income, and discussing past rental history with current and former landlords. Your property manager must ensure you’re placing a tenant who will pay rent on time and take care of your home. You want a good, responsible tenant who is likely to stay
for more than one lease term.
Accounting and Bookkeeping
Good property managers include accounting services. You should receive monthly reports, which include a detailed breakdown of your income and a list of itemized expenses. These reports should be easily accessible to you, and they ought to be clear, detailed, and accurate. All financial transactions should be transparent, including the amount of the management fee and the expenses associated with your rental property. Be sure that you get a 1099 and other important tax documentation at the end of every year.
These are just some of the services a professional management company should provide for you.
If you have any questions about the property management services you should expect when you hire a professional, please contact us at The HLW Group. We specialize in creating customized and personalized strategic management plans that fit you and your property.