A rental management company is a firm that manages the property that you own. They take care of your tenants and make sure the day-to-day operation of your property is running smoothly. They are responsible for everything from obtaining renters to collecting rent.
A rental management company can do the same thing as a property management company. The difference between them is that rental management companies are meant for single-family homes. They are smaller in size compared to the property management company. They are also more specific to the renting business.
The responsibilities of a rental property management companies include:
• Setting up tenant screening
• Collecting rent
• Maintenance of property, including repairs and vacancies
• Handling tenant complaints
• Preparing reports for house owner
When working with a rental management company you will need to make sure that they are licensed and insured. You will also want to ensure that they are not under any lawsuits. They should also have great references from people you know.
Rental management companies work with your schedule. You can do your business on the phone or through email. This is perfect for people who are not able to go into the office regularly. Your rental management company can also provide you with reports that are easy to understand.
You want to charge rental management companies a fee. This is usually about 10% of the monthly rent. This will vary depending on the rental market that you are in. You can also share other costs that are related to property management with your rental management company.
The fee for the rental management company will include the use of their services, deposits and handling fees, tenant screening, marketing fees, and any document preparation. They will also include tenant relations, rent collection, property maintenance, and coordinating vendors.
You want to work with a service provider that can offer you a variety of services. This can include doing background checks, tenant screenings, credit reports, and verifications, as well as credit card processing. They can also help you with advertising, marketing, lease preparation, and signing fees.