What to Expect from Property Management Companies in WA
Property investors who choose to work with property management companies in WA want to be reassured that their property is in qualified, professional hands. An investment property can have several benefits to an investor such as steady cash flow, financial stability, and a quick way to enhance a business portfolio. All this success largely depends on the success of the property itself. This means having a property that is well maintained and has little to no vacancies. If the investor is looking to own the property but remains mostly passive in its operations, they will turn to property management companies in WA.
Why Choose Property Management Companies in WA
Property management companies in WA can help investors manage and operate their investment property. If you are newer to the world of choosing a third party to manage your property, you may not know what working with property management companies in WA entails. You are essentially trusting a third-party organization to take over the majority of the responsibility when it comes to caring for your property and the tenants who live within it. This organization will oversee daily operations, essentially representing you when it comes to dealing with customers and vendors. Allowing property management companies in WA to take care of your property allows you greater freedom to seek other investment opportunities while still receiving a steady income. Property management companies in WA often take care of:
- Marketing vacancies
- Handling tenant screening
- Staging open houses
- Collecting rent
- Addressing tenant concerns and issues
- Providing detailed financial reports
- Handling late fees and evictions
- Working with vendors
Expect Expert Marketing Techniques
Property management companies in WA should know how to market your investment property to minimize vacancies and maintain a steady cash flow. Marketing involves much more than posting an ad online or putting up flyers. It involves careful planning and understanding the target demographic of the area. Property management companies in WA know the right people to target and when to target them. You should expect the company you work with to be able to find and secure quality tenants for your property.
Property management companies in WA understand the importance of carefully screening applicants before signing any lease. This involves providing a detailed application for applicants to fill out. These applications often ask for references, as well as clear financial history and current employment. This can also include a background check. Property management companies in WA understand how important it is to be compliant with all laws and regulations when screening potential candidates. Everyone must be given a fair and equal chance. The screening process is meant to ensure your property will have tenants who respect the property and can make their monthly rent payments. Proper screening helps to avoid legal issues that can happen when dealing with problematic tenants.
You can expect property management companies in WA to handle rent collection. This is an important role to entrust to your property management company. This process can seem straightforward, but it can be complicated. Online portals make the process more convenient than ever, but there is still the potential for payment issues. This could be issues caused by the technology, or an account of tenants being late on their payments. Late payments can happen, even with the best tenants.
Sometimes there are extenuating circumstances where a tenant just needs a few extra days. Property management companies in WA know how to balance the ability to be understanding and helpful, while also keeping the business in mind. Trusting property management companies in WA allows you to avoid these difficult circumstances and situations. They are trained and capable of handling these situations. In many instances, the issue resolves itself with a payment that may simply be late. However, they are also trained in circumstances where more serious actions need to be taken.
Expect Property Management Companies in WA to Handle Default Rent Payments
Owning investment properties comes with different pros and cons. One potential con is having to deal with a tenant who is less than ideal. Even with proper screening, a person can seem like a good fit on paper. Property management companies in WA have a detailed understanding of landlord-tenant law. Handling a tenant who is in breach of their contract can be a long and stressful process. Breaches can come from consistent late payments, missing payments, destruction to the property, or causing complaints from other tenants. Having a professional on your side who understands how to handle this process with patience can provide significant peace of mind.
Property management companies in WA know how to handle these types of situations. You can expect an expert ability to handle the situation quickly and effectively. Third-party companies often have more representative power than a landlord alone due to their experience and understanding of all their legal rights.
Expect Property Management Companies in WA to Handle Maintenance
You want your investment property to always be in the best shape possible. This includes smaller aspects, such as landscaping, keeping public areas of the building clean, and ensuring systems are operating correctly. This also includes handling any maintenance requests submitted by tenants in a timely fashion. Property management companies in WA know the different vendors available locally. Many well-established property management companies have long-standing relationships with vendors in the area, often getting service requests addressed faster, and for a better rate.
Maintenance includes both small and large-scale needs. Tenant maintenance requests can come in at any time, which can be difficult for landlords to handle. However, a third-party company will have the ability to address requests as they come in, even in after-hour situations. This shows tenants that their needs will be addressed quickly, which creates happier tenants who are more likely to stick around.
Most property management companies in WA will have a clear agreement with the property owner when it comes to handling maintenance requests. This includes knowing a specific budget or dollar amount that can be used without needing direct permission from the property owner. This provides peace of mind that you won’t be surprised by a financial report when it comes to money spent versus money coming in. The following are typical maintenance issues you can expect:
- Plumbing issues such as clogged drains
- Fixing appliances
- Drywall patching
- Preventive maintenance
- Heating and cooling
- Door locks
- Cleaning and painting
Many maintenance needs can be handled by the property manager themselves. Most property managers understand basic maintenance. If it is beyond their abilities, they will know what vendor is the best fit for the job. Getting any repairs handled quickly can prevent problems from getting worse which saves you time and money in the long run.
Expect Property Management Companies in WA to Address Concerns
Property management companies in WA have to be able to effectively communicate daily. This involves communicating with tenants, whether it be in person, over the phone, by text messaging, or by email. Tenants expect any questions or concerns to be addressed quickly. This means that your management company needs to be available and represent you when it comes to handling tenants. The better the communication, the happier your tenants will likely be. Communication also extends to working with vendors. Repairs shouldn’t be delayed, especially due to failure to communicate. Your management company should be able to juggle these different communications, ensuring all needs are properly met.
Expect Expert Finance Keeping by Property Management Companies in WA
Property investors want to make sure that their property’s finances are in order. It is important to work with a company that takes tracking the different finances seriously. As an investor, you should be able to request finance reports and have them readily available. Many property management companies in WA rely on portals that can provide and track vital information, such as rent collections, maintenance expenses, utility expenses, marketing expenses, and more.
Proper bookkeeping also helps to make sure that vendors are always paid in full and on time. This helps to build lasting professional relationships.
Detailed reporting also helps the property investor better understand what is working and what could need improvement. If vacancies are a common issue, you can better address your concerns. This may mean that more attention, and financing, need to go into marketing to better show potential tenants in the area that you have open vacancies. These reports can also show you if late payments are a consistent issue. If that is the case, you may need to address how tenant screening is taking place and what can be done to improve the results. Detailed reports help you see how your property management company is operating and allow you to chime in when necessary.
When you are considering different property management companies in WA, you can trust the professionals at Home365. Home365 has the resources and experience to ensure your investment property is properly maintained and operating at its fullest efficiency. We provide a wide range of services to fit the unique needs of your property. Visit our website to learn more about our services.