Being a landlord can be a huge responsibility, and it can quickly become overwhelming when tenants aren’t paying rent, pipes are freezing, faucets are leaking, or if you want to take a vacation without worrying about what will happen while you’re gone. It nearly requires having a schedule that allows for complete availability in the event of an emergency and where you’re able to drop everything when an emergency does occur, because they absolutely will.
At Twin City Real Estate Services, we are a property management company staffed by real estate agents and experienced property managers who can take over a wide range of tasks so that you can continue living your life while also enjoying a range of benefits of having a professional nearby. Whether you own and manage a single family home, an apartment complex, or a group of townhomes, we will make sure that all of your tenants are happy and comfortable in their home, their rent is paid, and that all of the emergencies are handled in a timely manner. But what else can a property management company do for you? And what are the actual benefits of having one?
What Do Property Management Companies Do?
Let Landlords Move Around
When a landlord wants to take a vacation or move outside of the Minneapolis area, the tenants still need to be taken care of with the same level of attention as before. And a property manager isn’t just there for when you go on vacation with your family, but also when you’re sick and can’t get out of bed or when a full-time job needs you to be available for a big project. Having this freedom lets you focus on other things, just as finding other investment properties.
Understands Landlord-Tenant Laws and Regulations
From security deposits to requirements for the tenant to give proper notice before they vacate the home to unlawful removal of the tenant, there are various laws and regulations that are required for both the tenant and the landlord. As you can imagine, it’s essential that landlords are familiar with numerous regulations so that they are able to relay any necessary information to their tenants. A property management company will not only be able to relay information to both the landlord and the tenant, but will also be there to correctly and quickly handle any issue. Being thoroughly knowledgeable of what is required can prevent issues from arising in the first place.
For some, being a landlord means having a steady income without having to do much to ensure the tenant’s happiness. But without a doubt, there will be emergencies in the dead of night, the tenants will want to have their shower head replaced, there will be an issue with the HVAC system, or there will be a raccoon who keeps coming back to pilfer old pizza in the garbage can. Whatever the issue is, it needs to be handled quickly in order to show that the tenants’ happiness is indeed a priority.
When issues aren’t handled quickly and efficiently, tenants quickly get the impression that their needs aren’t important and they will move to a home that is properly managed — and tenant turnover doesn’t look good and it’s expensive. Twin City Real Estate Services can assure landlords across the Minneapolis area that maintenance issues and requests, regardless of the hour, will be handled right away.
Control Maintenance Costs
In single family homes, condos, or townhomes, preventative maintenance is essential. The HVAC system, for example, without regular maintenance can cause utility costs to rise, air quality to go down, and various parts throughout the system will wear down faster resulting in more expensive repairs. A property management company will be able to keep a detailed and consistent schedule for when maintenance is needed on all systems and appliances throughout the home and complex.
When repairs or maintenance visits are needed, management companies often have in-house teams of technicians who can complete them quickly or companies they work with who offer discounts, which means savings for the landlord.
Market the Property and Find Tenants
This is especially important if you’re the landlord of a larger complex or multiple homes. When a home or an apartment is empty, you are still paying for the upkeep of that space without making any money from it. Marketing a home can also take a significant amount of time, money, and effort that takes away the time you have for other tasks.
As soon as a tenant gives their notice to vacate, property management companies will begin marketing the space and looking for someone to fill it. Many times, the company will have a move-in date for a new tenant and a schedule to clean and make any necessary repairs before the previous tenant even moves out.
Screen Applicants and Collects Security Deposits
While finding an applicant may not sound very hard, it’s also important to find tenants who are responsible and won’t cause costly issues don’t the road. Property management companies will complete a background check, including credit, employment and rental history, and more, all while making sure that the fair housing act is being followed.
When tenants pay their rent, everyone makes money. So when tenants don’t pay rent on time, are consistently late, or aren’t paying rent at all, this is when bigger issues begin to arise and when it becomes important to be familiar with how to handle this situation. From the very beginning, a property manager will ensure that tenants understand rent requirements, deadlines, and if the rent isn’t received by a certain time, what the fines and what the process will be if rent isn’t paid.
Benefits of Working With a Property Management Company
Even though there were hints at the benefits, here is what you can expect when you work with Twin City Real Estate Services:
- Higher quality tenants: Tenants tend to pay rent on time, stay longer, cause fewer issues, and maintain the home better.
- Fewer legal issues: We will handle tenant screening, evictions, inspections, lease addendums, security deposits, rent collection, and more.
- Lower maintenance costs: Regular inspections and maintenance will prevent larger, more costly repairs.
- Fewer vacancies: We will actively market the property when there is an available space.
- Efficient rent collection: Tenants will be aware of rent requirements and paying rent will be easy and simple.
- Personal benefits: Landlords will be able to spend more time doing what they want to do, will have less stress, and more money.
If you’re a landlord in the Minneapolis area and want to provide better, thorough property management services to your tenants, contact our team at Twin City Real Estate Services. We can assure you and your tenants that we’ll take the best care of the property and provide a superior rental experience.