When you have a rental property, working with a Detroit professional property manager is the best way to protect your home and save yourself some time and money. You’ll be working with someone who has the knowledge and the experience to ensure your investment earns as much for you as possible. Property managers are responsible for everything from leasing your home to handling maintenance. Today, we’re sharing a few of the services you can expect when you work with a Detroit property management company.
The Leasing Process: Placing a Tenant
A good property manager will evaluate your property before you even begin to advertise for a tenant. They will recommend any improvements or updates that might help you find a good tenant fast, and earn more in rent. Once all the repairs and upgrades are made, your manager will recommend a price for your property. This will come from a deep understanding of the local market and the ability to compare your property to others like it that have recently rented.
With a price attached to your home, the marketing and advertising can begin. A property manager will take high quality photos and share your listing with dozens of rental websites. Your property will be featured on their own website as well. You can expect your property manager to answer questions and schedule showings.
Once people express interest in the property, your manager will collect and screen applications. One of the best reasons to work with a property manager is that they will screen tenants thoroughly and rigorously. Your manager will check credit, look for a criminal history, and ensure there aren’t any prior evictions. There will be an employment and income verification and former landlords will be called for references. All of this must be done in accordance with fair housing laws. Your property manager will protect you from legal liability.
The Management Process: Maintenance and Lease Enforcement
After a tenant is approved, your property manager will go over the lease, conduct a move-in inspection that documents the condition of your property, and collect the security deposit. Your manager will be the point of contact for all of your tenant’s concerns. If something goes wrong in the middle of the night, your management company will be available to respond.
During the tenancy, your property manager will collect rent and take care of maintenance issues. There will be property inspections, accounting and bookkeeping, and monthly statements for you and your tenant. You’ll be kept informed along the way, and a good property manager will communicate with you openly and regularly.
Your property manager will handle any unexpected situations such as evictions, tenants who want to break their lease, or the sudden presence of an emotional support animal. They will prepare for lease renewals and discuss the possibility of rental increases. The condition of your home will be protected and your best tenants will be retained, saving you money on vacancy and turnover costs. If you’d like to talk about how a professional Detroit property manager can help you earn more on your investment property, please contact us at Amstar Management. We’d be happy to tell you more.