What is a Full Service Property Management Company?

Managing your rental property can be done by some landlords, especially those who are handy. However, there's more to managing a rental than just maintenance and collecting rent. A full-service property management company has the resources to handle all the other nuanced obligations that come with having a rental property.

Below, we’ve broken down what a full-service property management company is and what you should expect when investing in one.

Tenant Management

Full-service property management companies can help to fill your vacancies by marketing your rental across multiple platforms. Using high-quality photos, video tours, drone shots, and listing the rental on popular sites helps to get more eyes on your rental. Once the property is listed, they handle tenant screening by checking the prospective tenant’s background, credit history, rental history, and employment verification. This is a crucial step as prolonged vacancies can significantly affect your bottom line. If your rental is an Accessory Dwelling Unit on the property, screening prospective tenants is even more important, as you’ll likely share more time with them as neighbors. Once a qualified tenant has been selected, a full-service property management company should produce a legally compliant lease agreement, collect rent from the tenant, oversee lease renewals, and manage legal issues whenever they arise.

Financial Oversight

As previously stated, property management companies collect rent using a variety of choices, from dedicated rent collection applications to online portals. This allows landlords to collect monthly income more consistently while enforcing late fees and providing detailed financial reports. These reports break down income and expenses, which help you understand the overall health of your rental property.

Additionally, many property management companies use accounting tools that allow landlords to monitor their cash flow in detail, which can be beneficial for those with a diverse portfolio. They provide landlords with the data needed to identify trends and make adjustments accordingly. This financial oversight reduces the administrative load on landlords while reducing accounting errors.

Property Maintenance

Property maintenance is more than keeping up curb appeal. Regular maintenance helps to keep your rental property looking good, though maintenance services provided by a property management company encompass both routine as well as emergency maintenance. Routine upkeep generally includes the landscaping, cleaning common areas, and inspections of HVAC, electric, and plumbing. Being proactive with maintenance helps prevent serious and expensive repairs down the road. Although not every issue can be found during routine inspections, this is why full-service property management companies provide emergency repairs and can be contacted 24/7 to address these issues. These can include electrical short circuits, burst plumbing, or structural damage. 

Property management companies have multiple trusted and vetted vendors and tradesmen who are prepared to repair at any hour of the night or on weekends, allowing landlords to take time off and relax. Maintenance is then logged, and reports should be provided to landlords, offering a record of the work completed.

Reclaim Free Time

Full-service property management companies provide landlords with the resources needed for them to reclaim their free time. Managing a property can be overwhelming for those who aren’t prepared. A property management company can return a significant amount of time to the landlord by assuming responsibilities for operational aspects of owning a rental property. This allows landlords to pursue personal activities, whether that's spending more time with friends and family or growing their portfolio.

By providing a comprehensive solution to landlords, a full-service property management company gives landlords free time and additional resources to care for their property. Hiring a property management company should be seen as an investment instead of a cost. If you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online.