What to Expect From a Rental Property Manager
The turnkey rentals in Memphis and the other markets that MartelTurnkey invests in come with property management already in place when we sell to our investors. Property managers offer an array of valuable services that most landlords appreciate for their contribution to a passive income experience. As the new owner, you’re under no obligation to continue working with the same property management company that we’ve put in place, but we would highly recommend it. If you do choose to use our property manager, here are some of the services you can often expect:
Many property management companies offer an online website portal where you can log in and check the status of your turnkey rentals in Memphis and other cities on a 24/7 basis. Here, you can download reports, view repair tickets, see payment history, communicate with the property manager and more. This offers you a convenient way to keep tabs on everything in one place.
Ongoing Property Maintenance
The property manager takes care of routine and emergency repairs and/or replacements for your property. This can include anything from fixing a running toilet to changing out an A/C filter to replacing an overhead microwave oven. You will never be contacted directly by the tenant with these things. Instead, your tenant places a service request with your property management company, who assesses the need and then takes care of it as necessary. If the replacement or repair cost is significant, the property management company will first confer with you to determine the best way to proceed.
Monthly or Annual Reporting
The property management company provides landlords with monthly and/or annual financial reports. These reports are helpful for organizing and understanding your cash flow and tax records as a rental property owner. You’ll be able to quickly see your monthly outgoings and income to keep your finances on track. Many landlords hand off their detailed property management reports to their tax accountants at year end to ensure that every allowable deduction is taken.
The property management company will keep a record of communications among the tenant, the property manager, the landlord, repair persons and more. Any communication having to do with your property is carefully organized and filed. This is important because it protects your interests as the owner in the event of any discrepancy about how communication occurred. You can also use this record of communication to measure the responsiveness of your property management company to your tenant.
Late or Missed Rent Payments Management
If a tenant is late with a rent payment, your property management company will be on top of it. You’ll never have to make a phone call or send an email to your tenant asking if they’ve paid their rent. The property manager will find out what the problem is and handle it accordingly. As far as your expectations for receiving the rent into your account, your property manager will keep you apprised of the situation.
In cases where eviction is necessary, the property management company will handle the whole process on your behalf. You won’t need to file eviction papers, deal with law enforcement or appear in court. You’ll be kept in the loop about the process, but will never have to personally be involved. The whole thing will be dealt with by your property manager.
Your property management company takes care of all the marketing for your turnkey rentals in Memphis or elsewhere when it’s time to find a new tenant. Your property may be advertised for rent on the property management site and among many online sites. You’ll never have to take photos, write listing descriptions or answer inquires about the property. The entire marketing campaign is done by your property management company.
The property management company also handles tenant vetting. They’ll review applications, do background checks, interview or do whatever else is necessary to ensure you get the best possible tenant for your rental property.
Lease Signings and Renewals
The property management company handles all the lease signings and lease renewals for your turnkey rental in Memphis or wherever it’s located. They’ll get the lease signed, keep track of when it’s up for renewal and have the same or a new tenant in your turnkey rental property as soon as possible.
When there’s a tenant turnover, your turnkey rental will have to be cleaned and readied for the next tenant. Cosmetic repairs might have to be made as well. As a landlord with a property management company in place, you’ll never have to do anything yourself. You won’t be coming in with a mop and vacuum and paintbrush. Instead, your property management company will either do all this work with in-house staff or they’ll outsource it to a trusted local company.
Advice and Recommendations
As an experienced turnkey rental manager, your property manager is a valuable resource for advice and recommendations. They are ready to assist you with making decisions about setting rent prices, when it’s time to raise rents, whether you should move to evict, whether you can wait another year to replace the roof and much more. The property manager is a font of knowledge that you can draw from whenever you like. They are familiar with the local housing market, with construction practices and with turnkey rental properties in general.
Laws regarding tenants and landlords vary from state to state. Owners of turnkey rentals in Memphis and other cities rely on local property managers to comply with the relevant laws. When you use a property manager, you can be sure that you are in total compliance with laws about things like rental deposits, tenant notifications, eviction action and more.
As you can see, property managers provide abundant services to turnkey rental property owners. This is why, at MartelTurnkey, we recommend that our investors continue to employ a property management company for turnkey rentals in Memphis and other cities, even if you opt to select a different company. This is the best way we know how to enjoy passive income from you turnkey rental property. Please contact MartelTurnkey about available rental properties today.