There has been a steady increase in the demand for Winston-Salem property management services, as homeowners begin to realize the importance of getting their investment assets managed by professionals. However, not many people accurately know how property management works.
Imagine you have, or are planning to buy, a house or an investment rental, but don’t have the time or the expertise to manage it. That’s where a property management company comes into the picture.
Property management companies help homeowners evaluate properties, advertise rentals, find good tenants, deal with rental vacancies, perform inspections, resolve tenant issues and complaints, and supervise the maintenance and overall upkeep of the rental unit. Property management entails a long list of duties and responsibilities that have to be covered by the company.
Services Provided by Property Management Companies in Winston Salem
The services offered by property management companies vary depending on the client’s requirements.
Some landlords might require only selective services like managing rent collection and accounting, or maintenance. On the other hand, some might require a company that takes complete responsibility for their assets.
Regardless of your personal choice, there are certain key services that are commonly offered by every property management company.
Marketing & Advertising
One of the main responsibilities is to minimize vacancy of the client’s rental unit. Since property managers are aware of the market trends, they showcase the best features of your property via digital and print mediums, in line with the market demand.
By advertising and promoting your asset to the right audience, they ensure that people are informed about the availability of your unit for rent. They feature your property in the best light while also highlighting its proximity to amenities, school, and transportation.
Tenant Screening and Selection
Finding genuine tenants is a challenging task. However, a professional property management company can easily find the right tenants for you through its network. They implement rigorous tenant screening procedures and thoroughly verify all the information submitted by prospective tenants. Additionally, they also adhere to the Fair Housing Act and Fair Credit Reporting Act to avoid any legal conflicts.
Once the tenants move in, managers conduct regular evaluations and inspections. This ensures that any potential maintenance-related problems that can adversely affect your cash flow in the future are eliminated before they can arise. They also monitor the adherence of the tenants to the terms of the lease.
Accounting and Rent Collection
When you own multiple investment units, collecting rent from your tenants can be quite a hassle. Property management companies have systems in place to ensure timely rent collection, which gets deposited into your account automatically.
They also apply late fees and take strict action against tenants who do not pay the rent on time. In addition, they also keep track of your rental expenses, tax invoices, and other financial statements related to the asset.
Property managers often employ a maintenance crew to resolve all maintenance-related issues efficiently and promptly. They have a network of contractors, handymen, and other professionals who take care of internal and external repairs on your property. Plus, regular maintenance helps in keeping your house habitable, thus attracting potential tenants.
Finding a Good Property Management Company in Winston-Salem
Ordinarily, every geographical location has a few property management companies handling rentals in the area. You can be best served by a property manager in your area, as they know the market very well and can assist you in getting the best tenants and/or services, according to your requirements.
As one of the most reputable companies in the twin cities of Winston-Salem, we at Capstone Realty Consultants cover the needs of our clients in Winston Salem, Kernersville, High Point, Greensboro, and surrounding areas of North Carolina. We aim to protect the investment of our real estate investors and help them generate maximum revenue through their rental assets.