Top 5 Types of Property Management Services Offered by a Consultant
Property management is a complicated process that can be difficult to manage. That’s why many people are turning to professional property managers for help. A property manager will take care of everything from collecting rent, screening tenants, and handling maintenance issues, giving you more time to focus on your business. There are several types of services offered by a consultant.
- Turnkey management
It is a type of property management that offers almost complete hands-off service to the client. It means little to no time spent managing various aspects of your investment, including tenant relations and collecting rent. Although this seems like an ideal solution for busy investors, it may not be the best option if you want better control over your investment.
- Lease-up management
It is a type of property management that focuses on taking an underperforming building and bringing it up to speed. This includes working with the owner to improve the value, increasing occupancy rates, and managing tenant relations. The EmbarkPM property management consultant will handle everything from advertising, finding tenants, screening them, and collecting rent. marketing expenses
- Tenant placement
This type of property management is the most common. The consultant will interview and screen tenants, then place them into your investment at a rental rate you set–usually in accordance with local market conditions. This service includes collecting rent from existing tenants and helping to find new ones when leases near expiration or current renters leave.
- Turnover management
This type of property management is a comprehensive service that includes everything from interviewing, screening, and placing tenants to collecting rent, negotiating leases, and handling move-outs. Turnover services can be extremely helpful when you have several properties or large buildings with multiple units.
- Full management
This type of property management is the most expansive and includes everything from finding tenants to rent collection. This service also goes beyond tenant relations into landscaping maintenance, snow removal, water shut-off notices for delinquent payments, and eviction processes when necessary. With this service, you can expect all aspects of your real estate investment to be covered–including any work needed on the structure itself.
- Affordable management
It offers affordable rates and still provides professional services. This service may be the best option for those with only one or two properties, as they don’t want to pay high fees but want their investment managed by professionals.
There are many types of property management services provided by a consultant. These five options offer different benefits and can be most ideal for certain real estate investors, so it is important to research your options carefully before committing to one service or another.