Owning a rental property in the Houston area is a lot of work. While you may be generating a generous annual profit, there’s a lot to do. This is especially true if you are self-managing your property and handling property maintenance.
That’s why so many property owners opt to hire a professional property manager in Houston to help out. However, if this is the first time getting help with your rental, it’s important you understand the differences between property management and property maintenance. After all, they are very different things. You’ll want to make sure you hire the right people for the job.
If you’re interested in using a property manager to help with things repairs and maintenance requests, check out this breakdown of the differences between property management and property maintenance. This way you get the most bang for your buck.
What Does Property Management Consist Of?
Property management is about much more than simple maintenance and repairs. Of course, your property manager will handle maintenance and repair requests. For instance, they might use an on-site maintenance crew. Or, they might rely on a Rolodex of trusted contractors to do the work. No matter the case, your property manager will make sure your tenants and property are well-cared for.
In addition, you’ll enjoy these property maintenance benefits:
- Not having to do any maintenance or repairs yourself
- Low-cost maintenance and repair bills
- Full transparency of all maintenance and repairs
- Accounting statement creation and delivery on a monthly and annual basis
Not to mention, your tenants will be completely satisfied. In fact, if you use a property management company like Residential Leasing and Management Corp., you can expect to have an average tenant retention rate of 3 years. Of course, boosting tenant retention rates is not based solely on exceptional repair work. However, it helps.
That said, it’s good to know that a property management company takes care of much more than just maintenance and repairs:
You’ll never make any money if you don’t collect rent from your tenants. That’s why many rental property owners hire a property manager to handle rent collection for them. This way they don’t have to worry about chasing down their tenants each month to get their money.
There are plenty of great ways to collect rent from tenants. For example, you can accept cash, checks, or money orders. Most convenient, however, is to accept rent payments online.
With the right property management in Houston, your tenants will be able to pay rent in minutes. Since online payments can be made 24/7, tenants are more likely to pay on time. Plus, you’ll be able to see all the payment records on file and never have to worry about hassling with paperwork again.
Has your tenant failed to pay rent? Let your property manager deal with that so you don’t have to deal with the stress on your own.
Tenant Screening and Property Advertisement
Having a vacant rental property will happen from time to time. It’s part of being a property owner. However, with effective property management, the minute your property is unoccupied, your property manager will be able to advertise it as available.
In addition, your property manager will be able to implement a strict tenant screening process that will net you a high-quality tenant every time. 45% of property managers now claim that ‘residents’ are their top priority. Because of this, you can bet that your property manager will put all their time and effort into selecting a top-notch tenant for your property.
After showing interest in your rental, a property manager will be able to screen tenants for:
- Criminal records
- Prior evictions
The better the tenant, the more likely it will be that you’ll succeed as a property owner. And if you’re lucky, you’ll hire a property management company that boasts a 99% or higher eviction free rate.
Rental Property Inspections
According to a recent survey, 74% of property management companies offer landlords property inspections. The reason is, property inspections can be the key to a property owner’s ROI.
Before and after a tenant moves into your rental, you have to know the condition of your rental. It’s important to know that your tenants are upholding their part of the lease agreement and are taking care of your rental like they agreed to.
Additionally, property inspections give property managers a chance to touch base with your tenants. A rental property inspection is the best time to check for:
- How a tenant is doing in general
- Whether there are minor repairs that need fixing
- If your tenants are having any issues with the property or property manager
Building strong relationships with your tenants is a great way to boost satisfaction and increase lease renewals. It also helps reveal minor repairs that can be fixed before they become too costly.
In the end, having a property manager handle routine property inspections is going to save you lots of time and money.
As we mentioned earlier, there’s a lot of paperwork that comes with being a property owner. The thing is, it goes beyond rent payment receipts. For example, there are tenant applications, rental registrations, financial statements, repair invoices, and much more to collect, organize, and keep safe.
More than that, your property manager will handle the following:
- Lease drafting and signing processes
- Security deposit, pet deposit, and application fee collection
- Market research and analysis for setting competitive rent rates
- Lease renewal offers and execution
Lastly, your property manager will also take care of any evictions necessary. Though highly unlikely to happen, an eviction is a lengthy process that is best left to the professionals.
What Then is Property Maintenance?
Now that you understand what property management in Houston looks like, it’s time to look at what property maintenance is.
On the surface, the two things seem to be the same. After all, both deal with property maintenance to a certain extent. However, that’s where the similarities stop.
Property maintenance in Houston is a service that property owners sign up for when they need help maintaining the condition of their rental. A service like this is very helpful for those that don’t have the time or desire to deal with property maintenance.
Here’s a list of the most common things a property maintenance company will take care of for you:
- Painting (exterior and interior)
- Lawn maintenance and landscaping
- Snow removal
- General cleaning of your rental
- Power washing of exterior surfaces and decks
- Carpentry jobs
- Electrical and plumbing problems
- HVAC services and repairs
- Broken locks or re-keying
- Fence repairs
- Trash removal
- Drywall replacement
- Storm cleanup and repairs
Of course, this list is not comprehensive. However, it’s important to note that property maintenance in Houston is only going to handle maintenance and repairs of your property. Nothing else. You’ll receive no help with rent collection, evictions, tenant screening, or lease drafting.
That said, hiring a professional maintenance company will save you time and money. Without it, you’ll have to invest in equipment, supplies, and the maintenance of your rental.
In the end, if you’re just looking for help with property maintenance, a property maintenance company may be just what you need. If you’re looking for a full-service company that will deal with the day-to-day operations of your rental property, your best bet is going to be to go with a reputable property management company in Houston instead.
Interested in having us manage your rental property for you? If so, contact us today and see how we can help with all your maintenance and repair needs.
At Residential Leasing and Management Corp., we strive to provide the best property management services to rental property owners. Thanks to online maintenance requests, the use of reliable and cost-effective vendors for repairs, and the fact that we detail the condition of your property from start to finish, you’ll never have to worry about property maintenance again.
In addition, we will help you collect rent, deal with tenant disputes, set competitive rent rates, and reduce your turnover rates so you maintain the highest ROI possible. And we’ll do all of this without you having to lift a finger.