Finding Your Perfect Property Management Match
When choosing to rent out your investment property, one of the most important decisions you’ll make is whether or not to partner with an expert property manager. After you've decided to partner with a property manager in the San Antonio area, you'll need to determine how you will use their services. Is white-glove, full service what you're after? Alternatively, will you use a property management company for leasing purposes only?
Property managers are trained and experienced in all facets of the rental process and can be a precious resource available to you. Once you've chosen to work with one, deciding which opportunities to unlock falls on you. Of course, the first step is understanding the difference between the two options.
Lease Only Property Managers
Owning a vacant San Antonio rental can be costly. Whether or not the property is occupied, mortgages and utilities still need to be paid for. Additionally, preventative maintenance still needs to be done, and potential tenants still need to be screened. All of these things come at a cost to the property owner! Lease only property managers help fill those vacancies. Lease only property managers will not only advertise and show your property, but they will also handle any criminal background checks or credit checks that need to be done before move-in. Showing a property and answering questions from potential tenants requires a flexible schedule and lots of patience. Many property owners that work full time do not have the flexibility in their schedule to keep up with the demands of showing rentals and screening tenants.
This style of property management is perfect for the property owner that would prefer to have more input in their investment. If the owner is handy with repairs—or has a less rigorous day-to-day schedule—they will be able to participate more in what is going on with their property. The owner will also have the opportunity to get to know the people that reside in their property better. Some landlords find joy in doing their maintenance or would prefer to hire private outside contractors to work on their property. The property owner would also be responsible for collecting their rent and handling any issues with payment.
Lease only property management tends to come with a one time fee, one that is payable when the empty rental is filled. A one-time fee allows for property owners to pay once they are receiving income from their investment.
Full-Service Property Managers
More established San Antonio property owners—or owners with multiple properties—might benefit more from a full-service property manager. Full-Service property managers will provide all the services of a lease only property manager and will also assume responsibility for a number of other tasks, like:
- Rent collection
- Tax preparation
Plus, any other issues that may come up with the property. If you have more than one property, the full-service property manager would be able to handle all of them for you. This saves you from having to make more of a time commitment with every additional property.
Full-service property managers allow for a considerably more hands-off approach. Any maintenance issues wouldn't fall to the property owner, and they wouldn't need to worry about any late rent or nonpayment. This style property manager is perfect for someone that doesn't have a lot of spare time to devote to the rental process or for someone that has multiple properties.
Full-service property managers may take a percentage of the rent that you are charging, or charge a monthly—or yearly—fee for providing their service. However, if you are paying a monthly fee, the property managers are taking on more of the costs for you and are leaving you free to commit to your other obligations. If you own multiple properties, full-service property managers may be able to work out a discount for you with every additional property.
A Property Manager Is Your Ally—and an Asset!
So you’ve decided to put your investment property up for rent—what comes next for you? Choosing an expert property manager in your area offers more options than you might think. If you are a hands-on repair savvy property owner, lease only might be better for you. You'll have an opportunity to get to know your tenants and your property as a rental, without having to busy yourself with filling any vacancies, creating potentially tedious documents, or handling complicated background checks.
If you are a hands-off, busy property owner, a full-service option could be a better match for you. Not quite sure where you stand on that scale? Contact Real Property Management Campanas for a FREE rental analysis of your investment property!