When you’re looking for a professional San Antonio property management company, you have to know what they are supposed to do for you before you begin interviewing various companies. Today, we’re talking about some of the things that your San Antonio property management company should do for you, your residents, and your rental properties.
Identifying Investment Opportunities in San Antonio
A great management company will help you find good investment properties. When you’re looking for a rental home in San Antonio, New Braunfels, Converse, or any of the surrounding areas, you should be able to count on a management company to show you what’s available and make some recommendations on what you might want to buy. Not all management companies do this, but those with a passion for real estate and a real knowledge of the local market will want to help you build your investment portfolio.
Preparing Properties for the Rental Market
When you have a rental property and you’re ready to start looking for residents, you should expect your property manager to ensure that property is in good shape and ready for the rental market. It’s never a good idea to list your home before it’s ready. If you do this, your vacancy time will be longer and you’ll have a problem attracting great residents.
At Mynd, we do a thorough walk-through inspection and make some notes about everything that the house might need before we begin showing it to prospective residents. It’s important to maximize your rental income, and the best way to do that is by providing a property that’s both attractive and functional. You’ll also have fewer things to worry about when you do have people moving in. You don’t want to be called out for maintenance issues as soon as a resident moves in.
Screening Residents for your San Antonio Rental Property
Another important function of your property management is resident screening. There should be a consistent and documented process in place that ensures the best and most qualified applicant is moving into your home.
When you have a good resident in your home, you save yourself a lot of stress later. Many investors don’t realize that the screening process is one of the most critical parts of the leasing process. It’s always going to work out better for you when experienced professionals are handling the screening.
You want your property managers to check employment and verify income. Make sure you are renting to someone who can afford the rent. There need to be standards in place to determine whether an applicant is a good fit for your rental home.
In addition to employment and income, a property manager will check credit history and rental history. When you find a well-qualified resident, you know you won’t have to worry about late rent payments, potential evictions, and large expenses to repair damaged property after they move out. Good residents will pay on time and take care of your home and follow the expectations in the lease agreement. Good property managers know how to find and screen for those residents.
Many investors don’t realize the perils involved in a screening process that isn’t legally compliant and well-documented. There are fair housing and discrimination issues involved every time you receive an application and screen a potential resident. You need to know how to handle the regulations in the Fair Credit Reporting Act. You need to understand the difference between an emotional support animal and a service animal and a therapy animal. Different laws apply to each category, and none of those categories are considered pets.
You can get into serious trouble if you don’t know the fair housing protected classes. It’s very easy to make an expensive mistake when you’re screening applicants. Leave this process in the hands of a qualified property manager, and make sure they have high, well-documented standards for the people they’re moving into your property.
Lease Enforcement and Rental Property Maintenance
Your property manager can be expected to deal directly with residents and respond to their complaints and requests. If your resident stops paying rent or is consistently late with rent or you notice that they are violating the lease in some way, your property manager will know how to handle the situation. You don’t have to worry about chasing down late rent or filing an eviction. With a good property manager on your team, you won’t have to worry about any of it.
Eviction is serious and something that almost every rental property owner dreads and fears. At Mynd, we have an entire eviction team that handles all of the notices, court forms, and the whole legal process for you. That’s what you want in a property management company; someone who won’t delay the process. You don’t want to spend any more time and money trying to get your property back.
When you’re a San Antonio investor looking for a management company, the most important thing you want to look for is competent, professional experience. You want to make sure your property is being run as a business. The company you hire is a huge piece of the puzzle. Your property manager should be on your team as a major operating system and the foundation of your whole business model. It’s vital for your success as an investor, and it’s how you scale and grow.
Don’t settle for anything less when you’re looking for San Antonio property management.
We also have other opportunities to connect with us and learn more about investing in San Antonio. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.