How do national property management companies work?
Managing a portfolio of real estate investments comes with many responsibilities, which is why investors often choose to outsource these services. National property management companies can help investors maximize their time and investment potential. They also streamline the workload with experts and a full-time team of property managers.
However, if you have investments in different markets, how exactly does a national property management company do it all? Today we will show you how national property management firms operate— from the marketing stage to move-out day.
National Property Management Companies
National property management companies can take care of investment portfolios in different locations and markets. Unlike local property managers specializing in just one area, national companies can manage rental homes even if a client has properties in multiple markets. These companies have resident managers, marketers, and leasing experts who can take care of all rental needs across state lines.
By offering a wide range of services, national companies take care of every aspect of property management. To operate on this level, these firms use top-of-the-line resources and technology with fast communication and organized records. With streamlined services, property owners get peace of mind to focus on their ventures without interruptions. For just a portion of each property’s monthly rent, landlords get a lot of value.
The Benefits of Working with National Property Management Companies
Managing a portfolio of rental investments can quickly become an overwhelming task for property owners. National property management companies handle all rental property needs so an investor isn’t spending hours doing repetitive tasks like rent collection and maintenance requests.
Real estate investors can offload all their landlord responsibilities with a management agreement. This gets them plenty of time back as well as peace of mind. Additionally, these companies have access to the latest technology and industry insights, which can help them make profit-maximizing decisions.
The Process Used by National Property Management Services
When you operate on a national scale, you need a team of specialists to keep things running smoothly. While solo property managers have to wear many hats, professional property management companies have different teams that compartmentalize each service so that each stage is handled by experts — not a jack of all trades. This assembly line-based approach makes managing properties a faster, more comprehensive process.
Rental property owners can trust that there will be a pro dedicated to marketing and advertising their real estate property. There will be another for screening tenants, and another for collecting rent and handling maintenance and repairs. With their expertise and resources, these teams can handle any challenges that arise, allowing property owners to focus on other areas of their lives.
The cornerstone to any property management business is to ensure cash flow for the client. By making the entire process seamless, investors can feel confident in how their own property is being managed. The peace of mind is well worth what the typical property management company charges.
Step 1: Marketing
Many national property management firms have a “fill fee” followed by a monthly fee. The early stages, which include marketing and filling units, are typically paid by the fill fee. During the marketing stage, the company should get professional photos taken of your rental, virtually stage it to save time and money, then advertise it on all relevant channels like Zillow to give it maximum attention. At Marketplace Homes, our Marketing Concierge team takes care of the whole process.
Step 2: Filling Units
Occupancy = rental income, so filling a unit quickly AND with the right tenant is a crucial part of a professional property management service. Using an online scheduling system and secure method to allow remote entry to prospective tenants, a national property management company makes sure every qualified applicant gets to see your rental before committing to a lease. Don’t worry, your property will be ok. Marketplace Homes has been showing rentals like this for years to fill properties more quickly — and it works!
Step 3: Tenant Screening & Approval
After people apply for the rental, the property management firm typically uses a program to run thorough background checks. But the tenant screening process shouldn’t just be done by automated programs. The leasing specialist should also scrutinize the applicants to check for inaccuracies or hidden risks that may not be apparent in an application that was automatically screened.
Once approved, a leasing specialist will draft a legally sound lease agreement, send it over for signatures, and give the renter the green light for move-in day. Having a pro specializing in leasing handle this stage ensures that all the paperwork is accurate. Filling vacancies with a thorough process like this ensures that the company follows fair housing laws and that the single-family home rental has a good tenant.
Step 4: Move-in to Move-Out
From here on out, the tenant will be assigned to a residential property manager who works in a designated geographical area to ensure the best service. This specialist will handle the move-in process and everything from day one to move-out day. Whether it’s collecting security deposits, pet deposits, and rent, they will be the main point of contact for maintenance requests, questions, and other needs. In the rare chance that you need to handle an eviction, a property manager can also take care of this.
Step 5: Renewal
To maximize your bottom line, property management companies want to avoid vacancies. This is why Marketplace Homes has a renewal specialist team that gets to work before a lease ends to seamlessly transition your rental to a new tenant or keep the same tenant in the investment property (which is the preferred option). This team also adjusts pricing according to market conditions.
National Property Management Companies Near You
Working with a national property management company benefits many landlords who want to streamline managing their investment properties. They can handle all aspects of the property, from marketing and accounting to maintenance and tenant relations. By teaming up with a reputable national property management company, landlords can rest assured knowing that their investment will be cared for according to industry standards.
Alicia Persson is the real estate content writer for Marketplace Homes. She has several years of experience working in real estate teams that specialized in investments and property management. Before she joined MH, she was a freelance writer for 7 years, providing real estate and home living content for boutique digital marketing agencies.
She is a proud University of Virginia master’s graduate and enjoyed her undergraduate years at the University of Mary Washington. When she is not writing, she plays keytar and does female lead vocals in a local 90’s band or spends time with her amazing family.