The residential real estate market is the fastest-growing market as compared to the commercial market. Currently, the residential market has a value of $106.70 trillion with a CAGR of 3.34%. There is no doubt that the market will reach a height of $155.60 trillion by 2029.
In such a competitive market, it becomes essential for homeowners or landlords to upgrade their properties frequently. A property with a high value is more likely to attract high-paying tenants than a low-value property. To make the property look attractive, luxurious, and well-maintained, the landlord needs the essential services of a home management company.
Let’s see what is a home management company and how to find home management company easily in the competitive market to cherish the property value.
What is a Home Management Company?
A home management company is a firm that offers valuable services to landlords for managing their homes. It includes maintaining the property, undertaking regular inspections, checking for necessary repairs, leakages, and damages, bill payment, rent collection, and tenant management.
A home management company ensures that your home is in the best condition to rent, there are no damages or cracks in the walls or floor, it supports all the basic amenities of life, and it is well-ventilated. Furthermore, a home management company reduces the burden of landlords by finding high-potential tenants, managing accounts, and conducting regular maintenance tasks.
A home management company carry out several functions on behalf of the landlord and Charges a Fee for their services. This fee usually ranges between 8%-12% of the monthly rent.
Now let us see what are the functions carried out by a home management company.
Functions of a Home Management Company
A home Management company carries out several functions. From marketing the property to managing the tenants, a home management company ensures coordination between all tasks to enhance the value of the property and attract high-paying tenants.
Here are some of the primary functions carried out by a home management company.
1. Maintenance
The home management company maintains the property. IIt involves overseeing repairs, damages, landscaping, renovations, painting, replacements, and maintaining property cleanliness. This includes ensuring that the property is habitable and free from pests or mold, as well as making sure that it looks appealing, has the necessary furniture and fixtures, and that all appliances are in working condition.
2. Marketing the Property
The home management company market the property on a large scale to attract high-paying tenants. It lists the property on high-traffic listing websites, posts about the property on social media sites, and targets potential tenants through email marketing.
3. Tenant Screening
Besides attracting High-Potential Tenants, a home management company also screens tenants. It checks the background, credit score, and rental history of the tenant to ensure the tenant is reliability, trustworthiness, and credibility of the tenant. It ensures that the property is always rented to the most appropriate tenant to avoid issues or legal consequences in the future.
4. Managing Accounts
A home management company manages the account on behalf of the landlord. It maintains a proper book to record all the expenses, maintenance costs, management costs, and rent collected. It makes it easy for the landlord to evaluate the total costs, profits, and how money is usually utilised by the company.
5. Managing the Tenants
A home management company manages the tenants. It handles all the grievances of the tenants and finds potential solutions for them. Besides, it sends regular reminders for the rent, collects rent from the tenants, and looks after the maintenance needs of the tenants.
A home management company simplifies managing the home and tenants. By assuming all the responsibilities, the company allows the landlord to be stress-free and focus on more important tasks. However, sometimes, it is difficult for the landlord to find a good and experienced company.
Here is a detailed overview of how to find home management company to make this difficult task easy for the landlord.
How to Find Home Management Company: Essential Tips and Easy Ways
Finding a home management company looks like quite a difficult task, but, in reality, it is a simple task that demands patience, knowledge, effort, and time. You can easily find an efficient company with the help of the following tips and effective ways.
1. Social Media
Social media is one of the most effective ways to search for a potential home management company. There are many pages or groups on platforms like WhatsApp, Facebook, and Instagram that share the information of such companies with contact information.
2. Referrals
To find a reliable home management company, you can also ask for referrals from your family, friends, and colleagues. Personal recommendation is mostly preferable while looking for a home management company. You can get an overview of the services provided, the efficiency of the company, and why you should select a particular company over others.
3. Research
Research is another option when looking for a home management company. the Research can be both online and offline. You can visit the highly profitable markets or neighbourhoods to find a worthwhile company. Besides, you can also scroll the internet to gather insights and information about various companies.
4. Workshops
You can attend property management and education workshops to learn about the home management company in the desired locations.
Manage Your Home Today: Find the Best Home Management Company in the NYC
Home management companies provide valuable services to landlords. It reduces the efforts required to find trustworthy tenants and the stress of regularly maintaining the home. It offers various services like maintenance, marketing, tenant management, and accounts management.
Finding a home management company is simple. You can search social media or ask for referrals from your friends. The difficult task is to differentiate among so many available options and determine which is best and most viable for you. To eliminate this confusion, you can choose the most suitable option for you by partnering with Citadel Property Management Corp.
Frequently Asked Questions
1. How can you start researching for a home management company in the competitive market?
You can start researching by visiting different social media platforms, such as Facebook, WhatsApp and Instagram.
2. What things should you consider while looking for a home management company?
You should look for expertise, license, years of experience, and goodwill of the company.
3. Why is hiring a home management company important?
Hiring a home management company is important because these companies have experience maintaining the property effectively, attracting tenants, and retaining them in the long run. In a competitive market, these tasks are pretty difficult for a landlord to carry out on their own.
4. Does a home management company handle the eviction process?
Sometimes, the home management company handles the eviction process on behalf of the landlord. However, it is advisable to ask the company for the same before forming a contract with them.
