As a potential investor in the real estate industry, it’s crucial to understand the difference between property management vs property maintenance. While these two phrases may seem the same, they mean different things. However, the two complement each other.
Property management includes rent collection, tenant screening, property repairs, and lease agreement drafting. Conversely, property maintenance deals with plumbing, painting, and electrical maintenance issues.Are you confusing property management with property maintenance? Learn the difference between property management vs property maintenance. Click To Tweet
Let’s dig into the differences between property management and property maintenance.
Features of Property Management
When you hire a property management company, they’ll oversee all the aspects of your property at a fee. They manage rental properties to ensure tenants are comfortable and increase cash flow. Property managers are responsible for several tasks, including:
- Tenant Screening: They screen potential tenants by revisiting previous evictions and creditworthiness to ensure a tenant is worthy of staying on your property.
- Rent Collection: A property management company can efficiently collect rents from your tenants monthly. That helps to prevent late rent payments.
- Drafting Lease Agreement: A property manager drafts a legal lease agreement to help a tenant and the property owner know their responsibilities.
A property manager can also help market a rental property, perform routine inspections, handle tenant complaints, pay contractors, and arrange emergency repairs.
Features of Property Maintenance
If you own an investment property, you’ll have to deal with many maintenance requests, which requires time. You can hire a property maintenance staff to do the maintenance work. Some of the maintenance services the team can handle are:
- Electrical work
- Plumbing issues
- Locksmith issues
- Flooding emergencies
- Common area upkeep
- Yard and lawn maintenance
Note that a property management company can also facilitate maintenance and repair services. So, check if your property manager has a maintenance crew to help tenants.
Reasons to Have Both Services
The fact that property management and property maintenance are two different things doesn’t mean you should avoid one. You need both services to maintain your tenants’ comfort, increase cash flow, and increase your property’s lifespan.
To maximize the benefits of both services, hire a property manager that offers property management and maintenance services. There are many property managers, so you must research and read past reviews about a company before hiring it.
What Does Your Rental Property Need?
So far, you understand the differences between property management vs property maintenance. Although the services differ, your rental property needs both to ensure profitability. Working with a property management company guarantees both.
Contact us to manage and maintain your property at affordable fees.