Property managers act as the middleman between tenants and landlords for rental properties throughout the country. Common tasks for a property manager include dealing with the property’s turnover to new tenants, marketing and leasing of properties, and any other issues that arise while managing (maintenance, etc.).
In this article we will go over a few reasons why property managers are a key resource in keeping your real estate investment well maintained and cashflow positive. Additionally, we will address how Alcove Rooms fits into this equation.
Property managers will forge a good working relationship with landlords who use their firm for marketing and managing their real estate. Before advertising their home (which is not occupied by the landlord but rather an investment property in most places), property managers will communicate with their landlord clients and check their requirements for how they'd like to rent out the property. They may ask questions like the following:
Is there a minimum term tenants can rent this property for? (Most landlords say one year, but some may say six months or two years)
Do you allow pets at this property?
Should tenants be non-smokers?
Would you prefer to rent this property to students, young professionals, couples, or families?
Alcove is a great partner for your real estate investment. With Alcove's marketing engine, landlords and property mangers can see up to 5x the amount of qualified applicants on any given home, due to the nature of co-living and per-bedroom rentals.
On average, Alcove tenants sign for 15 months, much longer than typical tenants in single family homes. Because Alcove rents properties out for more than two years at a time, tenants are able to secure longer leases on the Alcove platform, thus requiring less turnover and generating greater cashflow for both landlord and property manager.
One of the most important aspects of property management is screening prospective tenants before they move in. Traditionally, property managers have been the first point of contact when tenants get in touch to rent out rooms or the entire property. Managers may take future tenants on viewings or tours around the property and have email correspondence until they sign a lease and move in.
On behalf of the landlord, property managers will perform credit checks and obtain good references for prospective tenants. They will also ensure that the tenant’s salary is enough to cover a month’s rent (sometimes 3x-4x the monthly rent).
Thankfully, Alcove's platform allows prospective applicants to view homes, tour them (virtually or in-person!) with Alcove team members, and ultimately sign per-bedroom leases on a home.
Alcove's platform is integrated with TransUnion, the industry-leading rental screening solution, and is able to process applicants much faster than other platforms. Their requirements are stringent (either matching or exceeding requirements from property managers), and only the best applicants proceed through the process.
Alcove takes care of all the screening and requirements, and does this at no extra cost to either the property manager or landlord.
At the start of a tenant’s stay, the property manager should request them to fill out an inventory. After this has been dealt with, property managers will still be the first contact for any other problems that come up. They could include things like:
Furniture (if it is a furnished apartment) or parts of the flat breaking.
Plumbing problems or issues with the electricity.
Damage caused by a tenant.
The property manager should decide whether the issue was the tenant’s fault or not, and if not, arrange for the repairs to come out of the property budget.
With Alcove's model, the Alcove Support team will field any tenant maintenance requests and decide on how severe it may be. Contact with the landlord or property manager will be made if the severity is high, but otherwise, Alcove will handle smaller requests from the tenants as necessary.
This is performed through the Alcove platform and is done at no cost.
A property manager will continue helping the tenant with maintenance or lease questions until they move out of the property and will arrange the moving out date and liaise with their tenants on issues involving cleaning and evacuating the property. Property management will also communicate with the tenants after moving out to arrange the return of deposits and discuss any outlying issues related to wear and tear.
When working with Alcove, all lease inquiries and move out procedures are taken care of. Through the Alcove platform, tenants are notified of leases renewals and can decide to stay in a home without ever needing to talk to the landlord. Because Alcove typically signs two to five year leases on homes, tenants are able to extend their per-bedroom leases to what makes sense for them.
When tenants do move out, Alcove arranges all necessary documents for deposits and more, and all online. This allows peace of mind for both the property manager and landlord.
Alcove provides some added upside into the landlord, property manager, and tenant equation. By placing the tasks of listing, marketing, and touring, Alcove is able to effectively and scalably source tenants looking for rooms in homes with our marketing engine and pricing algorithms.
Alcove also takes a lot of pressure off of property management firms by ensuring high standards for screening, property access, and lease inquiries (renewals, terminations, violations, and more).
It is a byproduct of the Alcove platform that enables trust in these relationships, and Alcove is happy to help both property management firms and landlords see more upside when renting with Alcove Rooms - sometimes with 50% more income than traditional renting. Thankfully, all this work is performed for the property management firm and landlord at no extra cost.
If you're interested in listing your home on Alcove, learn more at the link here: https://alcoverooms.com/manager
If you want to contact me directly and ask questions, you can text me at (919) 636-6421 or at firstname.lastname@example.org