Owning rental properties can be both rewarding and stressful. Many landlords find themselves overwhelmed with their responsibilities, leading them to seek out help. A professional property management company can take over various duties to make your life simpler and help you make the most out of your investment properties.
According to Steadly, the average rent as of July 2024 in St. Louis, MO, was $1,074 a month. This is noticeably less than the US average of $1,535, and if you're struggling to manage a property, you can expect even lower rental rates. If you're having a hard time with your rental property, you might need landlord rescue from a professional property management company.
In this article, we'll look at common landlord challenges, the benefits of property management, and the key signs that it may be time for you to partner with a company like West End Management & Leasing Services. Keep reading for more.
What Does Property Management Involve?
Property management is often far more involved than most people realize. When you manage a property, you're responsible for:
- Marketing vacancies
- Screening tenants
- Handling lease agreements
- Keeping the property in good condition
- Managing accounts
- Maintaining tenant relations
- More
For many landlords, these tasks can add up quickly. Without proper rental property oversight, even a single property can become stressful. Things only become more challenging if you own multiple properties.
Because of this, many real estate investors turn to professional property managers. With this kind of assistance, you can rest easy knowing that your investment is in good hands.
What Are the Legal Duties of a Property Manager?
One of the most important property management benefits is having someone on your site who understands relevant laws. A professional property manager in St. Louis should have a strong grasp of local rules and regulations. As such, they can:
- Adhere to fair housing laws
- Handle security deposits properly
- Draft legally sound lease agreements
- Manage evictions according to Missouri law
- Ensure properties meet safety and habitability standards
Many landlords underestimate the complexity of these requirements. This can be a major issue as failing to follow the law can result in costly fines or lawsuits. Having a professional property manager ensures compliance and reduces risk.
How Many Properties Does a Property Management Company Usually Oversee?
It's a common question, but the answer can vary quite a lot. It all depends on the size of the property management company and the scope of the services offered.
A typical property management company could oversee anywhere from 30 to 100 properties. Reliable companies, like West End Management, intentionally keep caseloads manageable. By doing this, we can ensure each landlord receives personalized attention.
For an individual investor, managing even a single property can become very difficult. If you own multiple properties or plan to expand your portfolio, hiring a management team ensures you don't burn out. Partnering with a reliable manager allows you to focus on growing your investments instead of juggling daily tasks.
Do You Need a Qualification to Manage a Property?
As a real estate investor, you don't need any qualifications to manage your own properties. However, it's different for those providing a service.
In Missouri, property managers typically need to hold a real estate license to legally perform leasing and property management duties. This requirement protects landlords and tenants by ensuring managers have training in:
- Contracts
- Ethics
- Real estate law
You can manage your property yourself, but a qualified professional has the expertise and experience to ensure things go smoothly.
Signs You Might Need Landlord Rescue
It's not always easy to know the best choice. Here are a few telltale signs that can indicate it may be time for you to get a bit of assistance:
- You're struggling with tenant turnover: Finding reliable tenants is tough, but property managers can help you screen and secure quality tenants
- You don't live near your rental: Out-of-town landlords often face greater challenges with maintenance, inspections, and emergencies
- You're using too much time: If calls about late rent or broken appliances are eating into your personal life, outsourcing can relieve stress
- You're worried about legal compliance: With ever-changing laws, a management team helps you avoid serious missteps
- You want to maximize profits: Property managers understand local market trends and can help set competitive rental rates
If any of this sound familiar, it may be time to consider the benefits that come with hiring a professional team.
FAQ
How much does a property manager cost in St. Louis?
There's no "flat rat" kind of answer for this, as most companies charge a percentage of monthly rent. This is usually around 8-12% of the rental rate, but some also charge leasing or setup fees. A reliable company is more than worthwhile, but make sure you always understand all of the costs involved before making any commitment.
Can I hire a property manager for just one property?
Absolutely. While it may be more crucial for those who own multiple properties, even one can cause issues, making professional oversight worthwhile.
How do property managers handle maintenance?
Property managers coordinate with licensed and insured vendors, ensuring repairs are completed quickly and affordably. They also provide detailed reports of all work for your files.
What makes the St. Louis rental market unique?
St. Louis offers diverse neighborhoods, strong rental demand, and a mix of single-family homes and multifamily units. This presents a lot of opportunities for investors, but navigating these variations requires local knowledge that only an experienced property manager will have.
Do I lose control of my property if I hire a manager?
Not at all. You remain the owner, but you gain a partner who handles the heavy lifting. Your manager will keep you updated while giving you the freedom to take a step back.
Managing Your Property Effectively
Managing a rental property is no small task, especially in a competitive market like St. Louis. From tenant relations to legal compliance, the responsibilities can be overwhelming. Fortunately, you don't have to face these challenges alone.
At West End Management & Leasing Services, we offer a full range of efficient, personalized property management services. With over 20 years of experience, we can be trusted to provide the help you're after when you need landlord rescue.
Take a look at our property management services page to find out more about everything we can do for you.
