Rental properties are a great source of passive income. However, the day-to-day management of these properties can become overwhelming, especially if your business is growing. For many owners, wearing the “landlord” hat is less than desirable.
That’s where a property manager or property management company comes in! Property management companies work in your behalf as independent contractors, allowing you to avoid the hassles of being an employer.
Your property manager will deal directly with your tenants, prospective tenants, and any property needs. They handle all aspects of the rental process from the marketing of the rental to the tenant onboarding. From there your property manager will serve as the point of contact for rent collections, maintenance requests, repairs, and even evictions if necessary.
Most importantly, they keep your property(s) in working order, and a reliable stream of passive income.
For many owners a property management company is appealing as they allow you to continue to scale your business without the time-consuming tasks that inevitably come with owning properties.
Any maintenance requests and repairs will be funneled through the property management company. The company with work with you on a one-on-one basis to establish a budget for repairs as needed.
Understand property management laws
Each state has its own set of laws and regulations when it comes to property management. Knowledge of
tenant and landlord obligations as they pertain to varying rental situations is key. A property management company will have the knowledge and experience to navigate any situation that may arise effectively.
Network of staff
No need to wear every hat! Another benefit to a property management company is that you will have a
team of qualified individuals at your disposal to handle each step of the process.
Marketing the property
A property management company will take care of the listing of your property upon vacancy. This
includes making sure the property is up to par for move in and showing the property as needed.
Manage rent collection
From the collection of rents to managing late payments, a property manager will handle the entire rents
Every property management has their own process for managing their clients’ investments. Here’s a quick look at Mogul’s process.
1. Initial consultation: Here we will discuss your vision for the property. We’ll start by looking at
where we are at (the current over all condition) and where we want to be (goals for investment from increasing rents to renovations.) Consider this your game plan! It’s like finding the best casino to play blackjack, where you seek out the optimal environment for success.
2. Tenant notifications: Once we are ready to begin managing the property, we will first issue a welcome letter to current tenants of the change in management via mail and email. We share
contact information, rent collection process (and any changes), and how to handle maintenance
3. Tenant onboarding: Our next step is to begin the onboarding process for any current tenants. This includes getting them set up in our easy-to-use online portal where they can pay rent and put in maintenance requests.
4. Listing the property: If there are any empty units or vacancies, Mogul will begin the process of
listing the unit or property. This begins with a walkthrough and identification of any repair or
improvements needed. Should repairs be needed we will provide an estimate of costs and then facilitate/oversee repairs.
5. Market property: Mogul’s dedicated leasing specialist will oversee the marketing process of your
property. With Mogul your property will be listed on over 100 different platforms.
6. Rents management: Prior to our first collection each tenant will receive an initial contact through
our property management system. The onboarding process assists in setup in our online portal where each tenant can pay rents and make repair requests.
7. Routine maintenance and inspections: Your property will undergo routine maintenance and
inspections in accordance with Missouri laws and regulations. Should a repair be requested the Mogul team will oversee the process.
8. Rinse and repeat!
Why choose STL Mogul?
With over 20 years of experience in the St. Louis region, Mogul has the expertise to both manage and
elevate your investment. As investors, REALTORs, and property managers ourselves, we work with you
on a one-on-one basis to help you to strategize how to get your building to become the income-
generating property you want. We’re ready to take your vision to the next level.
Call today to get started!