Let’s face it, owning even one rental property can take up a lot of your time, answering complaints, fixing things that break down or wear out, collecting rent, and interviewing prospective tenants. If you own several properties, you can begin to feel like you have no time for anything else. When you reach that point, it’s time to think about hiring a property management company to take over for you.
Rely on the Professionals
Property management companies take this burden off of your shoulders by doing all this for you for a small fee. These companies have years of experience with every aspect of property management as well as knowing where and how to advertise vacancies, evaluating and interviewing tenants, and maintaining the properties when things need attention.
Professionals Know the Rules and Regulations
Your property management team handles lease agreements and emergencies. They coordinate move-ins and move-outs, and evictions when necessary. They know and adhere to federal, state, and city landlord-tenant laws and regulations and protect your investment. They make sure a vacated unit is ready for the new tenants by making necessary repairs or remodels, replacing worn-out appliances and re-keying doors.
No More Early Morning Emergency Calls
Property managers respond to maintenance requests so you don’t have to roll out at 3:00am to fix a busted water heater. They may even be quicker to respond than you could be. Your tenants will enjoy the quick service and may even take better care of the property when they see that you also care. Providing maintenance for multiple properties allows you to buy repair parts in bulk and save money. Ultimately, you have the final say about what happens. You can establish a threshold for authorization of expenditures, such as setting a limit for repairs or requiring that they contact you when a repair will be over a set amount.
Meet Your Future Managers
Meet with your prospective management company and make sure you have a contract and that addresses all your needs.