If you own multiple rental properties, or even just one, you have a lot of responsibility on your plate. Sometimes this can become overwhelming managing the properties, making sure repairs are made in a timely manner and that your renters are paying their rent on time. There is often not enough time in a day to get done all you need to do and still have time for a personal life. The answer for you and many other real estate investors is to hire a property management company to deal with the day-to-day responsibilities associated with rental properties.
Instead of having your rental properties taking up most of your time, encroaching on other business responsibilities or your personal life, consider the benefits that a property management company can provide:
- Collecting rent from tenants. This responsibility can be a hassle, especially when renters need to be continually reminded that rent is due. A property manager can collect the rent for you and deposit it directly into your account. When renters are behind on their rent, the manager will assess late fees and remind the renter that rent is due.
- Handling legal matters. It is time-consuming to file the necessary paperwork to evict a tenant who is not paying his or her rent or who has damaged your property. Once the paperwork is file, then there is the time that has to be spent in court. The property management company will act as your representative and handle all the paperwork and go to court when needed for evictions or to seek restitution for property damage. They will also handle creating and enforcing your lease agreements
- Conducting thorough screenings of potential tenants. Finding the right tenant for your rental property is another hassle most landlords dread. A property management company can handle everything from listing the property for rent and then screening applicants, through checking credit, references, prior evictions and income verification.
- Acting as your point of contact for tenants. Instead of tenants contacting you with questions about their rental, the property management company acts as your contact. This alleviates receiving calls at all hours of the night from tenants. This is particularly helpful with tenants who are problematic because the property manager will handle any issues for you.
- Arranging repairs. It is never a convenient time for something to break in one of your rental properties. Instead of receiving a phone call in the middle of the night or on a weekend from a tenant complaining, the property manager will handle these types of calls. A property manager will ensure that any needed repairs are made in a timely manner. Most property management companies work with a vetted group of contractors, which saves you time in rushing around trying to find a reputable handyman, plumber or electrician.
A property management company can allow you to maintain better control over your properties and is more cost-effective than if you had to handle all the responsibilities on your own.