When you decide that you want to use investing in property to help plan for retirement or to provide a cushion against expenses, there are plenty of things that you might not consider. Are you ready to be a landlord, complete with all the responsibilities that go along with it?
Hiring a property management company can help you enjoy the benefits of turnkey properties without having to worry about the downsides that go along with it.
From your first rental property to your last, consider an efficient property management company to help free up your time for the things you really want to be doing. Not all property management companies will handle everything, so be sure to do your due diligence!
Do you know how to create an ad that will interest the tenants you want to attract to your property? Whether you’re after a young family with small children, a couple just ready for their first place together, or college students who are preparing to room together, a qualified property management company knows how to reach and attract the tenants that are best for your property. When you hire a property management company, you won’t have to waste time with ads, nor will you have to handle background and reference checks for potential renters. Instead, you can leave all of that in someone else’s hands, resting in the confidence that they’ll find the renters you need.
As a landlord, you are your tenant’s first call when something goes wrong. From a heater that stops working at midnight in the middle of winter to a pipe that starts leaking at two in the morning, you’re the one they’re going to call. A property management company, on the other hand, can field those calls for you. That way, your tenants won’t be waking you up in the middle of the night. Instead, they’ll be able to get in touch with your property management company, who can deal with the emergency without needing a great deal of input from you.
Have you taken the time to build a network of repair technicians with reasonable prices, appropriate hours, and solid work? Does your network include a plumber, an electrician, a general contractor, and an exterminator, as well as everyone else you need to keep your rental property functioning smoothly? When you work with a property management company, their network will become your network. They know the most effective individuals and companies to handle your building’s needs, and they’ll use their network to bring them in to take care of needed repairs.
Evictions are many landlords’ least favorite part of the process. Not only is it time-consuming — you have to send the appropriate letters, take the situation to court, and make sure you’re following all the appropriate legal rules — it’s also hard on your heart. You’ll hear plenty of sob stories about all the reasons why a tenant who has been behind on their rent for months deserves “just one more chance.” Unfortunately, none of those pay your bills! Your rental property is an investment. That means you can’t afford to run a charity for tenants with poor money management skills. Your property management company will take care of those evictions for you, freeing up your time and preventing the need for you to harden your heart and be the bad guy.
Every month, your tenants have to get your rent money to you somehow. Do you plan to be on hand to collect it? You may not want potentially disgruntled tenants to have access to your address, nor do you want to meet them somewhere. If you don’t have an office where rent can be dropped off easily, finding a property management company is one of the best ways to handle rent collection each month. It frees up your time and energy while still ensuring that rent ends up in your hands when you need it — the perfect compromise. Not only that, a property management company gives a professional appearance that can help remind tenants that your arrangement is, in fact, a business one.