You’ve bought a rental property or two, and you’ve found out it’s not as simple as just sitting back and collecting the rent. What do you do now?
A property management company may be your best bet, whether you own single-family rental properties or a multi-unit property. Not only does the company relieve you of many headaches, it can also save you money in the long run. Some important benefits of having a property management company on your side are:
Weeding out the good tenants from the bad tenants is an important start. A property management company has contacts that can help them look into a prospective tenant’s past rental history and look for bad signs such as frequent late rent payments, an unusual number of complaints, a tenant who seems to be lawsuit-happy, etc. In addition, finding long-term tenants and avoiding potential scammers are important also. A property management company knows what to look for in rental applications.
GETTING YOUR PROPERTY RENTED
A Round Rock property management company will know what improvements must be made to attract the right tenants and will also be knowledgeable about the rental market in your area to be able to position your property correctly in terms of the rental amount. They also know how to market the property to minimize the time the units sit empty waiting for tenants.
FINDING LONG-TERM TENANTS
Having long-term tenants means that you won’t have a lot of downtime in which some of your property sits empty. It also minimizes all the work that must be done between tenants, such as changing the locks, cleaning, painting, carpet replacement, and minor repairs. A good property manager will know how to keep tenants happy and staying in your property.
Having a property management company handle the collection of rent and late fees and even evictions puts a distance between you as the landlord and the renter. Tenants are less likely to try to resort to sob stories to try to win concessions from a professional property manager than the actual landlord. They know that he was hired to do a job and he’s going to do it, and doesn’t have the authority to let anything slide.
Evictions are never fun for any of the parties involved and can turn ugly before you know it. A professional will have experience with these and know just how to handle the situations, even to toning down an upsetting situation before it becomes necessary to call in other authorities. A properly handled eviction also ensures that the matter is less likely to wind up in court.
HANDLING REPAIR AND MAINTENANCE
Property managers have access to a network of professional contractors for repairs and maintenance with whom they’ve had experience. They know the quality of their work and their trustworthiness and ability to get jobs done in the minimum amount of time. Keeping the property well maintained goes a long way toward keeping tenants happy and preventing a small problem from becoming a large one. The manager will keep records of any repairs and inspections to prevent problems.
FEWER LEGAL PROBLEMS
A property manager is familiar with the local housing regulations as well as state and federal, and will make sure your properties are in compliance. This will minimize not only trouble with any inspections, but any possible matter a tenant might be able to bring up in a lawsuit. A property manager will use a real estate attorney to ensure all rental agreements are property prepared and signed. Eviction can be a sticky process, and there are procedures to be followed regarding such things as method and timing of notices and other such things that the manager will be careful to follow to avoid any eviction actions winding up in court.
If you’ve ever tried to manage rental property yourself, you know it can be a real hassle, and takes a lot of time to do properly. Having a property management company takes all that off your hands, and you’ll be assured that all laws and regulations are being followed, all inspections are up to date, all repair problems are being taken care of. You won’t have to listen to long excuses, promises you know won’t be kept, or complaints made just to complain. You won’t be awakened in the middle of the night by a tenant complaint or stay awake wondering if you’ve missed anything in your legal compliance. You can even have rental property in other states when somebody else is handling the day-to-day details, receiving status reports on the properties. You’ll have more free time and more money coming in smoothly with long-term, content renters. Hiring a property management company is really something to consider.