Are you aware of an investment property that you intend to rent out? Are you currently handling all the chores of being the property owner yourself? Are you contemplating on investing in rental properties? You may not be sure if you are up for the task of being a property owner. In case, you answered affirmatively to any of the aforementioned questions, either you would be holding onto or considering investing in a single-family rental, triplex or duplex, you should think of hiring a professional property management firm. They would take the responsibilities off your shoulders.
Understanding property management
Let us understand property management. You should also know what they handle and how to decide if it is time for hiring one. Moreover, if you wish to know how to hire the right property management firm, read more.
What is Property Management?
A property manager can help you with several critical tasks.
Determining the correct rental rate
You could go through the classifieds. However, a good property management company would actually conduct thorough various market studies for setting a rental price for your respective property. It would ensure you have great balance between maximizing your monthly income along with keeping lower vacancy rate.
Collection of rent
One of the most daunting aspects of being a property owner has been collection of rent. Property management firms are efficient, tried-and-tested systems that would do a good job of collecting rent along with maintaining on-time payments.
Searching and managing tenants
The property management firm would find and manage tenants for you. This implies screening of new tenants for credit checks and criminal records, collection of references and having the lease signed. After the home has been occupied, emergency maintenance & inspections and handling routine have been an integral part of what a professional management company would do for you.
Advertising and marketing of rental units
When you have vacancies, you wish to have rental unit occupied at the earliest. A professional property management firm has experience to help them market your property in the right manner for ensuring someone moves in quickly.
Managing relationships with vendors and contractors
Are you having close relationship with all the tradesmen, maintenance workers, suppliers, contractors and vendors required to manage your rental properly? Chances are higher your answer would be no. However, a property management firm could get you the best work done at the best possible price. They would also handle the burden of overseeing essential maintenance projects for you.