If you’ve recently purchased a home or even an apartment complex so that you can rent it out to tenants, when it comes to managing the day-to-day needs of the property, you basically have one of two options. You can either manage the property yourself or you can hire a property management company to do it for you.
Hiring a company will require that you pay anywhere from 10-20 percent of the rent you collect. However, there are many residential real estate investors who will vouch for the fact that using a property management company could end up benefiting you in myriad ways.
Here are five reasons why it’s a good idea to consider going with a property management company:
They can select the best tenants. When you’re looking for tenants for your rental, it’s important that you find the best candidates. They need to have a solid work history. They need to be polite and courteous. They also need to pass a criminal background and credit check. Going through the process of finding these kinds of individuals can be a bit time-consuming. However, with the help of a property management company, you can leave this task totally up to them.
They can manage your tenants. Anyone who is a landlord will tell you that one of the challenges that comes with having tenants is if there is a problem with the space, you will be the one that is responsible for taking care of the issue. Whether it’s a broken water heater or an infestation of pests, your tenants will look to you to resolve the problem – usually within 24-48 hours. Not only that, but if their rent is late or they end up losing their job, that’s something else that you’ll have to be prepared to deal with. When you have a property management company on the job, they can address all of these matters and then notify you of what they think would be the best resolution.
They can collect rent for you. One of the best things about having rental property is the fact that once a month, you can expect rent. If your schedule makes it difficult to collect it from your tenants, your property management company can handle it for you. They can either collect it directly from the tenants or provide a mailing address where it can be sent.
They can take care of your property. Aside from any repairs that your rental might need, something else that you’ll be responsible for is the grounds of the property – including the landscaping. Thanks to a property management company, this is just one more thing that you won’t have to worry about. They can make sure that your property is well taken care of year-round.
They can advertise your property. A property management company like Triquest Management LLC would probably tell you that another benefit of hiring a property management company for your rental is that they are experts when it comes to advertising your property. So if your current tenants decide not to renew their lease, that’s no problem. Your property management company will know just what to do to get some new tenants in your space in a matter of days or weeks. For information on how to find a reputable property management company, visit Manage My Property and put “hiring a property management company” in the search field.
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