Before you decide to manage your rental property, you have to understand what the job entails. Most people don’t hire a property management company and make the mistake of thinking that it’s just the monthly rent or income less the mortgage and maintenance cost. However, collecting rent and paying for handyman work is just a small part of the whole equation. In reality, the job of a property manager involves landlord duties, paperwork, and liaising, so most busy investors hire experienced property managers.
A Property Management Company Has Maintenance Covered
Having a rental property means a lot of routine and emergency maintenance because there’s a higher chance of wear and tear when tenants, not owners, are living in the property. A property management company will schedule seasonal maintenance to make sure that gutters are not overflowing, appliances are functioning, and the plumbing system has no blockage. The property manager will also respond to emergency maintenance requests from your tenants.
Your Property Manager Addresses Vacancies
Property managers are probably the busiest when the rental property is or will soon be vacant. They will work hard to market the property, find and screen rental applicants, organize visits or showings, and complete the paperwork. Your property manager will ensure that your property is visible on local listings and answer inquiries from interested renters.
You will appreciate the service of a property management company if you have tried dealing with an unruly tenant due to poor screening. A property manager will verify applicants’ credit report, income, criminal history, and eviction history to find good tenants.
Property Management Companies Ensure Good Tenant Relations
Experienced property management companies know that the satisfaction of tenants with the property is crucial to your investment. Without a property manager, rental property owners will have to oversee the seasonal maintenance and ask tenants if everything is working well and rectify any problems.
A Property Manager Collects the Monthly Rent
Most people think that collecting rent is easy. Sometimes, the check does not arrive or the wire transfer is not completed. In this case, your property manager will contact your tenant, might need to listen to the tenant’s excuse, and will make sure that you get the rent as soon as possible. Property managers also deal with many other issues, such as lying tenants and undelivered checks.
Property Management Companies Ensure Tenants Follow the Lease Terms
Property management companies will make sure that the lease terms are clear, and tenants who do not comply with all the terms can be given the option to fix the violation or be evicted. Nonetheless, the process requires time and patience, and your property manager will be on top of it.
Should You Hire a Property Management Company?
Many investors decide against hiring a property management company because of the high cost involved. Some property managers charge between 7% and 10% of the monthly rent. At MYND, we made professional property management more affordable through our flat monthly rate. You can get the service of someone who has made a career in the rental industry, understands rental laws and policies, and who will handle all of the issues we mentioned above. Contact us to receive an estimate.