Purchasing a rental property can be an excellent investment, but its upkeep and maintenance can take a lot of time and effort, not to mention the fact that being a landlord comes with many responsibilities, and your tenants may contact you at any time with requests for repairs. If you want the benefits of a rental property without the hassle, you may want to consider hiring a property management company to oversee your rental. There are many reasons to use a property management company, such as:
Tenant Selection and Screening
The last thing you want are tenants who will trash your rental property or not pay rent on time. A reputable property management company will have a very thorough process for selecting and screening tenants, so you won't have to worry about accepting applications, running background checks, or verifying financial information yourself. When you hire a property management company, you can rest assured that there are qualified tenants living in your property.
Marketing and Advertising Your Property
If your rental property is sitting empty, you're not making any money. A property management company will have the skills and expertise to properly market your rental property to ensure that there is minimal vacancy between tenants.
Knowledge of Local Rental Laws
Most areas have numerous law pertaining to rental properties and what a landlord is and isn't allowed to do. If you try to manage your rental property yourself but fail to follow all local laws and regulations, you can end up getting in big trouble. A property management company is up to date on all local rental laws, and will ensure that the application and tenant screening process follow all the rules.You can also count on your property management company to understand the regulations in regards to collecting rent, late payments, and evictions.
Emergency Repairs and Maintenance
As a landlord, you are responsible for making repairs in your rental property in a timely manner. If you don't want to have to worry about getting a call in the middle of the night from your tenants saying the water heater broke or a pipe is leaking, hire a property management company. They will field all calls from your tenants and attend to any repairs that may be needed. The property management company can also take care of any regular maintenance that your property may need and thoroughly inspect the property when tenants move out.