Do you have property that you are not yet ready to sell, but you are struggling to rent out the property to make additional income? If so, a property management company can help. Here are some of the services that they provide.
The first thing that they are going to help with is finding a tenant for your rental property. However, it is not as simple as putting up an ad and waiting for the calls to come in. They will handle the entire process for you, which includes showing the property to potential tenants, screening them, and going through the process of having them sign a lease.
You will also need to collect rent from your tenants each month, which is something that is easier said than done. The management company helps with the entire rent collection process by keeping track of payments and contacting tenants that do not pay their rent on time. A property management company can even start the eviction process for you if a tenant is refusing to pay rent.
Maintain the Property
If you are not living near the property that you plan to rent, maintaining it can be quite the hassle. Not only is it difficult to travel to the property frequently, but you may not be able to do so on short notice when something is wrong. A property management company can help maintain the property for you. If something breaks, they can handle hiring a professional to take care of the problem. They will also handle a lot of the typical maintenance that you may be responsible for when owning a property. This includes lawn care, making sure the roof is in good condition, and removing snow in the winter.
Being a landlord should be treated like any other business. Part of running a business involves keeping records of everything that happens, including rent payments, maintenance updates, etc. A property management company can help you with this by holding on to lease agreements and other official documents so that you always know who to turn to if you need a copy. If you prefer to be a bit more hands-off in your approach, their record-keeping can let you know what has happened at the property since you last checked in on it, such as maintenance records and other updates that have been done on the property.