Whether you’ve invested in a property or are renting out your former home, entering the rental market can be daunting. Suddenly, you’re going to be tasked with not only taking care of your property, but also the people in it. From maintenance, to upkeep, to collecting rent, figuring out parking or key issues, or even evicting bad tenants, the work of a landlord is never done. Sometimes, this all becomes too much and people decide the money from renting isn’t worth the hassle associated with it, but we’re here to tell you that there’s another way!
Property management companies take a small cut of your rent to do all the hard stuff for you. They’re the ones getting the 2 a.m. phone calls when the toilet breaks, collecting the rent, maintaining the property, and even dealing with evictions. They can save you the hassle of renting while still getting the financial benefits.
If that’s not enough of a reason to hire them, here are five more!
1. You’ll get quality tenants
Property managers know that bad tenants don’t just threaten your income, but theirs as well. A bad tenant could mean damages to your property, lost rent, and the property management company losing a client in you. This is why property management companies are so diligent about finding you the ideal tenant. They don’t just try to put the first person through the door in your property. Instead, they interview, run background checks, credit checks, and use their own experience to gauge the fit of a tenant.
2. You won’t have to deal with the hassle of collecting rent
No one likes to go knocking on doors looking to collect money. Following up on payments and negotiating payments can be stressful at times. Luckily, collecting rent if your property management company’s job. They will sort out a system for collecting rent and make sure it’s in your accounts on the day it’s supposed to be.
3. You won’t have to deal with the paperwork
There are a lot of legal formalities and paperwork surrounding residential and commercial property management. Things like property inspection, contractual formalities, deposits, evictions, and contract terminations, and commercial property finance all have tons of paperwork associated with them that can really take up a lot of your time. Luckily, your property management company will take care of that for you.
4. You won’t have to be “on call”
One of the hardest parts of being a landlord is the fact that you always have to be “on call”. Any issues that occur at your property will be your job to fix, and fix quickly if you want to keep your tenant happy. Property management companies will take on this task and look after emergency issues, repair, and general maintenance so that you don’t have to worry.
5. They deal with the legal hassle
While no one wants to consider that their property could end up as part of a legal issue, tenancy boards do exist for a reason. Whether your property is residential or commercial, having a property management company that is well-acquainted with the related laws and formalities around renting can take a lot of stress off your shoulders.