Did you recently purchase a rental unit or several rental properties and the responsibilities and work required is overwhelming? Do you think you would be better off if you could outsource the work that is required for the units? If so, a property management company could be the best idea. Here are just a few of the reasons why a property management company could be for you.
Applications and Payments
When people apply to rent the units, you want to do a background check and credit check, and you need to verify employment. The management company will do all of this for you, saving you time. You can also have the management company collect all of the monthly rental payments and deposits, and send out the letters when late payments are due. This is a lot of busy work that you won't have to deal with.
Tours and Groundwork
People want to see the available properties when it works for them, but this may not work for you. The company will have someone show all of the units when needed so you can get them filled with renters. The grounds have to be managed by a lawn care company or do you have to worry about snow removal? Should the building be power washed when needed or do flowers need to be planted? The management company can make sure that all of this is done so the buildings and properties always look great.
Manage Repairs and Service Calls
If you don't want renters calling you throughout the day or night because they have a problem with their unit, you can have all calls directed to the management company. The company will call the service professionals to have the units assessed and to have the repairs completed to keep the units working and the renters happy. You can set a budget in advance for services and replacement items.
You don't have to do all the work when you own rental units, and you can still make a profit if you don't have time to do all the management work on your own. Find a few different management companies and see what options and services they have to offer you so you can set a budget for the management company. You can still have a great investment property without having the hassles and the stress of managing all the units.
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