5 Benefits to Hire a Property Management Company for Your Rental Property
If you own real estate that you rent out, you already know how much work it is to juggle all the responsibilities of being a landlord. Being able to share that work with someone else is an obvious reason to hire a property management company.
by Brent Pope
Here are five additional benefits to hire a property management company to manage your rental properties:
Stay up to date on legal issues:
It’s difficult to stay on top of all the ins and outs of rental ordinances and tenant’s rights. Hire a property management company to ensure tenant and landlord rights are not violated and that all state and local laws regarding rental property are followed. Property management companies are licensed by the State and often have an attorney on staff or on retainer which makes it a wise choice to hire a property management company for all but the largest and most savvy investors.
Free up more of your time:
The property management company is responsible for the day-to-day operations of your rental homes. If the furnace goes out in the middle of the night, the management company gets the call, not you. They schedule routine maintenance and handle any repairs that are needed. Hire a property management company to assure that periodic inspections of your property are conducted to identify any problems or tenants that are damaging the property.
Screen potential tenants:
Instead of spending your time interviewing potential tenants, running credit reports and checking references, you can spend your time on other things that you need or want to do. Hiring a property management company means your rental property will be advertised and your tenants will be screened by an experienced professional. Their job is to get you the best possible tenants for your rental home, and they know how to do it.
Hire a property management company and let someone other than you collect deposits and rent on all your rental properties. This cuts down on the accounting you must do on a monthly basis. Each unit is tracked separately, so you know which rentals are making the best return and which ones you might want to sell.
Remove unwanted tenants:
The management company is responsible for evicting tenants for non-payment of rent or improper care of your real estate. They handle filing the paperwork and going to the court hearing, as well as the follow-up process. This is probably one of the most unpleasant landlord duties and one of the most difficult to implement without violating the tenant’s rights from lack of knowledge which makes hiring a property management company a VERY wise choice.
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More info / resources:
Landlord rights: http://www.nolo.com/legal-encyclopedia/landlords/
Find a Property management company: http://www.allpropertymanagement.com/
Tenant’s rights: http://portal.hud.gov/hudportal/HUD?src=/topics/rental_assistance/tenantrights