If you are thinking about becoming a landlord, you might want to consider hiring a property management company. Whether you'll be renting out a single home or an apartment complex, a property management company won't just save you time — they'll also be able to save you a substantial amount of money. Here are just a few ways in which a good property manager can have you seeing dollar signs.
Find the Best Renters
Before you select your tenants, you need to run comprehensive background checks. These checks include a criminal search, credit checks, employment checks, and references from family and friends. Understandably, a background check can be quite a chore — which is why many landlords make the mistake of foregoing these checks entirely.
Even the nicest renter could have financial problems that will eventually impair their ability to rent. A property management company can handle all of the necessary background checks for you. They'll also be able to complete showings for prospective tenants and to field their questions. After all, a property management company gets paid when you get paid.
Collect Rent on Time
Collecting rent is critical to cash flow, but it can be a challenge when a tenant is ducking your calls or losing their checks in the mail. A property management company has a streamlined system for dealing with late payments, including collecting late payment fees on your behalf. Rather than having to do the collection yourself (and feel like the bad guy), you can simply have payments automatically deposited into your account.
Put in Maintenance Requests
As a landlord, you're responsible for the maintenance of your unit, which can lead to emergency calls 24 hours a day. If you don't want to get woken up at 2 a.m. on a Sunday morning, a property management company is right for you.
Property management companies don't just immediately address these problems for you — they also have affordable, reliable plumbers, electricians, and appliance repair services that can fix your apartment or home at a low cost to you.
Follow the Law Many
people are not familiar with the landlord-tenant code in their area, but they have to be. Do you know what a self-help eviction is and why it's illegal? Do you know what temperature you're required to keep your tenant's dwelling at? Do you know which appliances are considered to be necessary? Do you know which aren't?
Following the law can be a challenge, and if you run into a tenant who knows their rights, they could easily make an issue of it. A property management company is well-versed in all of the local laws and will be able to ensure that your property is absolutely up to code.
Get Help With Evictions
Did you know that an eviction can take months? Do-it-yourself landlords tend to run into a lot of problems, like not being aware of the landlord-tenant code, relying on their lease, or simply making small mistakes when it comes to evictions.
Professionally handling an eviction can be a challenge, and you generally don't want to risk it. During an eviction, you will not only lose income but also risk property damage caused by angry tenants. Property management companies can handle the eviction process for you, so you can start making money again as quickly as possible.
Property managers don't just save you money directly — they also mitigate risk. And since property management fees are only a small amount of what you collect in rent, it's well worth the extra money. For more information about the benefits of property management, contact Heritage Realty & Property Management today.