Do you own an investment property that you’re renting out, and you’re currently handling all the chores of being a landlord yourself?
Are you thinking about buying rental properties, but you’re not sure if you are up for the task of being a landlord?
If you answered yes to either of these questions, whether you are holding onto or considering purchasing a single-family rental (SFR), duplex, or triplex, you need to think about engaging a professional property management firm to take the work off your shoulders.
Let’s check out what property management is, just what a professional management company handles, and how exactly to decide not only whether it’s time to hire one but also how to hire the right property management firm.
What is Property Management?
Let’s start off with getting an understanding of just what a property management firm does and doesn’t do. There are various critical tasks a property manager may help you with.
Setting the right rental rate: You can always ballpark this by looking through the classifieds, but a good property management company actually conducts thorough market studies to set a rental price for the property. This makes sure you have a great balance between maximizing your monthly income and keeping a low vacancy rate.
Collecting the rent: One of the most difficult aspects of being truly a landlord is collecting the rent. Property management firms have efficient, tried-and-true systems that will do a great job of collecting the rent and maintaining on-time payments.
Advertising 劏房裝修設計 : When vacancies occur, you want the rental unit occupied as quickly as possible. A professional property management firm has experience that helps it market your premises in just the rate way to make sure someone moves in quickly.
Finding and managing tenants: The house management firm will take the task out of finding and managing tenants for you. This means screening new tenants for criminal and credit checks, collecting references, and getting the lease signed. Once the home is occupied, handling routine and emergency maintenance and inspections are part of just what a professional management company will do for you.
Managing relationships with contractors and other vendors: Are you experiencing deep-seated relationships challenging maintenance workers, tradesmen, contractors, suppliers, and vendors had a need to properly manage your rental? Probably not. But a house management firm does and will get you the best work with the best price, while handling the responsibility of overseeing necessary maintenance projects for you.
Keeping you in compliance with the laws Housing regulations and property laws are complicated and confusing when you’re renting and keeping your rental property. These range from local, state, and federal regulations, along with fair housing regulations just like the Americans with Disabilities Act. A property manager will keep you out of warm water by keeping your property up-to-date and in compliance with all of these regulations.
Enabling you to invest from afar: If you have moved to a place where buying rental units don’t make sense, you might think that buying SFRs or other rental properties isn’t possible. With an excellent property management company by your side, you will not be so limited in your investment opportunities.
I only have one property; so why do I need a house manager?
If just reading through all the tasks that a property manager can handle for you personally isn’t convincing enough, consider this: do you want to be able to continue vacation without interruption? You don’t enjoy phone calls about backed up plumbing at 3:30 each morning?
Chances are, you want the freedom to leave town for vacation or just have uninterrupted time with family for the holidays. You don’t relish the task of coping with emergency maintenance chores in the middle of the night, and you probably dread the idea of trying to find a good tenant whenever your existing ones move out.
Even though you only have an individual investment property that you’re renting out, you can benefit strongly from hiring a house management service. They have decades of experience that you’d be hard-pressed to match yourself, and will make sure your property is maintained impeccably while still maximizing your profit.
Okay, I’m convinced, but how do I know who to hire?
The best way to find out about quality management companies is founded on the experience of others. When you are local to your rental property, attend your regional real estate investment association meetings to obtain recommendations from other landlords.
You want to be sure to learn how many units the company is managing, and how many employees they have doing the work. A trained employee with the right tools and proven processes can successfully manage between 30 and 40 units, provided that they’re not also playing accountant.
