After having a difficult time financially for quite some time, I realized that part of my problem was my personal housing costs. I really began evaluating what I wanted out of a home, and I realized that I needed to shop for a place that would work better for what I needed. I started paying more and more attention to real estate risks, and it occurred to me that I hadn't invested in a smart property. After talking with my real estate agent, I started focusing on changing my ways, and it was incredible to see how much brighter my future became.
When you are the owner of a rental property, working as the landlord as well can give you quite a bit of work on your weekends and during your free time. From showing your apartment to inspect the property after a tenant moves out: your tasks are necessary to keep your property maintained and your tenants happy so they keep paying the rent. However, with the help of a property manager, you can have professional help to make sure everything is completed timely and efficiently to ensure your investment is profitable. Here are some things you can expect when working with a property management company.
1. Handle Occupancy
Each time your tenant moves out and your property is vacant, you will need to manage the unit so it's ready to rent again. This will require you to first complete a thorough inspection of the property to record and inventory any damage and repairs along with cleaning charges. Your property manager can complete this inspection and file the required notices to your previous employer so you can refund any remaining deposit.
Next, your property manager will be able to list the property as available for rent and list it on websites and other listing sources. As potential tenants inquire about the property, your property manager will show the unit and collect a rental application and deposit to hold the property. It is also important that the property manager screens any potential tenants with a background and credit check.
2. Manage Tenants
When your rental property has tenants, there may arise issues with the property that your tenants need to be corrected. For example, the heating or air conditioning may go out of the property and need to be repaired. Your property manager will arrange for the repairs and payment to make sure your tenants have a habitable dwelling to live in.
Then if your tenants fail to pay their rent on time, your property manager will provide them the legal notice of late rent and provide them the necessary time frame to pay or vacate. Depending on the state you live in and the rental regulations of your area, this time frame can vary, but your property manager will know if it is three days or one week, for example, to pay or vacate and how soon they need to start an eviction process.
3. Maintain Property Inside and Outside
Your property manager will also be able to manage regular maintenance to the property, such as changing the furnace or AC air filter, hiring seasonal pest control, and keeping the landscaping kept up with mowing the lawn, removing snow and ice, and repairing exterior problems that may arise. They can handle these services so your tenants don't have to wait too long to address their needs or concerns.