Buying a residential or multi-family property and then renting it can be an extremely wise investment. Unlike other types of investments, real estate usually increases in value year after year. However, not everyone wants to deal with all of the tasks required of a landlord. This is why many real estate investors opt to hire a property manager to help.
A good property management company can make a huge difference. Let’s look into some of the top reasons to hire a property manager.Effective marketing of your property
A rental property is usually an excellent investment. However, it can become a money pit if your property is vacant. No one wants to buy an investment property only to be burdened with the mortgage, maintenance expenses, property taxes, and other issues. This is why having tenants in place is so important. The rent that tenants pay will cover your costs as your rental property grows in value.
No one will be able to rent your property, though, if people don’t know that it is available. This is where a property management company comes in. Experienced property management companies understand how to market a property. You won’t have to worry about advertising your rental. Your property management company will do it for you.Screening tenants
In an ideal world, every tenant would adequately maintain a property, clean it, and pay rent on time. Unfortunately, this is not the case. Selecting the right tenants to rent your investment property is essential. Unfortunately, many people who own residential investment properties lead hectic lives and don’t have the time to find the right tenants.
Property managers excel at screening tenants and finding the right ones to rent to. You can count on them to take care of everything for you. They’ll collect the application fee, run background and credit checks, contact references, and verify financial information.Creating a lease
A good lease that covers everything possible is essential when renting out a residential investment property. A lease protects both you and your tenant. As a property owner, a DIY lease could be a mistake.
A property manager will assist you with drafting a legally sound lease that covers everything possible. Most property management companies have lawyers on retainer. They will go above and beyond to ensure that all of the terms of the lease are valid and legal.Dealing With rent payments
A property manager will work hard to ensure that the best tenant rents your property. That doesn’t mean that issues can’t arise. No real estate investor wants to have to deal with delinquent rent payments. When you hire a property management company, you won’t have to.
Your property management company will work on your behalf to collect rent or offer an online payment portal. If a tenant doesn’t pay within the grace period, the property manager will get involved. Your property manager will work with the tenant to find a solution so you receive your rent check.Maintenance and repairs
There are many benefits to owning a residential or multi-family investment property. As a landlord, you are responsible for staying on top of maintenance and making necessary repairs on time. Most investment property owners don’t want to receive a call late at night because the water heater in their property is leaking. Likewise, few landlords want to tour their property and then schedule the needed maintenance.
Working with a property manager will eliminate these problems. A full-service property management company will inspect your property regularly and assist in scheduling any essential maintenance services.
A rental property is a significant investment, and a property management company will help you keep your investment in great shape. Making repairs and attending to the needed maintenance will only help your property continue to increase in value.Initiating evictions
No landlord wants to evict a tenant. Unfortunately, it is necessary from time to time. Successfully evicting a tenant who has broken the terms of the lease is not easy. There are laws relating to eviction that must be followed.
If an eviction is warranted, a property management company will take care of all of the details. Therefore, you won’t have to worry about the legality of the eviction or the process necessary to remove the tenant.Contact your local property managers
Investing in residential real estate to rent out is a great idea. However, the day-to-day issues of owning a rental can be challenging for a landlord to attend to. Hiring a property management company
will make your life easier and keep your property rented by reliable tenants.
If you’re looking for a property management team, the professionals at Bay Property Management Group can help collect monthly rental payments, screen potential tenants, market your property, help fill vacancies, and more.