Do you own an investment property that you are renting out, and are actually managing all the duties of making yourself a landlord?
Are you thinking of investing in rental property but you’re not sure if you’re a landlord?
If you replied yes to any of those questions, whether you are holding on or considering investing in a single-family rental (SFR), duplex, or triplex, you should consider hiring a qualified property management company to take the burden off your hands.Browse this site listing about Fallbrook Property Management.
Let’s look at what a property management company is, what a qualified management company is doing, and how to determine not just whether to employ one, but also how to recruit the right property management company.
What is Property Management?
Let’s start by getting a sense of what a property management company is doing and not doing. There are some important tasks which can be performed by a property manager.
Setting the right rent rate: By browsing through the classifieds you can still ballpark this, but a good property management company is actually performing detailed market research to determine a rental price for your house. This means you have an excellent balance between optimizing your monthly income and maintaining a low vacancy rate.
Rent collection: Collecting the rent is one of the most frustrating parts of being a landlord. Property management companies have effective, tried and tested processes which will do a great job of collecting the rent and keeping the payments on time.
Marketing and advertisement of your rental unit: You want the rental unit to be used as soon as possible when vacancies occur. A skilled property management company has expertise that lets it sell the property just as quickly as possible to ensure everyone moves in.
Finding and handling tenants: The property management firm must take care of the work of locating and maintaining tenants. It includes checking for criminal and background checks on prospective applicants, gathering references and having the lease signed. The handling of regular and emergency repairs and inspections is part of what a professional services firm can do for you once the home is occupied.
Managing relationships with contractors and other vendors: Do you have deep-seated relationships with all the maintenance staff, tradesmen, contractors, suppliers and vendors needed to handle your rent properly? Likely not. However a property management company can and will get you the best job at the best price, while juggling the responsibility of managing the maintenance jobs you need.
Keeping you in line with the laws Housing rules and property laws are difficult and frustrating when renting your property and holding it up. This could include local, state, and federal legislation, as well as equal housing laws such as the American Disability Act. By keeping the property up to date and in accordance with all of these laws, a property manager will keep you out of the hot water.
Allowing you to invest from afar: If you’ve moved to a position where it makes no sense to invest in rental units, you may think it’s not possible to invest in SFRs or other rental property. With a good property management firm by your side, your investment prospects won’t be so tight.
I have only one property; so why do I need a real estate manager?
If it’s not enough to read through all the things a property manager can perform for you, consider this: do you want to be able to go on holiday without interruption? Do you really love phone calls at 3:30 in the morning over backed up plumbing?
Chances are, you want the right to leave town for holidays or just have uninterrupted holiday time with relatives. In the middle of the night, you don’t like the idea of coping with emergency maintenance tasks, and you undoubtedly hate the prospect of having to find a decent roommate when you move out your current ones.