Now that you are officially the owner of several rental condos, it is time to make some important property management decisions. You may have quickly realized that trying to handle all property management tasks on your own is going to be a bit challenging. If you have too much to handle and you are concerned about not being able to get back to tenants quickly enough because you will have so much going on, you may be trying to figure out if you should hire a property management company to help you with your rental condos.
There are a few good reasons to hire the extra help now instead of later when you are feeling stressed, overwhelmed, and downright overworked. The property management company can take care of a lot of the different tasks that you would normally need to handle on your own, so it may be worth it to work with an experienced company that can work on your behalf while helping tenants and keeping the condos in the best condition.
Advertise Available Rentals Online and Offline
If you do not have tenants living in your condos, you are not going to make as much money as you could make, so it is important to find the right people to move into the available apartments. The best way to get people to apply to live in one of the apartments is to make sure you are advertising for your condos regularly. If you do not have the extra time to handle the advertising, you could enlist help from the property manager who could post advertisements online and offline, making it easier for people to find these rental condos that are perfect for them based on their living situations.
Review the Applications of Potential Tenants
Screening applicants does take time because you may have certain requirements and expectations you would like tenants to meet. You may want to run a credit check on the tenants to get more information on them before allowing them to move into one of the condos you own. While it is important to screen your tenants because you want to make sure good people are moving into the property, you may simply not have enough time available to go through all the different applications you are receiving throughout the week.
The Realty Management Cincinnati- 3cre can take on the job of screening applicants to make sure they are a good fit for the property. Upon reviewing applications, the property manager could call potential tenants and ask them if they would like to check out the property in person before signing a lease and agreeing to live inside the building for a set period of time. Just think about all the time you would save if you had someone else to help you with the screening process instead of doing it all on your own.
Provide Tours to Potential Tenants When Necessary
If potential tenants are interested in checking out the place before they sign a lease, the property manager can take them for a walk-through where they will get to check out the premises, the building, and the actual apartment they are planning to rent out. It gives potential tenants an opportunity to make sure the apartment has all the different things they specifically want in a place to live. After all, you do want to make sure your tenants are going to enjoy living inside of one of your condos because then they may choose to live there for quite a long time, which is good for you because you will continue to make money from them paying their rent every month.
Make Sure Rent Gets Paid on Time
A property manager can keep track of rental payments, making sure the tenants are paying their rent on time. It is so important for tenants to pay their rent when it is due because otherwise they are making you wait for the money you have earned by providing them with a place to stay. If your schedule is busy and keeping track of rental payments is becoming even more work for you, the property manager can take care of this for you, keeping track of who paid for the month and who has not paid while charging late fees when necessary.
Speak to Tenants About Various Issues
The last thing you need to deal with is an influx of phone calls coming from your tenants. You would never get to enjoy any peace and quiet because you would have people calling you for all different kinds of reasons. Rather than dealing with that kind of frustration, a property manager can speak to tenants about any issues that may come up while they are living inside of the property. For example, something may not be working inside of a tenant’s apartment, there may be issues regarding people smoking in the building, or there might even be ants suddenly appearing in a person’s apartment. No matter how big or small the problem is at that moment, the property manager would be able to speak with the tenant and make arrangements to effectively handle the situation.
Find Contractors to Assist With Repairs
If tenants are dealing with leaks and other issues inside of their apartment, you will need to have a professional contractor who can act quickly and handle any issues that arise so that the tenants do not have to deal with those problems for too long. A property manager will have no problem reaching out to different companies, making connections with professional and reliable contractors who can handle repairs and other work you may need to have done both inside and outside of these properties at times.
Now that you know all the different things a property manager can do for you, it makes more sense to hire a company to help you than to try doing all this work on your own. When you have help from a property management company, you can avoid a lot of the stress while still making decent money from your rental properties.
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