When you own a rental property, you might need additional help to handle the day to day aspects of it. Some rental property owners choose to do things themselves, but often times they consider hiring property management companies to help out.
The property management company works in direct connection with the landlord and current/prospective renters. Although there is a cost associated with hiring a property management company, in return you’ll get peace of mind because you don’t have to get involved in the advertising and selling of units, taking care of maintenance and any additional repairs that may crop up, not to mention the rent collection that can be a very tedious task.
A property management company also takes care of tenant complaints and even handles the tough process of evictions.
Because this is their line of business, they have a lot of knowledge that they bring into the field of real estate and property management. Their services come at a fee, most times a percentage of the monthly lease, but you can rest easy knowing they have the knowledge needed to manage your property from a to z. But consider this an investment, a way to save money (and time!) by having them by your side.
They market and advertise your property
One of the best reasons to hire a property manager is their ability to market your listing(s). They will make ads and website listings to help showcase your listing to prospective tenants. Advertising your listing and managing the responses to those advertisements can be an incredibly time-consuming task but with the help of a property management company, it can be one less thing for you to do.
They’ll conduct background checks and screen tenants
The work of a property management company doesn’t end with advertising and marketing. They’ll also help to find the right tenant for your property. This means doing background checks, calling any references from employers and previous property owners, reviewing employment records and more. This means you’ll not just find any tenant to rent your space but one with a clean background check. On the off chance that the renter creates problems, there will be a specific eviction process see this example of how the property management company would take care of the eviction process in Baltimore City, Maryland .
They’ll coordinate with contractors for repairs
A reputable property management company will not only identify contractors to address any repairs but identify those with a good track record that can get the job done at a price point that is fair.
They’ll keep you compliant with the law
There’s an important, yet often overlooked, aspect in the ownership of property – the laws that govern property and the regulations that govern property particular to the state. When you rent or lease out your property, you need to be compliant with certain housing regulations. The property management company does all of that for you. It makes sure that you’re up to date with the latest laws, rules and requirements to rent out your property.
If you own property in different parts of the country, it makes even more sense to have a property management company. When you have to manage your own properties, you’re limited by geography, or you have to travel long distances to keep an eye on things.