If you are considering whether you need to hire a property management company or rent out your property on your own, consider exactly what a rental property management company can do for you. Property management companies are able to help you automate and ease the burden of trying to find a renter, screen tenants, and more.
Maintenance and Repairs
Property management companies handle maintenance and repair services that need to take place on your home. For example, if the roof is leaking in one of your rental homes, the property manager will go to the home and inspect the leak. They will then be responsible for making sure the leak is handled and fixed in a timely manner.
Calls from Tenants
A property management company will also handle all of the calls from the tenant. You will never hear from your tenant unless you want to. The benefit to this is that the property management company handles any problems that arise or upset tenants. The management company is able to quickly respond to the complaints or needs of the tenant. You may not always be available to assist the tenant right away.
When you are looking for a new tenant to rent your home, you must search for someone and then weed them out if they are not a suitable match. The process can be intensive for someone who is a working professional and does not have the time to do it.
The property management company you hire will screen your tenants based on the following factors:
- Past rental history
- Criminal background
- Overall suitability
If you want to restrict your home to certain tenants (e.g. no pets) you can do so by letting the management company know.
Accepting Payments and Collecting Rent
Instead of you running door to door looking for your monthly rent that has come due, your property manager is responsible for doing that. The manager keeps a list of all homes that have paid their rent and others who are due. If your tenant has not paid by the rental due date including any grace period time, the property manager will begin calling and making home visits to secure the rent for you.
Property managers are also responsible for accepting security payments and other payments necessary.
Starting the Eviction Process
Your property manager will begin the eviction process if the rent is not paid in a timely fashion when it is due. You will never have to worry about filling out the paperwork or filing it at the courthouse as this is done for you. If you do need to go to court, your property manager will accompany you.
Decide Whether a Property Management Company is Right for You
Now that you know what a property management company does, you will need to decide if it is right for you. Your local property management company can help give you the peace of mind you need for your rental home.