Anyone who has owned property and leased it out before, has more than likely come across situations that were unsavory. This could be trying to collect rent from a tenant, constant late night phone calls, or having trouble leasing out the property. Constant headaches and over work, rather than what it was supposed to be, an investment. The solution for you to enjoy your investments, hire someone to handle the problems. Seems simple, however for those who have little or no experience in property management, it may seem like an extra step. The good news, that extra step could be your best step.
Rent Collection –
There is always a time when a tenant cannot or will not pay rent on time. Phone calls are made, knocking on the door, and emails are sent. Heart breaking stories are told, well this and that happened, if you could just give me more time. When you hire a property management company, you no longer have to deal with it. It is done for you.
Leasing, Contracts and Legal –
Time, paperwork and money. Leasing and marketing take a lot of time to lease a property. Showing the property, taking applications and drawing up the contracts takes time and time usually cost money. Most property management companies will handle all of it for you. They also know how to read the contracts and how to interpret them. This includes knowing the routine of any legal violations of the contracts. Eviction filings, court dates and procedure are handled for you.
Maintenance and Make Ready –
If you have managed your own property before, then you know about maintenance calls. This means you are on call, 24/7. Whether it is a true emergency, (fire, flood or blood), or what the tenant thinks is an emergency, the late night phone calls come and keep coming. Property Management Companies have on call maintenance for this. The phone calls go to the staff and/or maintenance vendors, giving the owner a full nights sleep.
Make ready for a newly vacant apartment can be a nightmare. The photos you see are photos of an actual apartment I walked when it was considered “abandoned”. They left it, stop paying rent, and the electricity had been turned off, and I am not sure for how long. Long enough for the food to spoil left in the fridge. I do not know of anyone who would want to clean a mess like that. Good news is, property management companies have make ready/maintenance teams who take care of the mess. Making it ready for the next tenant.
So if you have ever asked yourself if you should hire a company to manage your property, the above reasons are just a few. The purpose behind the property management companies is to manage the property and all the headaches that come with it. Investing in property should not be work, it should work for you.