If you're looking to hire a property management company, we don't blame you. With over 24 million rental units in the US that are owned by independent landlords, it's hard to imagine how you do it all yourself.
Real estate investing is popular for a reason, but with all the work that comes with it, sometimes you need a hand! Luckily, the right property managers can help you every step of the way!
Let's talk about some important qualities to look for in a property management company.
What To Look For In A Property Management Company: Tenant Screening
Tenant screening is your best defense against evictions, and the right team will have plenty of experience with this. After property marketing services, there's usually a lot of potential renters checking it out. Well, a property manager will do everything in their power to pick the right respondent for your unit. This includes tenant background checks, credit checks, and many more services.
You may find out that you've been undercharging your tenants. The right company will go through a thorough rental property inspection and determine the right value of your property, possibly increasing your income!
Maintenance coordination is the key to success in the industry. This is because there's so much that needs to be done. Mowing the lawn, trimming bushes, painting, repairs, and they all come so fast! For every unit, the average landlord works 4 hours per month, and that can certainly add up! Well, you can take that headache right off your shoulder with the right help!
The right company will offer a one-stop shop for your tenants where they can pay rent, get information, and get everything else they need. Owners should have access to this as well in case adjustments need to be made.
Rental Property Accounting
The right company will secure all your paperwork, including your tax statements and 1099s, security deposits, invoices, owner disbursements, owner statements, section 8 forms, and more. They'll offer you transparency in all paperwork including maintenance coordination, tenant placement, and more.
The right rental leasing is the most important factor in the industry to get right. Proper leasing management is how you make money in the industry and don't get any surprises down the line. This will involve all the nitty-gritty policies like pet policies. Pets in a rental property can cause damage, but they can also be an opportunity for more earnings.
You'll also need proper lease enforcement, rent collection, legal help, and more. The right company can provide those services.
When a home is for rent by owner, everything falls on them. When you hire the right property management company, you take all the burden off your shoulder, and let your investment property earn you a stable income for the rest of your life! Now that you know what to look for, find out why you should hire a property manager, and stay up to date with our latest real estate investor news!