Owners of rental property, particularly multiple locations, tend to be busy people. When you own property like a home, apartment complex or duplex, or a large house divided into efficiencies, the stress of handling several tenant issues at once can take its tolls. When the work involved in managing property becomes too much for one person, it may be time to consider letting a real estate or property management company shoulder some of the responsibilities.
Rental and Property Management
It is not uncommon for a real estate agency to offer rental management as part of its many services. Realtors are committed to helping people find a place to live, and it stands to reason that some agencies are willing to work with landlords to place suitable tenants. If you are a property owner interested in handing over the reigns of management, however, you want to be certain the company is reputable and will perform the necessary tasks in order to maintain a happy, secure environment for everybody involved. The ideal property manager will assist you with the following:
Marketing - When you are ready to rent out to new tenants, your manager should help with promoting the available property. A real estate company will advertise on their website or promote through others means (print, social media, classifieds)
Rent Collections - In the event a tenant should default on rent, you want to be certain you know what your rights are with regards to court procedures and eviction. Some real estate agencies that work in property management may provide legal assistance for such matters.
Accounting - When you need somebody to keep record of rent payments and outgoing bills, a good property manager should oversee this with minimal problems.
Applicant Screening - You may not have time to review every interested potential tenant. A good property manager will do the research for you. From checking credit and employment records, interviewing past landlords, and making other background checks, your manager will make sure the ideal candidates make the cut.
Property Inspections and Maintenance - It's important to make sure your property is always up to code. A reputable property manager will see that your homes or apartments are properly maintained and repaired by licensed, bonded contractors.
For the busy property owner, hiring the services of a good property manager can save you money in the long run. Consider the services of a rental property manager or real estate company to take care of the day to day operations of keeping your property in good shape.
Kathryn Lively writes freelance articles on Virginia Beach real estate and Gainesville bed and breakfast inns.
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