Do you own the investment property that you lease and are you currently managing all of your landlord responsibilities? Are you looking to invest in rental property, but not sure if you've accepted a job as a landlord?
If you answered yes to any of these questions, whether you want to stick with or invest in a single family rental (SFR), triplex, or duplex you will need to hire a professional property management company to handle your work.
Let's start by understanding what property management companies do and don't do. There are several important tasks a property manager can help you with.
Determining the right rental price: You can do this anytime using the list. However, a good property management company will do in-depth market research to determine the rental price for your property. This ensures that you have a balance between maximizing your monthly income and keeping your vacancies low.
Rental Collection: One of the most difficult aspects of running an owner is the rental collection. Property management companies have efficient systems that are proven to be good at collecting rent and keeping payments on time.
Marketing and promoting your rental unit: When there is a vacancy, you want it to be occupied as soon as possible. Professional property management companies have the experience to help them market your property to ensure someone moves fast.
Tenant search and administration: Property management takes over tenant search and administration for you. This means checking new tenants for criminal and credit checks, gathering references and signing leases.