Owning a rental property comes with financial rewards. Even though it is a way to add to your income without having to go into the office every day, managing a rental isn’t always easy. If you don’t have the time or energy to keep up with your property (or properties), take a look at what a management company can do for you.
Managing Multiple Properties
Your first rental property probably didn’t take you away from other enterprises or activities. But if you have multiples rentals, you don’t have time to devote to all your properties.
Instead of stretching yourself thin, possibly leaving gaps in the superior service you’d like to provide, hire a property management company. The pros can balance the needs of your tenants and the properties, making sure everyone and everything gets adequate attention.
Marketing doesn’t come naturally to every landlord. If you’re at a loss when it comes to finding tenants or showcasing your rentals, a property management company provides professional help. The quicker you find renters to move in, the more money you’ll make. Long gaps in between tenants can result in hefty losses or vandalism (in empty properties).
Long gone are the days when simply listing a property in the local newspaper’s classified section scored a cavalcade of new clients. Today’s competitive real estate market requires expertise, finesse, and the ability to match renters with properties that fit their individual needs.
Hiring a property management company also helps the not-so-computer-literate landlord to navigate the growing sea of web-based marketing and real estate options. If you’re not sure how the web can help you to rent or why you’d use it to get new tenants, talk to a property manager about e-alternatives.
Along with marketing, a property management company can run pre-renting background and financial checks. This type of approval process helps to ensure you get the best tenants possible.
Showing the Property
A successful marketing campaign leads to one thing — interest. When the calls come in, the showings start. If you have a day job, multiple rentals, a family to take care of, or are too busy to constantly show the rental, a property management company can handle this step.
In a perfect world, collecting monthly rent is a simple activity that goes without incident. But what happens when your renter forgets or outright refuses to pay? Foregoing the rental money isn’t an option.
When collections are a challenge, a property manager can take over and make sure you get what’s owed. While management companies aren’t the same as debt collectors (you may still need to use this type of service, depending on the situation), they can smooth the process.
Whether a potential renter wants to know more about the property’s amenities or there’s an issue with how to pay, you might not have time to promptly respond to all questions. A property manager can take some of the burden off your shoulders, answering these (and other) questions. Not only can the manager help you to save time, but they also have the added expertise necessary to accurately answer questions.
Running the Rental
The day-to-day operations of running a rental property can take a toll on the busy, working landlord. If you have another job, family obligations, or anything else that takes up the majority of your time, having someone else handle maintenance, complaints, and other rental issues is a valuable service. While you’ll spend money on a manager, you may end up saving when it comes to the cost of time spent dealing with daily property issues.
Do you need a property management service to market, find tenants for, or help you to maintain your rental? Contact NRB Property Management for more information.