Take the time right now to ask yourself a few questions and answer them honestly:
- Do you value your time?
- Do you have the resources and connections to properly run a rental property?
- Do you have the legal and industry knowledge to manage a rental unit?
If these questions resonate within you, then it’s time to acknowledge that you may need help. In today’s world, people are constantly on the move and things aren’t as simple as they used to be. There just isn’t enough time in the day for landlords to manage their properties effectively. This is where a property manager steps in to manage your rental unit for you.
The most important reason property management companies exist is to protect your interest as an owner. Property managers are professionals who know the business inside out. Managing a rental property is no easy feat and a property manager knows how to bring your rental property to its fullest potential.
Various issues can arise when managing a rental property and often times you need to be readily available. However, with a property manager on your side, your workload becomes simplified. Property managers not only act as a middleman between the tenant and landlord, but they collect rent, detail all payments received, bills paid out of the property and provide a monthly statement showing all income and expenses.
Other problems property managers take care of include:
- Tenant Placement – Finding a tenant who is right for your rental unit is the most important component in the rental business. After all, the relationship between you and your tenant is one you’ll have to deal with for a long period of time. You want to make sure you find someone who will maintain the property, keep it in good condition and pay rent on time; all things a property manager can do for you. Property managers have resources available that private landlords do not. For instance, a property manager can conduct background checks, run credit reports and search criminal databases. Essentially, they can provide an owner with an overall complete picture of an applicant.
- Accounting– Any financial transaction that is related to your property will be taken care of by the property management company. This includes your monthly rent collection, monthly operating statements, property taxes, insurance and more. For example, here at Action Properties in Roseville, once rent is paid, owners are able to see payments received through our computer software system almost instantly.
- Service of Notices – Any time a notice is required because of delinquent rents, property managers will prepare and serve them on behalf of the client. Having a property manager essentially relieves you, as the landlord, from the headaches of worrying if rent will be paid or not. Not only will a property manager call the tenant when rent is late, but they will track the tenant down and post notices to ensure you receive your payment.
Deciding to use a property management company can take away future stresses a property owner will encounter. Property managers save you time, find qualified tenants quickly, deal with any tenant issues and handle all the accounting. Hiring a property manager can ultimately guarantee that your property is in good hands.
As always, feel free to contact us with any questions.
