Do you have an investment property that you’re renting out and are performing all of the responsibilities of a landlord on your own?
Do you want to invest in rental homes but aren’t sure if you’re ready for the responsibility of becoming a landlord?
If you answered yes to either of those questions, and you own or are considering owning a single-family rental (SFR), duplex, or triplex, you should consider hiring a professional property management agency to relieve you of the burden.
Let’s look at what property management is, what a professional management business does, and how to decide not only whether or not it’s time to hire one, but also how to choose the correct one.
What is the definition of property management?
Let’s start with an overview of what a property management company does and does not do. A property manager can assist you with a number of important responsibilities.You can get additional information at Polaris Property Management, LLC.
Setting the right rental rate: You can always guess by searching through the advertisements, but a professional property management company will undertake detailed market studies to determine the optimum rental rate for your property. This ensures that you strike the right balance between increasing your monthly income and keeping your vacancy rate low.
Collecting rent: Collecting rent is one of the most difficult aspects of being a landlord. Property management companies have efficient, tried-and-true mechanisms in place to collect rent and ensure that payments are made on time.
When there are vacancies in your rental unit, you want to fill them as soon as possible. A professional property management company has the knowledge and skills to advertise your property in the most effective way possible, ensuring that someone moves in soon.
Finding and managing tenants: The property management company will do all of the legwork for you when it comes to finding and managing tenants. This include doing criminal and credit checks on new tenants, gathering references, and signing the lease. Once the home is inhabited, a professional management company will take care of normal and emergency maintenance as well as inspections.
Managing contractor and other vendor relationships: Do you have strong working ties with all of the maintenance staff, tradesmen, contractors, suppliers, and vendors you’ll need to run your rental effectively? Most likely not. A property management company, on the other hand, knows how to get the greatest service at the best price while also taking care of the stress of managing critical maintenance tasks.
Keeping you on the right side of the law When renting and maintaining a rental property, housing regulations and property rules can be complicated and perplexing. Local, state, and federal restrictions, as well as fair housing laws like the Americans with Disabilities Act, are examples. By keeping your property up to date and in accordance with all of these requirements, a property management can keep you out of trouble.
Allowing you to invest from a distance: If you’ve relocated to a location where investing in rental units isn’t feasible, you may believe that investing in SFRs or other rental properties is impossible. You won’t be as limited in your investing options if you work with a good property management business.