Property managers often provide better cash flow & fewer headaches for property owners with their proven systems & expertise of local areas. If anyone out there is just beginning to invest in some rental properties or has owned & handled their own investments for years and are struggling with the idea to hand them over to a property management company, here are some reasons that may help make your decision easier.
Grueling Credit & Criminal Screening
Experienced property managers run credit & criminal checks on every person 18 and over that will be residing at the property. They make every effort to find tenants who will pay their rent on time and take care of the property they choose.
The ability for property managers to advertise your property quickly is easier than a homeowner trying to do it themselves. Property managers already have relationships with local newspapers, websites are already set up & ready to be used & signs are at the ready to be placed in yards.
Routine Inspections & Maintenance Coordination
No more phone calls in the middle of the night over leaks, lack of heating, etc. A property manager should have 24-hour emergency service available with preferred vendors on hand to save time and money. Often times, as vendors respond to maintenance concerns, they will often report back with any other serious issues they come across that should be addressed.
Rent Collection & Eviction Process
Property managers are often very diligent in collecting rent in a timely manner & make sure tenants are aware of the payment schedule & any fees charged as a result of their tardiness. If tenants stop paying rent, they will take the necessary steps to collect the rents or begin the process of eviction. Property managers should be knowledgeable in the state & local Landlord & Tenant laws and should handle the entire process so you don’t have to.
Accounting & Financial Reporting
Property Managers should provide monthly statements that show when monies are collected and when disbursements are made. You will also have access to important documents such as leases. Some companies also utilize web-based systems that provide owners with online access to view their financial statements.