People who have investment property that they are currently renting out would attest that being the landlord would entail a lot of work. If you are not certain of being able to perform the tasks, you might want to consider hiring a professional management company to relieve your from the work of a landlord.
So that you will realize the importance of having a property manager to manage your properties, it is important that you know some of these important tasks that they can do for you.
One of the important tasks that a reputable property management company can do for you is to be able to advise you on the best rental rate of your property. If you do this job yourself, your tendency would be to make a ballpark of the price after looking at other advertisements of properties, but a good property management firm will set the right rental price of your property by actually conducting market studies. By setting the right rental price, there is a great balance created to make sure that there is a low vacancy rate of your property and your income from the property.
Collecting the rent is one of the most difficult job of being a landlord. If you have a good property management firm, they will do a great job in collecting the rent and at the same maintain the payments from your tenants on time.
The next job of a property management company is to handle the marketing and advertisement of the units you have that are open for renting. As vacancies occur in your property, you would want the unit to be occupied as soon as possible, and with the expertise of a property management firm, your property can be marketed in a quick manner.
Another service of a property management firm is to find and manage the tenants on your behalf. Their job would cover screening the new tenants with regards to the credit and criminal history of the tenant, get information on references for collecting and have them sign the lease agreement. Once your units are occupied, the professional management firm that you hired will be the one to conduct the routine and emergency maintenance and inspections of your property.
As there is going to be a maintenance project to be done for your units, there will be contractors and suppliers that have to be dealt with, and this job will be taken off from your shoulder by having a property management firm to oversee the projects for you.