As a property owner, you might be finding that you are spending too much time and money dealing with tenants, turnover in renters, or property issues. It might be time to hire on a property management team that can do the dirty work for you. Here are three ways a property management firm can help you avoid common rental disasters and save you time and money.
1. Scheduled Check-Ins on Properties
If you live out of the area or are too busy to do checks on your properties, a property management team can do this. This might involve checking common areas in apartment buildings or scheduled inspections of specific things within apartments. These checks can catch broken fire alarms, small plumbing problems, or security risks that could quickly turn into big problems. Don't let problems with your properties slip through the cracks just because you cannot visit frequently.
2. Keep Paperwork and Rental Contracts on File
If organizing and keeping track of tenant information isn't your strong suit, it might be more efficient to hand this over to a property manager who can stay on top of it. Rental agreements, signed contracts, and any other documentation should be easily accessible down the line if disputes come up with your renters. This can also keep you one step removed from your tenants and any emotionally-charged confrontations. A property management team can be there for collecting and releasing deposits and have a paper trail for evictions or collections if needed.
3. Properly Vetted Services
You might not have the best contacts when it comes to services needed for your rental properties. Property management companies will have contracts on file with services so that you won't be taken for a ride. Property management teams can be there for emergency calls and services and can have these taken care of right away so that renter issues don't become your emergencies. Your tenants will receive high-quality repairs and you'll save money through your property manager's service provider contacts such as plumbers and electricians.
If you own income properties, it is important to factor in all of the associated risks. Really assess how much time you can put into being both a landlord and a property manager. If you might not have the time for inspections, vetting services, and keeping up with tenant paperwork, a property manager might be a better option. Protect yourself as a landlord and help your renters stay safe by bringing on a professional property manager like Management Services to handle day-to-day upkeep.