If you have an investment property or real estate that you rent out to others, managing everything could become overwhelming. You earn extra income through the property, but is it really worth the time that you put into it? Time is money, and you could be saving hours and cash by hiring an apartment management company to handle tenant, legal, repair, marketing and financial issues.
What Does a Property Management Company Do?
A property management company acts as the landlord. Whether you live far away from your property or live nearby but do not have the time to manage it, you can turn the hard work over to the property management company.
Some of the responsibilities that a property management company will take care of include:
• Dealing directly with leads
• Corresponding with potential and actual tenants
• Marketing and promoting your rentals
• Collecting rent and other fees
• Taking care of repair and maintenance issues
• Handling tenant complaints
• Carrying out evictions
Benefits of an Apartment Management Company
A property management company can take care of a multitude of details. Moreover, they have experience in this realm. There are several benefits of using an apartment management company to handle your rental home. You can use one whether you have one rental property or a complex landlord business.
One of the hardest parts of having an income property is securing tenants. If you do not have occupants, you cannot make money from the property.
An apartment management company will secure tenants for you. They are experienced with rental marketing. They can host open houses, write rental advertisements and take photos. Moreover, they often have real estate accounts with listing websites and can showcase your rental online.
According to a Zillow report, 84 percent of prospective renters look online for a property. Being able to put your listing in front of your target audience is essential for securing the right tenants.
Working with an apartment management company can help ensure that your rental will not sit vacant for very long. You’ll maximize your rental income.
Many property owners who want to be personally involved in their rental business believe that they would prefer to screen tenants. If you are an excellent judge of character, you might want to meet the people who will live in your home.
But apartment management companies have personnel that have years of experience selecting tenants. They can recognize red flags and ensure that they’re placing the right people in your apartment.
The work does not stop once the tenants have moved in. Tenants may want answers to their questions or somewhere to voice their complaints. Property owners may not want to be accessible throughout the day or night. Handling repairs and maintenance issues can become a part-time or full-time job, depending on the number of properties that you have.
An apartment management company can take care of all of this for you. Plus, an apartment management company helps decrease tenant turnover. They will take care of problems as they arrive, keeping your tenants satisfied and establishing a long-lasting relationship.
Handle Financial Issues
You have a rental property so that you can bring in an income. An apartment management company can help you collect the rent. They will make sure that the tenant is adhering to the lease agreement and paying on time. They will also be able to collect any late fees and enforce leasing policies.
If a tenant does not pay on time, the apartment management company will be able to focus on collection and eviction activities so that the property owner doesn’t have to hassle with it.
Deal With Legal Issues
There are many legal aspects involved in renting out a property to a tenant. Apartment managers are familiar with housing laws. They can help you avoid lawsuits and manage property damage and eviction concerns.
When you are dealing with tenants, you have to manage contracts, leases, rent, fees and security deposits. As the property owner, you have to ensure that you are following the laws. This will not be a concern when you work with an apartment management company.
Although it costs money to hire an apartment manager, you will save in many ways. First of all, you will not have to spend your valuable time tending to issues regarding your property. That time can be spent in your own career or just relaxing.
You may secure tenants more quickly when you have a company doing the marketing for you. Therefore, you’ll be able to count on a consistent income with fewer gaps between tenants. Having an apartment manager deal with repairs and other complaints can help you retain tenants for longer.
Using a property management company can also help you save money on property maintenance. Apartment management companies often have contracts with plumbers, electricians and other service technician companies. They can obtain discounts that you wouldn’t be able to secure on your own.
Plus, an apartment manager will handle regular maintenance and inspections. This can prevent you from having to pay costly sums for emergency repairs.
Why Might You Want to Hire an Apartment Management Company?
You have read about what a property management company does. You know how hiring a apartment management company benefits you. How will you know if a property management company is right for you?
Some of the ideal candidates for working with a property management company include:
• People with multiple rental units or properties
• People who do not live near their rental property
• People who do not want to deal with the day-to-day and hands-on management of their property
• People with limited time
• People who can afford the cost
• People who want to save money on rental property obligations
There are many benefits of investing in a rental property, but the day-to-day hassle of managing your apartment isn’t one of them. Take advantage of the additional rental income and build long-term wealth while maintaining your quality of life by hiring an apartment management company.