As a rental property owner you can do all things yourself or higher a management company. Both of these options can be successful. Managing a rental can require time that you may not have. If that is the case a Property Management company could be the solution.
A property manager is hired by property owner to handle the day to day operations of that property. Their job includes:
- Marketing vacant space
- Signing leases
- Collecting rent
- Repairing and maintaining the property. This can include lawn care, drywall patching, appliance fixing and plumbing issues.
- Dealing with defaulting tenants
- Keep detailed records of income and expenses for each property
If you don’t want plumbing calls over the weekend a property management firm may be the way to go. Even though you must pay them to look after the property and all its problems your time is freed up to look for other money making opportunities and not plumbers who work on the weekend.
However, if you choose to be your own landlord you can pocket more profit by saving property management costs.
A good property management company should:
- Get you better quality tenants.
- Fill vacancies quicker.
- Create fewer legal problems for you.
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Key Points:
- 1A rental property management company is more of an investment and not a cost.
- 2Rapid response is critical for renter’s happiness and good reviews.
- 3A property management fee can cost around 8% to 12% of the monthly rental income.
See the original at: https://www.fortunebuilders.com/rental-property-management/
