If you own property and want to rent it out, you can choose to do everything yourself or opt to enlist the help of a property management company. These companies can handle just about every aspect of renting, and ask for part of your rent as payment. In most cases, the average amount is 10% of the total rent charged to tenants. So what can property management do for you?
The Tenant Aspect
A property management company can take care of finding tenants for your property. They will assist with putting ads up to attract potential renters. They'll also run the needed credit checks and perform screenings before allowing people to sign the lease. Since most companies that deal in property management have experience with this kind of transaction, they know exactly what criteria to look for before choosing a tenant for your property.
The management company can also handle any emergency calls the tenants might have. If a repair is needed, they should have a staff on hand who can go out to your property and make the needed repairs. They can also assist renters with questions about their lease, process late payment fees, and even handle court documents in the event of a non paying renter. These companies know the laws of your particular locality and can help to ensure both you and the renters are protected.
The Property Aspect
A reputable property management company, such as ABC Property Managers Inc., will hold renters accountable for things like maintaining the property in a responsible manner, ensuring carpets get clean before they move out, and general upkeep. They can help people with problems such as a leaky dishwasher or an air conditioner that is malfunctioning. It's their job to make sure things like pest control and plumbing issues are all up to par. Rather than you spending time and money on these kinds of repairs and upkeep, the management company will handle it for you. If something more severe happens such as a fire or storm damage, they'll advise you about making an insurance claim.
Another role of property management is to make sure that the taxes are taken care of for the property each year. They will work with you to make sure that your taxes are filed correctly and that you're getting the most out of your investment. They're also in charge of keeping all records of repair and other important documents in order. They serve as the go-between for you and the tenant, helping you save time and money.Share