As a landlord, it's usually up to you to decide if you need a property management company or need to hire an individual property manager, as these services aren't typically required by law. However, even if it's not legally required, there are times when it's in your best interests to hire such a person or company. Note when this is and why a manager or management company can be the right decision for you.
You have a hard time with collections
If your renters tend to pay late and you cannot seem to catch up on collecting late rent, it's time to hire a manager. You may need this assistance to track down late payments, or for when you're hesitant to confront renters about late rent. You may also need more effective means of collecting the rent, such as reminders of when rent is due and allowing tenants to pay through a website rather than mailing personal checks. Using a manager who is skilled at collecting rent and ensuring late rent is not overlooked can mean the rent is paid on time, and that there is less time wasted in collecting late rent.
Your tenants all seem less than desirable
If you seem to always bring in tenants who are noisy, who damage your property, and who pay their rent late if ever at all, you may not know how to properly screen tenants in the first place. Doing a quick background check may not be enough, if you even know the type of background check to run for potential renters. A property manager will know how to check credit, police reports, history of rental payments, the length of past rentals, job history, and other such information, in order to ensure you only get reliable, high-quality tenants into your rental property.
Your tenants never want to stay
Tenants may not stay for the rest of their life in a rental property, as they may always be on the lookout for cheaper rent or for their own home. However, this doesn't mean you should just expect that they will always leave at the end of their lease or break their lease early. If you have a high turnover of tenants, you may not be maintaining the property in a way that makes it desirable for tenants and that makes them want to stay. A property manager can note needed upgrades, neglected maintenance, and prices of nearby rentals, so you can ensure you're being competitive and retaining as many tenants as possible, for as long as possible.
For more information on how a management company can help you out, contact local property management services in your area today.
Share9 March 2017
Whether you want to be a landlord, a business owner, a real estate mogul or anyone else who has an interest in commercial real estate, I am glad that you have found my blog. Hi, my name is Tammy. I have bought and sold many of my own commercial properties, and I have watched closely as my best friend, a developer, worked her magic on a number of areas. This blog takes everything I have learned through my experience and research. It looks at it from a new angle and it questions everything. Please, take a seat and start exploring. I hope these tips, facts and ideas help guide you toward the right commercial property.
