Many people think that they don't really need property management. After all, how hard can it be to manage a property? All you have to do is find new tenants when the old ones are leaving and take care of maintenance.
At least that's how it seems.
But when you sit down to do it, property management turns out to be a lot more complicated than you first thought and you might end up spending a lot of time doing it. In fact, here are some of the possible problems you might run into which a property manager can help:
Tenants Who Don't Pay the Rent on Time
It may be easy enough to find a tenant. After all, people are always looking for a place to stay. But you need a reliable tenant; in other words, someone who has a steady job and will pay the rent on time. In order to do this, you might have to reject a few people who want the place and go with the one who has the best credentials.
Property management companies have a lot of experience with finding tenants so they should be able to find you someone who is reliable. They know what signs to look out for that tell them who is reliable and who isn't. They'll make sure to do a thorough background check.
They'll also call up the person's employer to make sure they are, in fact, employed there.
Tenants Who Are Loud and/or Cause Damage
You also want a tenant who will not destroy the property in any way. For example, if the tenant is having frequent parties, they will not only be disturbing the neighbors, they may also have little accidents which could damage the floors, the walls, and the appliances in the apartment.
A property manager will look into this and make sure they get you a tenant who will use the property gently so you won't have to shell out too much for maintenance.
They'll also ensure the tenants don't disturb the neighbors constantly.
Tenants with Pets That Might Damage Your Property
As the property owner, it's up to you to decide whether you want to rent the place to someone with pets. There are, of course, some problems associated with having pets.
For example, if your property has hardwood floors and the pets have claws, then your floors are probably going to be ruined by the time the tenant leaves.
Plus, there are usually certain smells associated with having pets, especially if the pet is not always carefully groomed. This problem is not irreversible; you can always get the smells out, but it takes some time.
If you're looking to rent your apartment or house to someone without pets, your property management company can help you with this. Plus, they'll also make sure that the tenant lives up to their side of the bargain and doesn't bring any pets once they've moved in.
What Can Property Management Do for You?
As a property owner, you want to make some income by renting out your property. But you also want to make sure you receive payment on time and your property is not left damaged. There are a number of variables to look out for, and it can be hard for someone who has other time commitments to stay on top of everything.
This is where property management comes in. For a reasonable fee, a property manager can make sure that all the little things involved in finding a tenant and renting out your property will be taken care of.
You won't have to go through the trouble of showing the apartment, interviewing possible tenants, doing background checks and finding someone reliable who will leave your property in the same condition that they found it in.
You can relax and leave all this up to the property manager who will take care of it for you.