If you're looking to bring in extra income by renting out a residential property (such as a duplex or vacation home), then you may want to consider hiring a property manager to assist you. This is especially true if you've never had experience in managing your own property or acting as a landlord before. Specifically, there are a few ways in which an experienced property manager can make your life a lot easier.
They'll Find and Screen Tenants
For starters, property managers have access to tenant and applicant screening software that can otherwise be rather expensive to obtain on your own. This software will allow your property manager to thoroughly scan tenants' backgrounds to check their credit-worthiness, criminal history, and other information that could be pertinent to their application decision. As a result, you can enjoy greater peace of mind in the tenants approved for leases on your property.
They'll Make Sure Your Property Retains Value
Often times, property managers' contracts also have a stipulation written in that they will ensure your rental property's value is the same or higher than its original value by the time your contract with the property manager is through. In other words, you have it in writing that your property will be well managed, maintained, and cared for while in their hands.
They'll Handle Lease Enforcement
In the event that a tenant breaks the terms of your lease, you can also rest assured that your property manager will handle the situation, saving you the stress of getting involved yourself. For example, if one of your tenants breaks the lease by smoking inside a no-smoking residence, your property manager will put an end to it and have the tenant pay for any damages, such as smoke stains on the walls or similar expenses.
They'll Set and Collect Rent Payments
And of course, your property manager will handle the task not only of setting a fair rental price for your property, but also of collecting and depositing rental checks on your behalf. Furthermore, in the event that rent isn't paid and eviction becomes necessary, your property manager may also be able to assist in getting the eviction process going. Of course, not all property managers have the same services and responsibilities, so it's always a good idea to do your research and find the one that best suits your needs. From there, you can enjoy all the benefits that comes along with having such a professional at your service.
To learn more, contact a property management company like Management Associates.