Generating an extra revenue stream may sound appealing, but the thought of playing landlord may not. If you own or are considering buying a property to rent to tenants, then it’s helpful to know that you can outsource the affairs to a property management company that will take care of the day-to-day operations and all related tasks for you.
In return for a management fee, you can hand all the stress of managing your property, from collecting the rent to fixing the nest cameras, over to specialists such as Quartermaster Property Management who have experience in ensuring properties are let and well maintained. This article will look at the role that a property management company can play when it comes to running your rental.
Screen New Tenants
A property management company will run background checks on prospective tenants to ensure that they are trustworthy. This screening process may involve a range of checks including credit history, references from previous landlords, or a criminal background check. Once approved, the property management company will also collect the security deposit which they will hold in an exclusive escrow account, following security deposit laws.
Collection of Rent
Lease management matters such as collecting the rent are also the domain of the property management company which is responsible for collecting rent from tenants in a timely fashion and dealing with any late payments or arrears. They will also handle evictions if this becomes necessary.
No matter how perfect your tenants are, appliances break, furniture wears out, and items will need attention. Most landlords would rather not have to deal with maintenance issues in their properties, especially late-night emergencies. Anything can go wrong with a property, and many landlords these days are not equipped or qualified to deal with issues such as electrical or plumbing malfunctions. Thankfully, a property management company will oversee such matters ensuring that the property stays in good condition and is a safe place for the inhabitants.
In addition to this, property management companies are likely to have an in-house maintenance team or specialist contacts with whom they can arrange favorable pricing or discounts, allowing them to pass the savings on to you.
One of the responsibilities of a property management company is to handle any complaints. For example, they may be called to deal with calls from neighbors about late-night parties or excessive noise from the tenants in the property. They will also handle emergency calls from tenants regarding complaints and matters that need resolving. Having someone on hand to handle such requests means satisfied tenants and less stress for the landlord.
Knowledge of Landlord-Tenant Laws
Keeping on top of landlord-tenant laws can be a daunting task for any landlord. A property management company must have comprehensive knowledge of the current laws and regulations, in addition to compliance with proper safety standards and how to enforce them correctly. Knowing that all legal requirements, including tenants’ leasing rights, are being handled correctly and they won’t fall foul of the law can be a huge weight off any landlord’s mind.
This list of five common responsibilities should help you to decide whether to hire the services of a property management company for your rental property.
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