So you’ve decided to rent out a room or a suite in your home, or maybe you’ve just purchased a condo or apartment complex, but you’re not quite sure how to go about it.
There are a number of factors to consider before you decide to take the leap into the world of property management and rentals, such as the distance between your home and your rental property and how frequently you can actually go there to manage it. There are certain land lording laws and regulations that also need to be followed, as well as financial commitments.
Given all of these variables, hiring a property management company that works for both you and your potential clients can save you a lot of time and grief in the future.
Benefits of a Property Management Company
In order to hire a property management company, you need to first understand what they can do for you. These companies evaluate and market properties, determine rent, offer legal advice, perform background checks on tenants, do inspections, oversee maintenance and repairs, offer financial services, and much more.
Perhaps the most important services that a property management company can offer are dealing with finances and helping manage the tenants and their rent. Say you’ve had a tenant for a few months, but they haven’t paid their rent. What do you do?
Handling it yourself could risk property damage or unwanted conflict. The most positive and logical solution would be to turn to the law. A property management company would have access to all of the necessary regulations, laws, and necessary steps in order to handle the situation. Companies also have the ability to handle other circumstances such as property damage, lease guidelines, late fee enforcement, using law enforcement to remove difficult tenants, and security deposits.
The above are by no means the extent of what a property management company can offer, but a brief summary of how they can be utilized. If you aren’t sure about exactly what you need, feel free to contact Roy Barbu's team at BocaDreams.com.
Hiring the Best Property Management Company
After doing research and finding out that you need some help with property management, how do you choose the best company for your needs? How do you get through all of the legal jargon in contracts, and how do you know that the company is reputable?
Creating a pros and cons list between companies you’re interested in is a great way to decide which ones are worth looking into. Actually go to their offices and speak to the employees and management to get a real understanding of how they are with their clients.
Are they hurried and careless? Or do they take the time to get to know you? Are they interested in your property management issues and questions? These are some of the things to look out for. Take the time to interview property management companies that you feel would be best suited to you.
As far as contracts go, get a copy while you’re interviewing the individual companies you’re interested in. This is an excellent way to really determine what they’re all about, as well as their level of professionalism and care. If you feel overwhelmed by the contract itself, don’t be afraid to ask questions or hire a lawyer to help you.
Some things to pay attention to in contracts are:
- Broker responsibilities
- Owner’s responsibilities
- Extra Duties
All in all, every property owner has different needs. Choosing the perfect property management company has the potential to offer peace of mind, freedom, and less stress. It can also save a lot of money in regards to what to charge for rent, maintenance, and general financial duties.