Are you ready to start leasing out the buildings that you spent a substantial amount of money on to purchase? Your big investment can go down the drain if you don't make sure your buildings are leased to the right kind of tenants. If you have never managed property before, it is wise to leave the task to professionals to make sure everything is done right. This article will cover some of the questions that you might have in mind before hiring a property management company.
How Will Good Tenants Be Found?
A property management company will find good tenants to occupy your buildings by running thorough background checks. Running ads and listing the properties in real estate pamphlets is usually how advertising is done. Each potential tenant will be checked for a solid rental history and steady income. The management company will also make sure that none of your tenants have criminal backgrounds that are of a concern.
Will Inspections of the Buildings Be Done?
You can count on a property management company to perform occasional inspections on each of your buildings. The inspections will be done to make sure the properties are being properly taken care of by the tenants. The management company will search for any type of damages that are not the result of normal wear and tear. For instance, if there are holes in the drywall, it is likely that your tenants will be held responsible. The inspections will ensure that you don't end up suffering a large financial loss from property damage, as well as to locate any problems that you are responsible for repairing.
What Will Happen If Tenants Are Problematic?
If any problems arise with your tenants, a property management company can make sure everything is resolved in a timely manner. For instance, if it is found that a tenant is allowing pests to infest your property, he or she will be issued a warning to bring the problem under control. If keeping the building clean is the problem, the tenant will have to start being cleaner. Failing to heed the warning will lead to the tenant being evicted.
How Will Rent Payments Be Kept in Order?
Your tenants will be given so many days as a grace period to pay rent. You can also make the tenants pay a late fee based on how late they are. After the grace period is up, a warning will be issued in regards to paying the rent or facing eviction. If no rent is received, the management company will take the case to court to start the eviction process. Talk to a property management company like Shook & Tarlton Rentals about your needs.