For those looking to generate a long-term source of income, getting into the real estate business as a landlord certainly has its benefits. But along with those monthly checks also comes new responsibilities. Landlords are responsible for responding to their tenant's issues and keeping the property in good condition. If you are hesitant about whether or not you can handle this, there may be another option. A property management company can be hired to manage the building and even directly handle the tenants' needs if desired. Here are three benefits of hiring a property management company that you may not have thought about.
Help With Screening
The first thing a good property management company can do for you as a landlord occurs before you even have any tenants. These companies have resources that will be able to do a strong screening of all potential applicants. You could try and do this yourself of course, but if you don't know where to begin, you might end up spending more time and money on the process than you really need to. Let a professional handle it for you so you can be sure that you are getting high quality tenants with no previous issues.
Maintenance and Repair
Some landlords are jacks of all trades and can fix the plumbing or take a look at the HVAC system if something goes wrong. But if this doesn't describe you, you might end up hiring contractor after contractor just to keep the building up to code. Most property management companies have a specific division that works on nothing but maintenance and repair for the client's real estate. Even if they don't have a contractor working for them directly, they've likely worked in your area long enough to know exactly who to call to fix any problem that pops up.
No Messy Confrontations
Being a landlord has a lot of benefits but one of the downsides is the awkward conversations you need to have sometimes if a tenant is behind on their rent or accidentally (or intentionally) inflicted damage to the property. When you hire a property management company, you can empower them to speak fully on your behalf. You won't ever have to go knocking on doors for uncollected rent. If things get really bad and you need to start eviction proceedings, you will have a company behind you that can help guide you through the process and maybe even refer you to a solid real estate attorney.
Hiring a property management company can make your life as a landlord much easier. From screening tenants before they move in to helping you with maintenance and repair, a good property manager will leave you free to handle other tasks or simply spend more time with your family while the monthly rent rolls in. Contact a property management company today for more information.