If you are a landlord and have many properties on lease or rent and you are wondering if you should hire a property management company, here are the reasons why hiring a property management company is in your best interest.
Distance – Sometimes the distance between your home and the rental property can mean traveling several times a year to visit or check on your property. Most often tenant problems also arise at the worst possible times, causing a lot of inconvenience for the landlord. If you enlist a property management company, they will inspect the property when required and handle all maintenance relating to your property.
Your experience managing a property – Often landlords will take on a hands-on role with their property, which can make tenants uncomfortable as they feel that they have no control of their rented home. Property management companies will look at the property as an investment and be able to handle tenants in a professional manner that is fair to both parties.
The condition of the property – Landlords managing the maintenance of a property will sometimes have to take on maintenance work if they are unable to find a professional to handle it. However, a property management company will have a long list of maintenance professionals who are contracted with the company.
Avoid construction claims – If a property is not safe for tenant a property management company will be able to assess and assist the tenant in rectifying the problem. Unchecked properties can be a safety hazard and can end in claims and damages being charged to the landlord.
Tenant screening and agreements – Screening tenants, is not easy as you need to able to select and screen tenants quickly to ensure that you offer your home to the right person. Once a tenant is selected, creating an agreement between you and the tenant is key to keeping your property safe and ensuring a steady income. Property management companies will often take on the screening process and shortlist a few candidates for the tenant to meet. They will also create an agreement that is legally sound to safeguard the landlord’s property.
Written by Lyle Charles. Construction is costly without factoring in the costs of litigation, which is becoming more common by the day. Construction claims management can help cut those costs and provide a fair resolution to disputes that commonly arise.