Study: My Understanding of Property
The task of managing rented out properties is a challenging one and you might ask yourself first if you are up for the job of becoming a landlord or doing the managing chores on your own. Getting the services of a professional property management firm would take the load off your shoulders if you are uncertain of handling the job of a landlord.
It is therefore important that you know that a property management firm can do and the tasks they can do in order to help you manage your properties.
The first service that a good property management firm can do for you is to set up the right rental rate of your property. If you do this job yourself, your tendency would be to make a ballpark of the price after looking at other advertisements of properties, but a good property management firm will set the right rental price of your property by actually conducting market studies. If the right rental price for your property is set, you are made sure that your monthly income us maximized and balanced with that with a low vacancy rate of your property.
Be aware that one of the challenges in being a landlord is collecting the rent. If you have a good property management firm, they will do a great job in collecting the rent and at the same maintain the payments from your tenants on time.
Another service of a property management firm is handling the marketing and advertising of your units for rent. You would want a quick return of your vacant units, so if you have a professional property management firm, they will make sure that someone will occupy your unit as soon as possible because of their experience in the market.
Finding and managing tenants is the next job that a property management firm can do for you. Their job would cover screening the new tenants with regards to the credit and criminal history of the tenant, get information on references for collecting and have them sign the lease agreement. Part of the job of the property management company that you hired is to handle maintenance and inspections on a routine and emergency basis once the unit is occupied.
As there is going to be a maintenance project to be done for your units, there will be contractors and suppliers that have to be dealt with, and this job will be taken off from your shoulder by having a property management firm to oversee the projects for you.