Do you own a property that is far away from your primary residence, but you want to rent it out to others for some extra cash? You may find that it is hard to manage the property on your own. That's why it will help to hire a full-service property management company to take care of it all for you. Here are some of the services they can offer that you may not be aware of.
There are several things that you'll need help with when it comes to listing your home. The first step is to assess your property so that an appropriate rental rate can be decided on. You'll definitely get help looking at properties in the surrounding area to determine what is a fair and competitive rate. Then the property will need to be advertised, which includes listing it online on rental websites, social media, and places of that nature that attract tenants.
Once a tenant is found, you'll need to have them screened with a credit report and background check. You can even take it a step further by verifying the person's income to make sure that they can afford the rent. Finally, there will be the lease negotiation process where it is finalized and signed.
The bulk of the services will be noticed after a tenant moves in. There is the initial move-in inspection where the property is assessed for its current condition to ensure that the tenants leave it in the same condition the property was provided to them. The management company will also deal with all rent collection services as well.
You will no longer be required to do maintenance since a management company has its own network of vendors that they use for things like plumbing and electrical repair. They can even supervise maintenance that is performed on your property so that you don't have to be there.
The tenants will have a single contact for any concerns related to the property that they are renting. In addition, management companies may be able to provide a 24/7 response number and be more timely in making repairs since they are close to the property. It helps provide customer service in a way that is responsive and professional, which you may not be able to do when you live far away and have a job during the day.
Contact a local full management service to learn more.