As the owner of a rental property, you know that there are many day-to-day responsibilities involved in maintaining it. You need to collect rent payments on time, you need to keep the lawn mowed, and you must have the plumbing in good working order among many other things. Is it possible to have a landlord perform these and all the other tasks involved in maintaining your rental property?
It is possible because, as the owner of the property, you have the option to designate a landlord on the premises or designate yourself to run the property. However, there are reasons why you might want to hire a property management company instead. It really comes down to what works best for your property, your tenants, and your budget.
If you are the landlord, understand that running the property will be a full-time job. You need to be available to tenants at all hours in case of plumbing or electrical repairs, floods, and other issues that might arise. If you hire a property manager, you are free to work on other things including investing money and time in other properties.
Besides collecting rent, they help make sure the property is clean. They will respond to repair requests and will handle all aspects of finding new tenants. This includes advertising or marketing.
Being your own landlord who does property management can save you money since you will be doing work like this yourself. Managing the property means collecting checks that end up paying your mortgage for you as well as offer you a chance to make a profit.
You have to understand that when you are a landlord property manager you have a business to take care of. This includes understanding tenant laws in your area, as well as knowing about the deductions you can take on your property.
Landlord And Tenant Laws
Having to perform an eviction on a tenant can be a difficult process, and if you do not know the laws or how to file the appropriate documents, it can be a tedious experience. You could possibly make a mistake that costs you money.
A property manager has experience with landlord and tenant laws. They can produce any financial statements that you need come tax time. You can count on them to handle screening tenants better, too, which can save you trouble down the road.
While the property management company will cost you about 10 percent of the rent, it can be well worth the monthly investment. You have fewer things to worry about. But you also do not have as much control over managing your property the way you want to.
This is why the choice to become a property managing landlord is a personal one. If you live at the property and it is the only one you own, you probably can manage the daily tasks involved in running things. If you have several properties, it is probably better to invest in a property management firm but that is a decision you need to make for yourself. To know more about us visit the website or contact us.