Real estate is one of the most viable investment assets. The recurring costs are mostly limited to maintenance and there will always be demand for housing. To maximize returns, it is important that residential property is well managed often means hiring a residential property management company. Those who choose to handle their own real estate investment and deal with tenants themselves may realize that it is taking too much time and effort. Sometimes it is best to leave management to a company that is dedicated to offering this service.
Top 5 top reasons to hire a residential property management company
- Putting your property on the map
Returns on a residential property will only be seen when tenants are occupying the property. Prospective tenants typically search for rental properties through property management companies. Online searches are particularly popular because tenants can gather a list of available properties with minimal effort. Property agents market residential spaces through various avenues including websites, social media platforms, and advertisements in print and electronic media. There is always a ready client database at a residential property management company; tenants are typically found sooner when found through a management company.
2. Rent collection
Ideally, tenants should pay rent in the amount and at the time stipulated in a rental agreement but this isn’t always the case. Unpleasant scenes between a tenant and property owner can be avoided by leaving rent collection to a residential property management company. They will handle difficult incidents professionally including applying late fees and carrying out evictions while keeping the property owner out of the mix.
3. Screening of tenants
Security is a prime concern of tenants. This is not only about the security features and checks that are put in place in a residential building but also the tenants who occupy a residential building or complex. A residential property management company will screen tenants carefully before letting out property to them. They know what to look for when carrying out thorough background checks.
4. Keeping up with maintenance
Being a DIY handyman can soon become overwhelming for your residential properties. Wear and tear is inevitable with property. Also, sometimes inconveniences like a leaking faucet or blocked toilet will come up and a tenant will expect the problem to be treated as an emergency and taken care of right away. The best option is to leave such matters in the hands of a residential property management company who will choose an accredited HVAC company to carry out routine inspections and maintenance. They will be equipped to handle such problems in a timely manner. A residential property management company may also have access to a discounted repair rate with a multi-unit contract.
5. Observing real estate laws
There are laws dedicated to real estate including residential property and how tenants should be handled. A mistake can cost a property owner a lot. For instance, there are laws to be followed in evicting non-paying tenants and declaring information about tenants such as about convicted sexual offenders. A residential property management company that understands residential property laws is best suited to handle legal matters.
One of the best things about investing in property is passive income which leaves one free to pursue other interests. Leaving management to a residential property management company makes it possible to maximize returns both in terms of finances and one’s time.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.