So you've finally decided to try real estate investing. You're ready to rake in the money, but it's taking up a lot of your time! How do people balance being a landlord with normal life?
Some people hire full-service property management companies. They ease the burden of being a landlord. But how?
Let's talk about it. Read on to learn what a property manager can do for you.
Tenant Screening and Marketing
Full-service property management starts with the marketing of vacant properties. This is how they attract tenants. They create listings, promote on social media, and so much more.
Once your potential tenants express interest, the property manager can start a screening process. This includes background checks, credit assessments, and rental history checks. This can help ensure that potential tenants meet your criteria and lowers the chances of lease-breaking behavior and missed rent.
Rent Collection
If you're not collecting rent, you're not making money. Rent collection can be a pain, so let your property manager do it.
A good property management team can collect rent payments from tenants every month. They establish clear payment terms, enforce late payment penalties when necessary, and handle the entire rent collection process. They may even have a helpful tenant portal for simple rent collection.
They can also help manage any evictions if tenants fail to meet their financial obligations.
Property Maintenance
You want to keep your property in tip-top condition. A property manager can help.
Property management companies coordinate routine maintenance with their in-house or contracted maintenance pros. These tasks include things like landscaping, HVAC checks, and even plumbing (among others).
When tenants report maintenance problems, property managers organize and oversee necessary repairs so landlords don't have to.
Legal Help
Being a real estate investor requires having some background knowledge about housing laws. If you're unaware and break a law by accident, you may find yourself in hot water.
Property managers stay aware of local, state, and federal rules so you don't have to. They make sure that your property complies with all applicable laws. They understand the basics of landlord-tenant laws, fair housing regulations, and safety codes.
Property managers protect property owners from potential legal issues and ensure a smooth landlord-tenant relationship.
Tenant Relations
Property managers help build positive tenant relations. Happy tenants may turn into return tenants.
Property managers address tenant questions and concerns quickly. They're able to provide quick responses to maintenance requests or other issues.
Tenants never have to wait long for answers and responses. You don't have to involve yourself in their issues when your property managers take over.
Do You Need Full-Service Property Management?
Full-service property management will make your life easier. From finding and screening new tenants to handling tenant relations, a good property manager can do it all.
If you want an almost-passive income from your property, this is the way to do it.
At Northeast Florida Realty Inc., we help landlords in and near Jacksonville manage their properties. With about 20 years in the business, we're industry experts.
Learn more about our services and reach out today.
