Property Management Companies are a great way to own your investment properties, pocket the rent and keep your sanity, all at the same time. Many landlords love the passive income that rentals can provide, but hate actually being a landlord. The best solution is to hire a property management company to take the burden off of your shoulders. We’ve already discussed how a property management company comes in handy by renting your property quickly, and to qualified tenants, but where they really shine is with managing the occupied property. Here are just a few reasons you’ll love hiring a property manager:
Rent – This is the entire reason you own an investment property—for the passive, monthly income it produces. The problem with some landlords is that they end up chasing their rent for days or even weeks, and that’s hoping that they’ve qualified their tenant and know that they have a steady job and enough income to make monthly, on-time payments. For this reason, plenty of landlords dread the first of the month. It’s a new month filled with excuses, promises of partial payment or making multiple unreturned phone calls and voicemails for tenants. Collecting rent from your tenants can become an even bigger problem if you’ve befriended your tenants, since they no longer consider you their landlord with your own expenses. This is sadly common, especially if the owner has a duplex or multi-unit building and lives just next door. It’s even more important that you hire a property manager in these cases, since you would probably benefit from befriending your neighbors and enjoying their company.
Maintenance – Many landlords realize that although their rental unit brings in monthly cashflow, that they end up paying for it in time. Maintaining a building can be tiring and costly, and some tenants may be pickier than others. You may end up lucky to have a tenant who enjoys his privacy and is handy and would rather replace his own lightbulbs, and change out the A/C filters. Or, you may run into a younger, more dependent tenant, who may be new to living on their own and make phone calls at all hours of the day—and night. Sure, some of these may be minor fixes, but others will require you hiring a contractor, who may miss appointments, or you may need to supervise and depending on the age and condition of your property, you could find yourself spending the majority of your free time stuck at the rental property in Jacksonville Fl, making minor repairs.