Do you own an investment property that you are renting out and you are currently handling all of the chores of being a landlord yourself? Are you thinking about investing in rental properties, but you are not sure if you are prepared for the task of being a landlord?
Whether you are holding onto or considering investing in a single-family rental (SFR), duplex, or triplex, and you answered YES to either of those questions, you should definitely think about engaging professional property management services to take the work off your shoulders.
Let’s take a look at what property management services are, what a professional management company handles, and how to hire the right property management firm.
What is Property Management?
Let’s start off by getting an understanding of what a property management firm does and does not do. There are several critical tasks a property manager can help you with, including:
Setting the right rental rate: A good property management company conducts thorough market studies to set a rental price for your property. This makes sure you have a great balance between maximizing your monthly income and keeping a low vacancy rate.
Collecting the rent: Property management firms have efficient, tried-and-true systems that will do a great job of collecting the rent and maintaining on time payments.
Marketing and advertising your rental unit: When vacancies occur, you want the rental unit occupied as quickly as possible. A professional property management firm has the essential experience that helps market your property in just the rate way to make sure someone moves in quickly.
Finding and managing tenants: The property management firm will take the work out of finding and managing tenants. This means screening new tenants for criminal and credit checks, collecting references, and getting the lease signed. In addition, once the home is occupied, handling routine and emergency maintenance and inspections are also the duties of a professional management company.
Managing relationships with contractors and other vendors: A good property management firm has deep seated contractor and vendor relationships and can get the best work for the best price, while handling the burden of overseeing necessary maintenance projects.
Keeping in compliance with the laws Housing regulations and property laws are complicated and confusing when renting and maintaining rental property. These can include local, state, and federal regulations, along with fair housing regulations like the Americans with Disabilities Act. Experienced and knowledgeable property management services can keep you out of hot water by keeping your property up-to-date and in compliance with all of these regulations.
If just reading through all of the tasks that a property manager can handle for you is not convincing enough, consider this: do you want to be able to go on vacation without interruption? Do you really enjoy phone calls about backed up plumbing at 3:30 in the morning? Chances are, you want the freedom to leave town for vacation or just have uninterrupted time with family for the holidays. You do not relish the task of dealing with emergency maintenance chores in the middle of the night, and you probably dread the thought of trying to find a good tenant when your existing ones move out.
For experienced and devoted property management services throughout Southern California look to Haus Property Management at https://www.hauspropinc.com and 626-260-3553. Haus Property Management cares about the properties they manage and remain passionate about maximizing real estate values for owners and providing residents with a house to call home.
Contact Haus Property Management today for property management services where it is understood that property management is a 24/7 commitment and are available and ready to invest the time, energy and effort in your property. https://www.hauspropinc.com and 626-260-3553.