With nearly 50 million rental properties in the United States, being a landlord comes with great responsibility. To ensure your property is safe, you have to draft and file the necessary paperwork and perform repairs and maintenance in a timely fashion -- just to name a few.
If you've invested in a rental property for passive income, you may not have the time or patience to find and keep tabs on multiple tenants -- or even one!
An investment management property company can help.
Whether you currently own a rental property or are considering it but are worried about the commitment, this article is for you!
Let's explore why hiring a property manager is the second best investment you'll make.
What Does a Property Manager Do?
Before you can choose an investment property company, you probably want to know what services they offer. Some ambitious new landlords don't see the benefit of paying someone else to perform a job they can do themselves.
If you have no other responsibilities and plan to be a full-time landlord, that's great! But if "landlord" is just one of the many hats you wear, you may want help.
An investment property management company can help with as much or as little of the rental process as you choose. Their services include, but aren't limited to:
- Finding and screening tenants
- Drafting paperwork and tenancy agreements
- Scheduling viewings
- Performing maintenance and repairs
- Collecting rent
- Carrying out evictions
Many property managers are also well-versed in landlord-tenant laws and guidelines, ensuring you stay compliant in all your dealings.
What to Look for in an Investment Property Management Company
Hiring a property management company should make your life easier, not more difficult. Which is why you need a reliable company that has no hidden fees.
Some companies charge for things like lease renewals and maintenance. Others have exorbitant cancellation fees and long-term contracts.
Next Brick prides itself on being fully transparent. If you want to make passive income on your rental property, the last thing you need are hidden fees and increased overhead.
For a reasonable price, you can hire a professional management company to handle the stress, aggravation, and time commitment that comes with being a landlord.
Other characteristics to look for in a property manager are communication skills, availability (they answer your calls and show up when called upon), and knowledge of the current rental market.
Why You Need a Property Manager
Just because you recently purchased a rental property doesn't mean you have to hire a management company -- but it's probably a good idea for a few reasons.
First, if the rental property isn't located close to your home, managing it could easily get overwhelming. Traveling for showings, maintenance, and repairs, and routine checks are sometimes inconvenient.
Another good reason to hire a management company is if you've invested in a rental property for passive income. That generally means you have another full-time job or obligation that's taking most of your time and attention.
You don't want to be an absent landlord. This can lead to a bad reputation.
You may also choose unreliable tenants in an effort to quickly fill a vacancy. Mismanagement can also result in damage to your property or belongings.
Take the Guesswork Out of Being a Landlord
There are countless reasons to become a landlord but the main one is passive income. While you may want to make a few extra dollars you likely don't want the stress of managing multiple properties.
That's where an investment property management company can help. At Next Brick, we pride ourselves on being fully transparent and dedicating ourselves to your success.