As a greater number of investors are beginning to appreciate the advantages of putting their money into rental property, more and more landlords are beginning to realize just how much time and effort it takes. Prospective tenants have to be screened, the property has to be maintained, an eviction has to be handled or a property cleaned after a tenant leaves.
Wide Degrees of Latitude
As a consequence many landlords resort to hiring property management companies to look to the day-to-day running of their. Some landlords have a pleasant working experience with the companies they hire, while others have horror stories to narrate, which underscores the need to properly screen a property management company before hiring.
Some rental property owners firmly believe that they can manage their properties themselves, often remotely. This is sort of how America tried to manage the Korean War which did not work until the generals and military brass actually went to Korea, changed management, and found out what was really happening. Moreover, if you are the one that would prefer to hire a property management company then you should know what it is they will and won’t do as part of their function.
When you hire a property manager or company, you could expect the following:
Vacancies to be advertised
Tenants screened and placed
Security deposits, rents, and late payment fees collected
Standard upkeep taken care of such as lawn and pool maintenance and trash collection
Common repairs like backed-up toilets and the like attended to
Units cleaned and prepared for rental when a tenant moves out
Complaints from tenants about deficient facilities handled promptly
Complaints about tenants from neighbors (unsupervised children, noise etc.) handled swiftly and tactfully
Evictions and related paperwork done when required
Cash flow statement of income and expenditure prepared
Short term and long term budgets prepared and submitted
General reports at periodic intervals
Some managers might even make the mortgage payments
Micromanaging is normally Counter-Productive
When you hire a property manager you can ask him to use a superb and professional electrician or plumber whom you can recommend but you cannot insist on that. The same applies to the lease and the screening process. Most well-established property management companies will have their own established service providers, tradesmen, and standardized processes in place which they would prefer to use.
One thing you cannot ask of a property management company, and which no management company will agree to, is to assume your liability. As the landlord you are finally responsible for your property and whatever happens on it. Most property management companies will decline to manage a rental property which is not insured properly. The company might insist on a contract which releases it from responsibility for almost everything short of deliberate misconduct. The company might even ask the property owner to add the company on the liability coverage he buys.
A Company that has Earned its Stripes
Talley Properties is arguably the oldest property management company which manages rental properties in the Charlotte region of NC. It has been providing exceptional property management services for over three decades which has enabled it to now cover a wider geographic area. Talley Properties’ specialty is high end to mid-range rental properties both commercial and residential. It is flexible in its approach to the kind of services it provides but will not compromise on standards. For more details about the company and the quality of properties it manages, click on <http://talleyproperties.com/>.