If you have just purchased a home that you intend on renting out while you live in another state, hiring someone to manage the property is almost mandatory, as you will be unable to make repairs when needed. There are several reasons why hiring a property manager will ensure you get the best return on your investment. Here are some points to consider when looking for a service to manage your rental.
Screening And Scanning
Before hiring a property management company, find out what stipulations they use to screen prospective tenants. You will want to make sure your property is rented by someone who has a steady income, who is not doing anything illegal, and who will take care of the home. If a property management company doesn't offer this service, you will be responsible for doing the screening, which is a bit tough to do remotely. It is best to hire a management service that does this themselves.
Make sure the property management service you hire checks on the home regularly to make sure the tenants are adhering to rules. They should make impromptu visits and do sporadic drive-bys to make sure nothing looks suspicious or out of place.
Repairing Without Delay
One of the best ways to ensure your property stays rented is to have any problems handled promptly. Your property manager should make sure broken appliances, plumbing, electrical, construction issues, landscaping such as mowing or plowing, and pest control problems are handled quickly so tenants do not suffer while waiting for them to be fixed.
Make sure the property management service you select has 24/7 service with a phone number that is answered by a live person and not a recording. This makes a huge difference in the service you are providing to your tenants, and you will enjoy having your unit rented out continuously because of this.
Keeping You Informed
A great property manager will make sure you are informed of any trouble with your rental as soon as it is discovered. They should ask you how you would like to proceed instead of making decisions on their own without your consent.
Find out if a professional service, like MGR Property Management Inc, will call you periodically with updates even if there are no apparent problems. Touching base like this helps both you and the property service stay on top of issues, as you may think of something you want handled differently when the call is progress. Your property management service should look after legal aspects and keep you protected with the tenant/landlord legislation to make sure you are following the law so you are not liable for unforeseen circumstances.Share
17 August 2015
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.