Real Estate Management
Real estate management companies take the headaches out of rental home ownership. While generating passive income with real estate is a dream many people share, the reality is that property management and maintenance is a business, one that quickly become a full-time job. Engaging the services of a professional real estate management team can remove the worries and let your income property do what you dreamed it would - effortlessly deliver a check into your mailbox each month.
Finding the Right TenantYou've bought an income property and taken care of any required repairs or cosmetic upgrades. The home is move-in ready. The next step is finding a reliable, credit-worthy tenant, something that is easier said than done. Post a sign on the lawn, advertise in the local paper and get ready for the phone to ring. Fielding calls, printing and distributing applications, interviewing prospective tenants and running credit checks: All of these things are time consuming and costly. A real estate management team can handle these tasks for you, and because they often have professional relationships with local service providers and credit bureaus, they can do it less expensively, more efficiently and in less time. A real estate manager will advertise, screen applicants and make recommendations based on an unbiased, unemotional review. By trusting a property management company to keep your best interests in mind, you can rest assured that your new tenants have been thoroughly vetted before they move in.
Rent CollectionIf the thought of ringing a doorbell in pursuit of a past-due rent check makes you cringe, a real estate management company can help. Once the rental agreement has been signed, your property management professional will assume responsibility for timely, accurate rental payments. Many can accept payments via debit or credit card, money order, cash or personal check. Once the rent is received, deductions for any maintenance are made and the money is forwarded to you. If the payment is late, notices sent through the mail. If the debt continues delinquent, your rental management company will consult with you to determine a plan of action and take steps to proceed with collection if necessary. Many first-time investors find themselves emotionally involved with tenants. Although this practice can be rewarding, it can also be detrimental to your business and your income. Allowing a third-party intermediary to handle financial matters makes the relationship between owner and tenant a professional one.
Maintenance and SecurityThe small catastrophes of daily life can make managing your rental property a chore. Since accidents are by nature unexpected, chances are something will happen at the most inconvenient time. Your property management company has industry contacts with electricians, plumbers, HVAC technicians and painters to handle any unexpected repairs.
They can contract with a landscaping service to ensure that your property always looks its best. Your agreement will specify a dollar amount for repair work that can be completed without your consent, so you won't have to worry about receiving a large deduction without being consulted. In the event of an emergency, if you are unavailable or out of town, your rental management company will resolve the issue to prevent small problems from becoming large ones. Most rental management companies also make the continuing safety of your property a priority. Inspections are conducted before move-in and at intervals thereafter to guarantee that your valued investment is being treated with the respect it deserves.
Many people dream of passive income generated through investment property. Utilizing the services of a real estate management company can make the process both profitable and painless.