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Purchasing one or multiple properties in order to become a landlord can be a great business venture. However for most people, particularly new investors, real estate management can be a tricky path to navigate without experience or knowledge about the industry. Handing over the day to day management of a rental house or apartment to a property manager will allow them to take over the running of the investment and give you peace of mind knowing it’s in safe hands. So what exactly does a real estate management company do for a landlord, and why do you need one? Tenant Screening It’s an unfortunate fact that not every person who wants to rent a house or apartment is in a position to do so – legally, ethically or financially. A property manager will screen the potential tenant, ensuring the background check doesn’t flag up a criminal background, arrears problems, or any prior damage to properties. They will also check their income, to ensure that the potential tenant has a steady way of paying rent, as well as conduct in person interviews to ensure the person is who they say they are. Rent Collection Anything to do with rental income is managed by the real estate management company. This includes rent collection, and dealing with missed or late payments in the correct legal way. They are up to date on all compliance and legislation, so will have checks and balances in place to ensure your rent keeps rolling in and the investment remains profitable. Set Rental Prices If you’re new to the industry, it can be difficult to know how to set a rental price correctly, according to the location and type of property. Maximizing rental income is achieved by pricing correctly, and a property manager will analyze all aspects and help you make an informed decision. Evictions If a tenant violates the agreement set out in the contract or stops paying rent, it can be daunting to deal with them yourself. The property manager will handle this in an efficient manner, as the process of eviction can be time-consuming and must be dealt with according to the law. Maintenance The maintenance of an investment property can be an overwhelming burden. A professional manager with years of experience working in the industry will know exactly how to keep the place running efficiently. They will conduct regular maintenance inspections, and if an unexpected problem occurs, they will get any repairs sorted as quickly as possible. Maintain Compliance As well as maintaining compliance with and by the tenants, your property manager will ensure you meet your obligations as a landlord, and the property complies with all laws and regulations set out by the appropriate governing body/bodies. Things change all the time, so it’s important to have a professional on your side. Before you think about purchasing a property to rent out, it’s a good idea to enlist the help of a professional real estate management company. They can guide you through the entire process and offer their years of experience and knowledge. It’s a crucial first step in starting your investment journey. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. Providing a holistic real estate management service for both commercial and residential properties, the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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