From rent payments to renters, from unoccupied property to repairs, every landlord will at one time or another face difficulties. These are just a few of the concerns that surround all investment properties. Yes, owning Real Estate is the best method for creating wealth, but it’s not without its headaches. Hassle free property management can be within reach!
Owning rental property comes with a certain level of risk and legal responsibilities. Some issues may be easy enough to fix under the ‘DIY’ category. Still, not all issues are ‘DIY’ jobs. Not often will you find the layman conducting collections evictions or legal proceedings on their own. In these situations, it’s best to seek competent counsel rather than to do it yourself. Having a property management company can help.
Property management is not a one type fits all situation. As with all business endeavors, it’s best to do your homework before engaging with any company. Property management services should be flexible enough to handle the needs of the property and the landlord under a reasonable agreement.
Here are seven things to evaluate before agreeing with a property management company:
- Maintenance; What is their ability to address maintenance issues with reliable, insured, certified contractors?
- Can they provide guidance on the right amount of insurance and protections?
- How do they bring issues to light? Having the right information at the right time is key to reducing owner risk and loss.
- Do they diligently work to keep a property occupied?
- Tenant screening. How do they conduct tenant screening? See our tenant screening tips here).
- Do they understand, and can they assist with Taxes?
- How do they conduct evicting a bad tenant?
Knowledge can help address some of the issues. Seminars, webinars and other educational classes can help broaden your ability to be a landlord. Knowledge, however, has little effect on a broken furnace in an occupied property if the knowledge lacks the ability to repair it. Still, many times, only experience will calm the fears and concerns of a tenant with a broken appliance.
Having a completely hassle-free rental property is rarely the case as a landlord. Ownership requires a certain level of risk and responsibilities; however, it’s more manageable and enjoyable with the right help.
We’re here to help you with hassle free property management! We can make the investment and rental process more pleasant and less expensive. Contact us at Blue Mountain Real Estate & Property Management today. We’d love to tell you more.