Using real estate as a source of income is an excellent idea and has proven to be a very clear path to long term wealth. While some investors in real estate choose to manage their property directly, many also choose to work with a property management company to oversee their properties.
Depending on where you are in your real estate investment journey, you may be asking yourself “Should hire a property management company?” To determine what steps you should take, review the checklist below.
Am I Ready For A Property Management Company Checklist
Do you live near your property?
How many rental properties/units do you own?
How do you manage stress/handle people?
Do you have reliable access to repairmen and maintenance vendors?
Is managing your tenants a good use of your time/effort?
Are you good at record keeping?
If you go through this list and determine that you do need someone else to handle the responsibilities of managing your properties, then knowing that to look for is a major key to success.
What Should I Look For In My Property Management Company?
You will want to work with a property manager that is experienced, reputable and organized. This article on Landlordology.com provides a list of 20 questions you should ask prospective property management companies.
Be sure that the company you hire is experienced in managing leases, collecting payments, marketing property, screening applicants and much more. The more organized and experienced your property manager, the better your real estate investment business will work for you.
As a landlord, it is ultimately your job to ensure that your properties are well taken care of so that your tenants are safe and happy, and paying their rent on time!
If you are a property owner for multiple residential locations, you may find yourself dealing with tenant disputes more often than you like. For more information on how to evict your tenants, contact our office at info@theonyxgrouplegal.com. Our experienced team knows how to settle landlord tenant disputes efficiently, allowing our clients to manage their residential properties, and get paid, without disruption.