Owning rental property can be a very beneficial investment. It can also be a very stressful one, especially when dealing with tenants of multi -residential properties. When considering becoming a landlord, you want to think about all of the things that will now become your responsibility.
Being educated on the laws of owning and managing a building is key, otherwise you can find yourself in a big mess. You will have to know about the eviction process, rent collection and anything that is pertained to managing a building.
As a landlord, it is your job to fill any and all vacancies in the building. Posting ads, holding open houses in the units, and showing them to prospective tenants are just a few of the things you need to do. Filling the vacancies is very important, because that is what will pay your mortgage and make you money in the long run. Having vacant units will cause you to lose money if you don’t fill them right away.
Dealing with tenant issues is also a big part of owning a building. If you are a landlord who has several properties, this can be a very stressful aspect. You will have to act like the middle man, and even in some cases the repair man for the units. You will deal with a lot of tenant complaints, and issues. It is very rare you will get a pleasant phone call from a tenant.
These are just a few of the many things you have to take on as an apartment owner. In this case, it is a good idea to hire a property management company to help you in running a successful building. Property management companies will come in and advertise said vacancies, usually finding tenants much faster than you the individual would. They have leasing agents seek out prospective tenants, as well as price the rents according to market value, in turn making you the most profit possible. Once a prospect comes in and applies for the unit, the agent will do a thorough background/credit check before signing a lease. This insures that you will have a pleasant experience with your new tenant, as well as to make sure they can make the rent on time.
The company you chose to manage your building(s), will handle all tenant complaints and any repairs that are requested for units or just the building in general. If necessary, they will hire on-site managers to assure that the property is being run accordingly at all times, even after business hours. They will collect rent every month, and issue 3 day notices to those tenants that don’t pay rent on time. They will also proceed with the eviction process as necessary.
The company’s main focus is to make sure that all money is collected and distributed correctly. They will send you owner statements each month, letting you know exactly where money is coming in and going out. It will give you a breakdown of any money you made for that month, as well as what was put into the property for necessary work or repairs. It will also let you know where each individual tenant stands for that month.
Property management Companies are a very good friend to have when you are a landlord. You can hire one today for pretty cheap, and alleviate the stress that comes along with owning property.
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