Being a landlord comes with great responsibilities; from screening tenants to maintaining properties, being one is an all-consuming job. Management of long-distance properties can be particularly taxing.
Engaging a property manager to lighten your load and make being a landlord more pleasurable can make things simpler and stress-free for both landlords and tenants. Here are a few tasks you should delegate to your management company.
1. Rent Collection
Being a landlord can be an excellent way to generate passive income, yet can also be very stressful. If you find yourself constantly chasing late rent checks or dealing with other tasks associated with managing your Novi property, hiring a professional manager may be a wise decision.
Collecting rent is one of the most time-consuming and labor-intensive tasks a landlord must undertake, necessitating consistent record-keeping as well as travel to each property if there are multiple.
Professionals can simplify this task by setting up online rent payment solutions, which allow tenants to easily make their payments and receive receipts via email. Many of these programs also enable landlords to set late fees based on local, state, or city laws and enforce them accordingly.
In some cases, they can even report unpaid rent to credit bureaus – fostering on-time payments while preventing future debts. This approach encourages timely payments while protecting them against debt accumulation.
2. Maintenance Requests
As a landlord, keeping up with maintenance requests can be an endlessly frustrating process. It can be difficult to differentiate between emergencies and routine needs and find time for everything on time. This is one task you will likely be happy to hand off to your property manager.
Emergencies include any situations that pose a significant health or safety risk or can cause significant property damage, such as leaky toilets or an oven that won’t turn on. Such issues must be remedied immediately to avoid health or safety risks or financial consequences.
Moderate and low-priority maintenance tasks should still be addressed promptly as they could pose a nuisance or prevent tenants from enjoying their rental as intended. Failure to address such repairs early could become costlier in terms of both repair time and costs incurred, making an organized maintenance request process key in managing these kinds of issues.
A good property manager will take this task off your hands and make it run seamlessly. They may have an online system or even a text system set up to easily manage any maintenance requests for your property.
3. Marketing Your Properties
Property managers can take the annoying task of marketing your properties off your hands, too. They will know how to bring in new tenants so that you don’t have to. Sure, being a landlord doesn’t seem so bad when your properties are all occupied, but that can change in a hurry.
When you hire a good property management company, you won’t have to worry about anything. They will have systems in place to ensure the best tenants are found through aggressive marketing efforts.
4. Screen Tenants
One of the most important functions a property manager can provide for you is tenant screening. Screening applicants using credit and background checks in accordance with fair housing laws is a service all good property managers will provide.
Along with the four stressful tasks above, your property manager may also handle leases, conduct move-in/move-out inspections, and address tenant issues.
If you want to make being a landlord easier, hiring a good property manager is a great option.