Owning a rental property can be a great source of additional income. However, it comes with the added responsibilities of property management, including upkeep, repairs, and marketing, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold.
Here are a few ways a property management company will keep you stress-free and confident about your investment.
1) Tenant Screening
One of the most helpful things a property manager will do is handle tenant screening. Experienced property managers have seen hundreds of applications, so their trained eyes are more likely to notice potential red flags when reviewing applicants’ paperwork. They’re quickly able to spot good tenant qualities, such as paying rent on time, taking care of the property, and more. Letting them manage the tenant screening process can improve your chances of landing a reliable renter.
2) Ensure Rent is Paid on Time
Consistent rent collection is key to receiving rent payments on time and using a property management company will help enforce lease policies if payments aren’t received. If tenants are consistently failing to pay their rent on time, the property manager will know how to deal with the situation, including issuing an eviction notice if necessary.
3) Manage Tenants
In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle routine and emergency maintenance, take care of routine inspections, and manage any conflict resolution situations.
4) Avoid Legal Problems
Veteran landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential lawsuit. They will also typically cover any lawyer fees associated with evictions or property damage issues.
5) Manage Vendor Relations
Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that are difficult for an independent landlord to connect with on their own. Not only will your property manager get you the best work for the best price, but they will also oversee any necessary maintenance projects.
At Sunshine Premium Properties, we understand how stressful it can be to manage your property on your own. That is why we offer property management services to the Kissimmee, Reunion, Celebration and Central Florida areas. Our long-term property management service is a worry-free experience for investors and homeowners. We eliminate the hassle of dealing with tenants, day-to-day operations and provide peace of mind by working with only licensed and insured contractors.
Give us a call at (407)414-7581 to learn more about property management and our other services!