As a rental property owner and real estate investor, the time that you spend on your investments should be put to the best use so you can maximize your investment potential with new acquisitions and return analysis. You likely don't want to spend time managing your rentals, especially since you specialize in investments and not property management. However, a property management company specializes in just that and can help you utilize your time and their efforts so you can go about your profession. The following provides you with recommendations to find and hire the best property management services for your rental property.
Look at Tenant Screening
Tenant screening is one of the more important tasks that you will need to complete with your rental properties. The reason for this is that if you get a bad tenant in your property because the screening wasn't done properly and you end up renting to a tenant with poor payment activity, you run the risk of costing your rental thousands of dollars in losses. The lost rent of a non-paying tenant, along with any damage that occurs in the property while they are living there, and the cost to legally evict them can set you back monetarily. You will need to cover the property's debt payments and other maintenance expenses, and if it is not coming from the rental income, you will need to cover it out of your own pocket. For this reason, look for a property management company that offers excellent tenant screening as a well-established process. They may provide an online application process or face-to-face service at the property when an interested applicant requests to apply. The screening process needs to follow legal rental guidelines so they don't discriminate, but it should look at the credit, background, and rental history of each applicant.
Consider Maintenance Tasks
Next to tenant screening, maintaining your property is important for your investment rental. Tenants that live on the property are going to put wear and tear into the property, which can be maintained through regular maintenance care and updates to the unit. Look for a property manager that provides a quick turnaround on maintenance requests and that can handle after-hours emergencies. They should take care of servicing the HVAC and replacing the furnace filters each season to keep up with airflow in the HVAC system. It is also important that they handle pest control management and assist with a pest control professional service to tackle the more difficult pest issues.
For more information, contact a local property management company.