How many properties do you think you could handle on your own? While rental properties are a great investment choice, they do come with their own set of risks and struggles. In particular, renting out to others is a particularly hands-on job of its own.
One of your best options for dealing with multiple properties is with property management companies. They're useful for tasks such as lease enforcement, rent collection, and all the other daily tasks that a property may require.
Here's why you should look into the different types of management services available in your area.
Find New Tenants
A struggle that every landlord has to deal with is finding reliable tenants for their rental properties. It's easy enough to find someone who is interested, but it's a different story if you want someone who you can trust to pay rent on time every month.
Tenant placement services are great at not only finding new tenants but also running all the necessary background checks.
Once you have tenants, you'll need to keep tabs on them to make sure that they don't violate their lease. However, this becomes difficult as you grow your portfolio. On top of that, you need to be careful of how you address issues so you don't break the law or your rental agreement.
Your property managers know the rights of both you and your tenants. They also have the manpower and dedication to manage your properties on your behalf.
Another issue you may encounter is rent collection. While there are online services to help automate the process, you'll still need to go through them to verify payments and follow up with renters.
Outsourcing these duties frees up your time and allows for more accurate accounting.
It can prove difficult to arrange for property maintenance if you live in another city or if there are too many properties. Let your property management company call in repairs and monitor your investment. They may also have access to deals you'd otherwise miss.
Grow Your Portfolio
If you're just getting started with rental properties, outsourcing your property management can allow you to grow your portfolio. How much time you have to make new investments and monitor your current ones is a big limiting factor.
Once you hire a management company, you can then use that extra time to shop around, work your day job, or even go on vacation.
Don't Shy Away From Outsourcing
Outsourcing your property management needs is a great way to cut down your own work time so you can spend it elsewhere. Maybe you want to expand your reach and find new investment properties. Alternatively, you might just want some help with tasks like lease enforcement and maintenance.
Round Table Property Management can handle all our property-related needs. We can help landlords find new tenants and renters find homes in the Jacksonville, Florida area.
Contact us if you're interested in hearing more or to schedule a free consultation with one of our experts.