Owning rental property can be very financially rewarding, but it also requires a lot of work vetting potential tenants, handling maintenance issues and evicting trouble renters.
Companies that handle rental management Brevard County FL can take on some of the burdens of owning rental property.
Here are six things you can expect your property management company to do for you.
1. Set Rent Rates
By researching the local market, property managers can determine the right rent you should charge. They make sure the rate isn’t priced too high that the property sits vacant and that it’s not too low that you aren’t getting a good return on your investment.
2. Market the Property
The property manager’s primary job is to get your place rented. So they handle all advertising and outreach to attract potential renters.
3. Find Good Tenants
The property manager takes care of all rental applications, credit checks, criminal background checks, employment verifications and references to find quality tenants. They also know the warning signs to look for in potential renters.
4. Collect Rent Payments
Having to chase down rent every month can be a hassle, especially if you have numerous properties. Get a property manager to do it for you. They can serve as the buffer between you and your renters and can handle difficult issues like getting payments on time and handling evictions if necessary.
5. Handle Maintenance and Repairs
If the pipes freeze or another maintenance issue happens, the property manager works with staff and outside vendors to get repairs done without ever bothering you about it.
6. Know the Law
The last thing you want is to be sued by a tenant over a housing law that you should have known about. Property management companies stay up to date with the latest landlord-tenant laws so you don’t end up in court.