Not many people consider the risks involved with owning and renting out a property. As a landlord, you take on the responsibility of both the property and the tenants using it. You can't afford to mess up or make any mistakes with how you approach either of them.
When in doubt, you should always make use of property manager services. Landlords utilize property managers for anything from owner disbursements to property maintenance.
Here are some of the many property management advantages you can make use of.
Manage Owner Disbursements
One of the main reasons why landlords hire property managers is so that they can handle the financial side of things. That means collecting rent, hiring maintenance workers, and creating financial reports.
Part of that role is managing owner disbursements, which are the funds or profits a property owner has earned. You don't have to worry about making any mistakes with your money and finding yourself in a deficit. It also makes budgeting much easier, just in case you want to invest in more properties in the future.
Marketing and Advertising
Property management tasks often include marketing and advertising for property owners. Without good marketing, it can be difficult to fill vacancies.
Some ways your manager may do this include offering move-in specials or listing your property on a popular website.
Tenant Screening
Outsourcing your tenant screening is a good idea when you have a lot of different properties to handle. It helps to save time, heightens the accuracy of your reports, and can even keep you legally compliant.
The key is to stay in communication with your property manager regarding each tenant and their background. You can make the process as hands-on or hands-off as you'd like so you end up with the best tenants possible.
Property Maintenance
Property maintenance is an area that both landlords and tenants get confused about.
Typical landlord responsibilities include pest removal, dealing with utilities, and addressing any structural concerns. How a property manager helps with this is through the use of their professional network. It also frees up the landlord's time to pursue other investments.
Legal Compliance
Arguably one of the most important benefits of property management is how they ensure compliance with legal and regulatory requirements. Most landlords won't know much about either of those areas, and they'll need help with it.
Instead of hiring a lawyer, a property management company will include legal compliance with their many other services. That also means knowing both landlord's and renters rights.
Hire Property Management Today
Managing owner disbursements and property maintenance are only some of the things you can expect from your property management company. In a lot of ways, they operate as your partner. You'll both need good communication to make sure that your investment brings in profit rather than drains resources.
PMI Navigate offers property management services for the San Antonio area. We're part of a fast-growing franchise that has nearly 20 years of experience.
Reach out today to set up your first consultation and to learn more.
