A management company for rental properties handles many of the tasks that landlords need to complete, like attracting tenants, showing property, screening rental applicants, collecting rent, maintaining and repairing the asset, handling security deposits, and even performing evictions. Landlords may find that managing their own rental properties is too time-consuming, or they may not be in close proximity to the asset to keep tabs on it, so hiring a manager makes sense.
A manager can also help a landlord maximize the rental property investment, by offering market knowledge and expertise to find and place a tenant. They can also guide the landlord through legal compliance, financial reporting, and other responsibilities that come with being a landlord.
Landlords who choose to use a management company should consider how long the company has been in business, how much their services cost, and whether they charge for any additional or ancillary fees. A company that has been in the industry for a long period of time likely has a lot of experience with dealing with different scenarios, and will know how to handle them efficiently.
Landlords should also check whether the management company they are considering has a contract that details how the service will be provided, what services they offer, and how the agreement can be terminated by either party. They should also read Nolo’s Landlord’s Guide to Managing Property, which provides information on renting property, including screening tenants, handling security deposits, making repairs and maintenance, and more. management company for rental properties