Real Estate Tips From a New Homeowner

If you're moving away from your rental unit, you'll need someone nearby to take care of your property. Though you could hire a family member or a friend, there are reasons why a property management company is often the best fit.

1. Response Time

A property management company is able to respond 24/7 to emergencies. There isn't going to be a time when they aren't answering the phone or when they aren't available. This is important when, say, your tenants have noticed that the apartment is flooding and they need help. Good response time means lower risks regarding emergencies.

2. Legal Knowledge

Property management companies know the Landlord and Tenant Laws within your state. They aren't going to accidentally cross those laws. When someone is acting as your agent, they can become your liability. If you have someone unprepared take your shoes, they could make a legal mistake in your name.

3. Renting and Evicting

Though you might have tenants when you leave, there's no guarantee they will stay. What happens when you need to find new tenants? Property management companies are skilled in this; they know how to get the best tenants and how to get them in quickly. They have comprehensive background checks and application processes. If all else fails, they can also evict quickly if necessary.

4. Collecting on Rent

Many people find it very difficult to collect on late rent. A property management company can automate the entire process so that rent can be automatically deducted from their account and placed into yours. This alleviates much of the hassle of back-and-forth calling and mailing letters.

When renters are late, a property management company is equipped to take legal action and take the appropriate steps that are needed to collect your funds. This is something that a non-professional may not know how to do legally.

5. Low Fees

You may be surprised to discover how affordable property management services are. Many property managers don't take a fee at all when you aren't making money; if your lot is vacant, they aren't charging. If you hire someone separately, it's more likely that you're going to have to pay their fees throughout.

A property management company will have the legal authority to act as your agent and will simplify the process of managing your real estate. You can get a quote from a property management company before moving forward.