When you buy your first rental property, it’s time for a little celebration. There was no small amount of trepidation involved, at times you questioned your decision to buy wondering if it was indeed the right thing to do. But now that you’ve closed your deal and taken full possession of the property, you realized that you in fact did do the right thing.

Property Management

You bought the home at the right price, your rate on the mortgage is low and the unit really cash flows. In fact, you’re convinced you’re ready to buy your next property and take advantage of the current market. But owning multiple properties brings a new set of responsibilities; do you have the time to handle them all?

It’s time to call a professional property manager. For a fee, a property manager will manage the day to day activities that rental properties require, allowing you to spend more time doing what you enjoy doing and less time fixing leaky faucets. What can you expect from a property manager?

One of the most important responsibilities of a property manager is finding and keeping quality tenants. Sometimes bad tenants will seek out rental property that is managed by the individual owner, thinking there will be less scrutiny. A property manager will review the rental application, check credit and background checks along with making sure the tenants have the ability to make the rent payments each month.

Property managers also take care of all maintenance issues as they arise. Delaying a service call to your property can make an existing problem worse in addition to not taking good care of your tenants. Good tenants can be hard to find and when you find them, hold onto them.

As a lease comes up for renewal, the property manager will handle the new lease and if the current tenants decide not to renew, the property will be marketed and shown to potential new renters.

Property managers can provide you with all the necessary financials regarding the property come tax time. All income and expenses will be tracked and documented, ready for you to forward to your accountant. Again, property managers do charge for their services, but the rewards far outweigh the expense.