From staying on top of the city, state and federal regulations to answering calls regarding blocked drains and malfunctioning HVAC systems, property management companies protect your investment while ascertaining that your passive income stays passive.
There are numerous ways that property managers can save you money and time. Here are some of the things that property managers can do for you:
Respond to Requests Regarding Maintenance
For most landlords, requests on maintenance are probably the most painful. The promise of passive income becomes less alluring when you are trying to remove a racoon from a tenant’s chimney at 2.am in a humane and safe manner.
No matter how responsible tenants are, appliances break and systems wear out. They’ll feel valued if you promptly respond to their requests and are more likely to take care of the residence if they see that you care as well. The primary cause of tenant turnover is being slow or unresponsive to these requests.
Your property manager will get rid of this hassle by handling tenants’ complaints and requests in a proactive manner.
Enables You To Invest Without Geographic Barriers
Real estate will always call for a local presence when it comes to operations. However, with a reliable property management Pensacola company, you do not have to be an expert in home ownership or live in the region where the property is located.
Working with a property manager ideally gives you the flexibility to expand your search and invest in housing markets that offer the returns that you want. If you reside in New York or San Francisco, you may not be able to afford the properties in the area. Or maybe you want to invest in a market outside where you live. Using a property manager allows you to own property in markets that match your goals, without geographic limitations.
Screen tenants & collect Security Deposits
Proper tenant screening significantly reduces your risk of financial loss. That’s why professional property management companies conduct an array of background checks including employment, credit, criminal, rental history and pet information. They ideally ensure that everything is done in compliance with discrimination and fair housing laws.
When you have been consulted on the approval of a recommended applicant, the property management company will collect the security deposit and put in escrow so that that money is never co-mingled.
Collect Rent and Deal With Delinquencies
Your property management company is responsible for collecting rent and ensuring the check clears. Some firms can even help you get the payments faster by allowing the tenants to make payments online and then transferring the money electronically to your bank account.
Property managers handle all tenant-landlord interactions and communicate the expectations up front via clearly outlined policies. The manager is ideally responsible for evictions if such becomes necessary.
As you can see, there is a lot that a reputable property management Pensacola company can help you with. Working with the right company can save you time, money and stress. If you’re on the search for a property management firm in Pensacola, consider Main Street Properties. They can help you enjoy all the benefits mentioned above.