For a lot of people, their first major investment is a rental property. However, just because you own a property does not mean that you are equipped, ready, or willing to manage it. By taking advantage of hired tenant services, you will be able to have the peace of mind that your property is looked after without worrying about the day to day operation. This way, you'll be able to just allow the checks to come in, knowing that your management company is taking care of the heavy lifting.
If you'd like to take advantage of this opportunity, read the following guidelines so that you understand the process and how to maximize on it.
#1: Choose A Company Whose Rates Are Fair
The most critical decision that you'll make when choosing a company revolves around the rate that they charge. Most of these companies will charge you a base fee, which is a percentage of the rent that you will charge tenants. In addition to these base fees, the company will charge you accordingly if you require services that are outside of the regular agreed upon services. When choosing a company, make sure that you have consultations with a handful of them in order to find one whose rates work for you. Never feel pressured to sign an agreement that seems unfair to you.
#2: Understand The Eviction Process
One of the major benefits of contracting with a tenant services company is that they will handle the eviction process, which can be filled with messiness. This way, you will not need to show up to court proceedings or even speak to the tenant. However, when dealing with a property management company, make sure that they clearly lay out the legal ramifications and obligations that come with the territory. Each state has different eviction laws and procedures, so you need to make sure that your company can explain the process to you, while also clearly illustrating your role.
#3: Make Sure The Company Is Skilled At Bringing In New Tenants
The bread and butter of a property management company is how well they fill vacancies and find new tenants. This is a major perk of going with a management company, because you won't have to spend any of your precious time, money or energy advertising vacancies. Speak to these companies to see their protocol for screening tenants and also get an understanding for how they get the word out about your current vacancy. Their skill in this regard will make a huge difference in renting out your property.
The hiring of a tenant services company, like Two Rivers Investment, bridges the gap between you and your renters. Take advantage of these tips so that you can get the most bang for your buck when investing in real estate.