Having rental properties can be quite a boon and an excellent source of passive income. You get to take advantage of rental and property value growth income along with sweat equity, says The Simple Dollar. However, they can come with a lot of work as well.
It’s not realistic to expect a management company to take on all the work that’s necessary, but an excellent one can certainly ease the workload.
Tenant Troubles
Face it: you’re going to have difficult tenants. One of yours might turn out to be less than reliable with payments or a bit too loud with the music. Some might keep a couple of cats when the contract expressly forbids any pets in the building. If you’ve got more than one property, you could get a steady stream of tenant issues. A good property management company can take care of that for you.
Paperwork
There is a ton of paperwork involved in renting out properties. The more properties you have, the higher the pile gets. While you should always stay on top of details like taxes and insurance payments along with mortgage bills, having someone else handle all the other paperwork can be worth the cost, especially if that means you won’t have to spend too many hours a day on the paperwork.
Payment Collection
One property is easy enough to handle. You can set up a system and enjoy a hassle-free system payment process with your tenant. You can even swing by the place yourself, if you’re near enough to the property. But what if you had geographically-dispersed properties, have a daily schedule packed to the gills, and have an entire building of tenants to deal with? A property management company can handle this for you.
If you want less stress, getting professional help can be well worth every penny you pay.
