There are approximately 10 to 11 million individual investor landlords in the United States. These landlords manage an average of 2 properties each. Being a landlord comes with a host of benefits including an additional revenue stream, though it can also be a challenging job.
For many landlords, the best decision they can make is to partner with a property management company to help oversee the smooth running of their investment. In this blog post, we will highlight 4 key benefits of a property management company. These include organizing tenant screening, overseeing maintenance of the property, effective rent collection, and more
1. Screen Tenants
One of the biggest challenges that landlords face is finding a suitable tenant for their rental property. Choosing the wrong tenant can lead to a host of problems and headaches for a landlord, such as having to evict (more on that below).
A property management company helps landlords secure high-quality, reliable tenants who pass a thorough screening process. This process typically includes checks on the following:
- Rental history
- Employment history
- Criminal record
- Proof of income
Applicants who pass a tenant screening process are more likely to pay their rent promptly, stay for an extended period of time, and not give any trouble.
2. Maintenance and Repairs
It serves both the landlord (who owns the property) and the tenant (who resides there) that a property is properly maintained and any necessary repair work is carried out swiftly.
Experienced property management companies will have contacts in the local area who are able to oversee the quick repair of issues when they arise. They also serve as a point of contact for tenants who may wish to raise issues within the property.
3. Effective Rent Collection
Though one of the most crucial parts of being a landlord, rent collection can often be a challenge. Many tenants are slow to pay their monthly rent and are difficult to track down.
Partnering with a property management company is the most effective way to oversee rent collection at a property. Not only will they oversee prompt rent collection, but they will also levy and collect late payment penalties as necessary.
4. Manage Legal Issues
From time to time, a landlord may have to go through the eviction process. For landlords who aren't experienced in this, evictions can be challenging. A property manager, however, is well-versed in the legalities of the process and how to protect the landlord.
Having an experienced property management company in your corner will help to protect your investment and portfolio from legal issues if and when an eviction process arises.
Benefits of Partnering With a Property Management Company
If you are a landlord, it is highly recommended that you partner with a property management company to ensure the success of your investor. The above information highlights how a property management company can streamline the rental process and ensure you are compliant as a landlord.
In Albuquerque, your premier choice is HomeRiver Group. Contact our expert team today to learn more and discover the benefits of working with a property management company.