Let’s face it, when you own a portfolio of rental properties, it can be easy to get overwhelmed by your to do list from time to time. Things go smoothly for awhile, but occasionally it seems like it’s one problem tenant or property after another, when all you want is to sit down and take a break.
If you’re struggling with the stress of managing multiple rental properties, but don’t want to liquidate your portfolio, it may be time to consider outsourcing some of the tasks on your list to a property management company. There are numerous benefits to doing so, including the following:
No Personal Calls
The company will handle contact with the tenant. This means that if something is broken, the tenant needs to be contacted, or that problem tenant has another, well, problem, the company that you’ve hired will handle the issue, and your phone doesn’t ring unless it’s an absolute emergency.
Property management firms will handle the rent collection process from beginning to end. This means no chasing checks for you every month. Instead, you can sit back and let the property that you own make money for you, while you go about your business.
Evictions and Fees Handled Professionally
Occasionally, it becomes necessary to charge a late fee. Or even to evict a problem tenant. If this becomes the case, the property management firm can often handle this paperwork in your name as well. You may need to show up for the final steps of the process, but a large part of it can be handled without you ever needing to become personally involved. The company handles the phone calls, paperwork, and stress so that you don’t have to deal with it.
An unfortunate fact of owning multiple properties, or even one rental property, is that things break from time to time. Ongoing maintenance such as extermination or pest control, lawn care, and leaf and debris removal also need to be handled. Many property management firms outsource these tasks in bulk to local contractors, so that they’re handled quickly and efficiently without you having to worry about the details. This means that you can be relaxing with your family during the next big storm, instead of worrying about how you’re going to clear fallen branches from the driveways and sidewalks of each of your rental properties in order to comply with city codes.
While there are many benefits to owning rental property, such as ongoing passive income, it’s not all that passive if you’re constantly putting your sweat equity into a property. If you find that the process of renting is more work than you’d originally hoped, it may be time to consider working with an East Hill property management company. These agencies handle much of the day to day work so that you don’t have to.
If it’s time to select a management firm to assist you with your rentals, consider contacting Main Street Properties Property Management today. Our friendly professionals are happy to provide you with the services that you need.