Many people have invested in rental
property. Sometimes it is a residence
where the owner formerly lived and renting it now for the extra income. Other times it was a specific purchase. Rental property can be commercial or
residential. However, over time the
actual management of the property can become cumbersome and you will need to
find a rental property management company.
When that happens, it is important to
select a company that you can rely upon, a company that is dedicated to the
management, not just a sideline. You
should also ask about the range of their service, whether it is just collecting
and processing rents and repairs, or if they also handle preventive
maintenance. Also, do they specialize in
one type, like a strip mall, or do they have experience with a range of types
of properties. Just like making a major
purchase, it is important to do your homework and make the best decision for
your needs.
Some of the things you should investigate
are:
Rents – They should be able to provide some
statistics about the rental rates in the area of your property, along with the
average length of time property remains vacant between reletting. How often do they recommend reviewing the
rent structure and what are the bases for recommending increases.
Maintenance – Will you need to use the
company’s repair team or can you use your own contractors? Who will conduct inspections and how
frequently? How much notice do they give
the tenants for maintenance work? How
rapidly can they respond to an emergency?
Basics – If you are new to renting
property, they should be able to advise on whether to let the space furnished
or unfurnished, allow pets, terms of the lease, utilities, amount of security
deposit, and whether to have tribunal meetings.
As you can tell, there are a number of
factors to consider when arranging to work with a rental property management
company. If you have questions or
concerns, feel free to contact us for a free consultation.
