Property Management | Nearly 60% of investors believe that adding single-family rentals to their portfolios would be worth the risk. Half of those investors are in no way interested in conducting the day to day business of property manager, however. Investors who buy and flip houses can hire a property management company to take over all the daily tasks related to renting that property out and running the rental business for the investor.
Often, when people think of the word property management, they think of large, multi-family apartment complexes with a leasing office and maintenance on site. Multi-family property management is a large segment of the market, but there are many investors who like to purchase homes and rent them out to just one family. These types of residences are called single-family homes.
Single-family homes are likely to be managed by a landlord or property manager. A landlord is a person who owns the home and manages the property and rental business. A property manager is hired by the owner of the home to manage the rental business in their stead.
Why Hire a Property Management Company?
Being a landlord is great fun for some, but a real headache for others. Landlords must market their rental homes, show the property to prospective renters, screen tenants, handle the leasing paperwork, and that’s just some of what a landlord must do beforethe home is occupied.
After renters move in, landlords must be available to handle maintenance requests, general questions, complaints, rent payments, evictions, lease renewals, and any problems that may come up when tenants are living in the home.
When tenants move out, a landlord must do an inspection, determine if the deposit is owed back, turn the property so that it looks brand new again including fixing anything broken, replacing carpets, repainting, and a deep cleaning. A landlords first time cleaning out a rental is one he will never forget!
When you hire property management you are hiring a professional company that will handle all these business tasks for you while you sit back and collects the profits!