When you own an apartment building, you have a lot of responsibilities. Tasks of a landlord include marketing, maintenance, collections and customer service. An experienced property owner that is great at multitasking may be able to successfully handle all of the duties of Rental Management on their own. However, most apartment building owner don’t fall into that category.
If you inherited an apartment building or purchased a building with the intent to manage it yourself but found you just don’t have time to do everything, there are other options available that will allow you to retain ownership of the building and make a profit on your investment. By hiring a professional property manager to handle the daily tasks of operating your building.
Your professional management team can take care of getting your units move-in ready, including painting the walls, cleaning the carpets and replacing anything that is not reparable before a new tenant moves into your building. The managers will advertise your property and pre-screen tenants to ensure they have sufficient income to pay the rent and a stable credit history before they sign a lease with you.
Another benefit of hiring a professional manager, such as Website Domain, for your apartment building is the assistance you will get in drafting a lease and setting rental rates for your units. If you have never managed a rental unit, you may become overwhelmed and turn to an expensive real estate lawyer for advice. By working with a property management group, you’ll get the benefit of their industry experience so your lease will protect your interests and your rental rates will bring in income for you.
After your building is full, the Rental Management company may collect the rent on your behalf. They can maintain an account for you and use the money to pay for maintenance, landscaping and other expenses. Most property managers allow their clients to customize their services. If you want to be more of a hands-on landlord, just let your management team know what you need them to do and they can set up a package of services to meet your individual needs.