If you are considering firing your current property management company, do not worry. There is a chance they will “fire” you first. Neither side is being properly served when things aren’t working out. Property managers are...
Property Management In Farmington Hills For Home Owners Looking To Rent And Investors Seeking Greater Profits
When you start getting into rental properties in Farmington Hills or anywhere else, the first thing you’re going to need to do is to narrow down an area. It’s a good idea to choose an area to start building a portfolio and to stick with it. For one thing, property managers function best when they are able to stay with the area they know well. If you have properties all over the state, then you will end up either having to place some of your properties with companies too far away for them, or you’ll have to hire multiple Farmington Hills property management companies, which can turn into a headache.
Next, you’re going to want to go to local search engines for that area. You’ll want to educate yourself on what the market rent is for your type of property, as well as on what property management companies are currently handling what sorts of properties. This can prepare you for the next step, which is hiring a property management company.
You may think that renting your property is a matter of setting a price and sitting back to watch the profits roll in, but that’s just not the case. The property has to be marketed. The tenant has to be screened. The lease has to be signed and the keys turned over. Then there’s maintenance issues that must be addressed. If the tenant fails to pay rent or violates the lease in some grossly unacceptable way, there are collection procedures, notices, and eviction processes that must be followed. There’s also the fact that landlord-tenant concerns are legal matters. All of these matters can be time consuming and stressful. They can also be the source of lawsuits for you if you do not handle them correctly.
Avoid The Greatest Pitfalls Most Landlords Make Managing Their Own Property
A good Farmington Hills property management company will also have existing relationships with area vendors who can help with painting, carpet cleaning, and repairs. They may be able to get you better prices than you could get for yourself as a result, because they may also have bulk discounts that they can take advantage of.
This saves you the time and expense of building those relationships yourself, and it also saves you the time and expense of having to answer those maintenance calls and then put in the purchase order to get the vendors out there. Somewhat larger management companies will even have HVAC certified maintenance people on their existing staff, ready to serve your tenants when something goes wrong.
Finally, renters are just more likely to take a Farmington Hills property management company seriously. A company is slightly intimidating and impersonal. It can always hide behind the fact that it doesn’t have the authority to make concessions or exceptions. When you are in contact with your own tenants they will see you as a person, and try to convince you, on a person to person level, that they’ll have the rent if you just, “Wait another week,” or that the dog isn’t really doing that much damage.