Being a landlord is not as simple as sitting back and collecting the rent. Stress is a growing issue among landlords. Although it can be a great investment, there are stresses that come with the job.
Keeping your business property as fit as a fiddle can take tons of work. Can you oversee renting, take care of the accounts, do repairs, guarantee you are consenting to all municipal, provincial and federal regulations, keep it clean and ensure tenant satisfaction?
Property management is all of that—and more!
If you are contemplating about whether or not to hire a property management company, ask yourself these questions:
How far do you live from your rental property and how frequently can you visit the property on a regular basis?
If you live quite a distance from your rental properties and you have a full-time job, you may want someone to be able to assist your tenants at all times. A Property Management company can be invaluable in dealing with the many spontaneous issues that you may not be able to handle from a distance. Some tenant concerns can wait, but others may call for more urgency.
How good are you at handling stress?
There’s no doubt that property management is a tough and stressful job. Late rents, dealing with the evictions, deposit disputes, property damage and bad tenants are the most common and biggest stress that landlords have to deal with each day. A good property management company will have rent collection process to ensure monthly payments continue to come your way. They can do credit, income and criminal background checks to ensure you have the best tenants possible.
Do you own multiple properties?
As the quantity of units you possess expands, so do your obligations. The more tenants you have, the more issues, complaints, and vacancies you should manage. If you have a property management company hired for your portfolio properties, you can spend more time relaxing and not having to worry about any issues that may arise in your tenant’s home. Your property manager will be on hand to take care of the problem and restore order to your property.
Are you capable of handling the accounting and record keeping for your property?
Sometimes, it’s hard to set aside time for managing bookkeeping. But it is a necessary part of property management for keeping up with your financial records, catching issues and seeing growth opportunities. A professional property manager will be able to provide simple and easy to read monthly accounting statements and all necessary year end statements needed to file your taxes, maintain accurate records on all your tenant related charges and receipts.
How much experience do you have with maintenance and repairs?
In the event that you can’t do the maintenance and repairs, who are you going to call? Finding dependable contractors can take a while and there’s a chance you may unknowingly enlist individuals that are unscrupulous, uninsured, do low quality work, over charge and so forth. Upkeep and repairs are some of the noteworthy aspects of land lording and if you have doubts about your ability to ensure that the work is done well and in a timely manner, you should need to consider contracting a property management company.
Once you have invested in a rental property, the responsibility of maintaining and running the property can quickly become overwhelming. This is where we come in. If you currently own rental properties in Bakersfield, Synergy Property Management can help with every aspect of your apartment investment from acquiring the property to managing and maintaining it.
We offer a wide range of real estate and property management services in Bakersfield, CA. Contact us today!