Posted on: 8 June 2016Share
Owning a rental property can serve as a great source of recurring income. When you own a rental property, there are quite a few mundane aspects that must be taken care of in order for your home to be as rentable as it can possibly be. If you have a hectic life that limits your free time or live far away from the property, consider hiring a property manager to manage the property for you. The guide below walks you through a few of the ways that a property manager could help you properly manage your rental property.
Stay Up to Date on All HOA Policies
If your home is located in a neighborhood that has an HOA, the property manager can keep up to date with the policies of the HOA and make any adjustments to the home that need to be made to keep it in compliance with the rules and regulations of the HOA. If the home is not in compliance with the rules and regulations of the HOA, you could be forced to pay fines and penalties for the violations.
Market Your Rental Property
When you hire a property manager to manage your property, they typically receive a small percentage of the rental income that comes in each month as compensation for their services. The manager will handle the marketing of the rental property for you so that you can rest assured that there is always a tenant in the home. It will be more lucrative for the manager to have a tenant in the property because they may receive less money for their services during months when the home is not occupied. It is important to include specific information regarding compensation for their services in the contract that you sign when agreeing to hire them to manage your home.
Stay Current with Local Rental Rates
When a neighborhood because increasingly desirable to tenants, the rental rates can often be increased because the demand will be so high. If you do not live near your rental property, you may not know when the neighborhood becomes more popular or know when to increase your rates. The manager will be able to keep up with the rental rates in the area so that you can charge a comparable rate for your rental property.
Many property managers will take the time to make sure that your home is being properly maintained by the tenants living in it, as well. You will need to keep an open line of communication with the property manager to ensure that they are able to let you know if any issues arise in the home so that they can be addressed as soon as possible. Contact a company like Management Services for more information.