If you are looking at renting out your property then a piece of advice which I would urge you to take on is using a property management company. I had been renting a condo in Corona for around 4 years and was at the point of cashing in, having had a difficult time with a number of tenants. Now when it comes to property management companies Corona properties are seemingly all managed by them, which got me thinking that maybe I’d give it a try before I decided to take the plunge and put the place up for sale.
This proved to be something which I’d been missing out on for so long, and life is so much easier now that they are managing the condo. Here are just some of the benefits which I have enjoyed since outsourcing the management of the property.
Finding New Tenants
There is generally quite a lot of turnover in this area of New York, and that means that we so often have to get back out on the market and find new tenants. This isn’t so much a problem as it is a pain, and it really does take up a lot of time. Once you have a proper management company on board however they will take the reins on this, and trust me they are better than you or I. These guys know just where to look and they will quickly fill the property in order to keep the money coming in.
I have had absolutely zero issues around tenants paying rent or looking after the property since the management team have been in place. In reality they carry more clout than I do, and I guess people are less likely to screw over a legitimate company than just some man or woman they are renting from.
Knowing The Rules
One aspect of being a landlord which always worried me was getting caught out on some legality. I did my best to learn the laws, but they are heavily detailed. This is now something which I really don’t have to worry about because the guys at the property management company understand exactly what is expected of them from a legal standpoint.
Peace of Mind
I’ll be totally honest, some days I forget all about the property, because things just sail on smoothly. Each month I get the rent deposited and other than that I don’t hear a thing, unless something has gone drastically wrong. The peace of mind which this kind of service can give you is worth their fees alone.
In reality the cost of using this kind of company really isn’t that high, additionally they are able to reduce problems and fill the property quickly, which actually helps you to generate money on a continuous basis. If you are renting out a property then I really would suggest that you don’t make the same mistake I did, and invest in the services of a property management company.