A huge key concern of investors getting started in the rental market is the perceived challenges that most surely will accompany becoming a landlord. In today’s non-stop world, people simply do not have the time to commit to becoming the point of contact for questions, complaints and repairs for the tenants leasing their unit, while still maintaining their already full schedule. No person wants to have their family dinner interrupted or get a call in the middle of the night, that a maintenance emergency needs attention ASAP. 

Instead of this hands-on landlord experience, more investors are interested in learning how they can make the most of a rental income, while at the same time, causing as little disruption to their own personal lives as possible. 

No matter how much “hassle” being a landlord may seem, the real estate market is an excellent source of long term financial growth. The essential key to maintaining your peace of mind, and your everyday lifestyle, is to hire a property management company to see to all the details that you would prefer not to be bothered with. 

Even though you are more than capable of managing the rental yourself, the freedom that comes with hiring a property manager will relieve you from the stress of management, while at the same time allowing you to reap the long term financial benefits and enjoy spending your valuable time doing more of the activities that you love.

Turning your investment over to another entity to manage, and relinquishing the day-to-day operations, may not be as easy as you would think. How do you choose a property manager? How do you know the property manager you’ve chosen is a “good one”? Follow these essential tips to make sure you’ve picked a good property manager.

As you can imagine, hiring a property manager that has experience and a proven track record in the property management field is the very first essential key to consider. 

Find out how long the company has been in business and also be sure to ask how long the property manager has held the position. So much of property management knowledge comes from experience in the field. Make sure the property manager has had time to learn the ropes. 

Don’t hesitate asking how the rules are enforced, what the policy is on uncollected rents, and if they will go to court on your behalf should any legal matters arise.

Finding a property management company that will maintain accurate and detailed financials on your behalf is critical come tax time. It is important to know that when April 15th rolls around the documentation will be available and correct for you to report to the IRS.

The art of organization and repetition is a key component to ensuring your success as a business owner in the rental market. 

A good property manager will have processes in place, and strictly enforced, for all of the major components of running the business. Processes that have already been proven through trial and error, and have been streamlined for effectiveness will be in place to make sure that the everyday duties are managed in an efficient manner. 

When repetition plays its part, there will be no question of how - or if - something was done, because the process flow will always be in motion. 

Buying a rental property to bring in additional income and then turning around and paying someone else to manage the property may seem contradictory. But those fees will seem small when you realize how much having someone handling all of the big and little details is really worth and how much it allows you to have peace of mind. 

Find out what management fees you will be charged as a standard and ask about any additional leasing fees, marketing fees, renewal fees or rehab fees. Knowing up front what you should expect will save you the surprise and potential frustration later down the road.

The property management company which you hire will be the face and voice of your rental property. Make sure they are projecting a friendly and approachable image, as you want to make sure people will feel comfortable renting from them.

If possible, it is also a good idea to check on reviews for their responsiveness to tenant communications and concerns. The more your tenant’s feel their issues are listened to and resolved, the happier they will be. And happy tenants often equate to renewed leases.

Choosing a property manager to oversee the daily operations of your rental is a big decision. Look at these essential characteristics of a good property manager to make sure you are going into business with a good one. 

Branson condos are in demand! Contact Thousand Hills Realty today and see how Branson’s premier property management company can enhance your rental property experience. Call Yvonne today at 417-337-8081... We want to earn your business!