In the US, 15% of American households (6 million) are behind on rent this fall. As a landlord, you've got bills to pay too, so you need your tenants to pay on time. Otherwise, your own quality of life can suffer.
You might be used to doing everything yourself, but it can be stressful. So why not turn to a property management company? They offer a wide variety of services that can alleviate your burden.
But the most important question is this: do they collect rent? Read on to find out.
Yes, They Can Collect Rent
For a small monthly price, you can have a property management company collect rent from your tenants.
If you have several properties and numerous tenants, this can be a huge relief. You won't have to deal with multiple locations or websites to collect your money.
It can help you avoid tense situations too. Some tenants will come up with heartwrenching excuses that can make it awkward to pressure them for rent, or others will become aggressive when you come around. You won't have to chase up late payments either.
But property management companies can do many other things in addition to rent collection. Below are a few highlights.
Find New Tenants
It can be difficult to find new tenants after your old ones leave. But you won't have to worry about that with property management services.
A good company will guarantee that they can find a qualified tenant in 30 days or less. Not only that, but they'll also guarantee that the tenant will stay for 12 months. Otherwise, they'll find a replacement tenant for free.
The eviction process is a long and tedious one. Do you really have the time and energy to handle it yourself?
If they're not successful in collecting rent from your tenants, a property management company will then start the eviction process so you don't have to.
Maintain Your Properties
You might enjoy DIY work, but it can be overwhelming maintaining your properties on your own. Even if you have trusted professionals, you're still left coordinating the maintenance schedules.
A property management company will have reliable vendors they can send out to fix and maintain your units. And if things aren't correctly fixed the first time, they'll go back to rectify the situation, without charging you extra.
Collect on Pet Damages
If you allow pets on your properties, then you might be nervous about potential damages. Even if you take pet deposits, it might not be enough to fix serious issues.
A property management company will have a guarantee for pet damage, such as $2,000 above the security deposit. Not only that, but they'll collect on it too.
Work With a Property Management Company Today
As you can see, a property management company can collect rent for landlords, plus so much more.
When you consider the whole package, it'll be worth every penny to have someone else manage your property. That way, you can truly have passive income that takes little effort on your part to collect.
If you'd like help with collecting rent and more, then hire Maxfield Property Management today.