Property Management Consider Property Management Options for Your Rental Property by Peter Abualzolof September 24, 2016January 28, 2019 by Peter Abualzolof September 24, 2016January 28, 2019 Building a portfolio of rental properties can be a great way to diversify your investments and make some extra money, but being a landlord certainly has its share of headaches. When you own rental property, you are responsible for all the things that can go wrong, from a leaky toilet in the middle of the night to a broken window. That means you could end up spending a lot of your precious time making repairs and dealing with those common problems. Related: Five Things You May Not Know About Becoming a Landlord If you want the benefits of owning rental property without the hassles, you may want to consider using a property manager to take care of your property and collect the rent. These professionals help to reduce the hassles of being a landlord, by taking on the burden of the day-to-day management of the property. That can be a big help, especially if you plan to build a large portfolio of rental properties. Of course, not all property management companies are the same, and you want to explore your options carefully before signing a contract with any of them. Before you sign up with any property management company, you want to check its reputation among renters and neighborhood residents. Some property management companies are not as responsive to tenant problems as they should be, and that could get you in hot water with your renters, and even with the local and state authorities. It is important to choose a property management company that can respond, as quickly to tenant complaints as you want. It is also important to compare the costs associated with various property management companies. A property management firm typically takes a percentage of the rent roll as their payment, but not all companies charge the same percentage. It is important for you to understand exactly how much you will be spending before you sign up for the services of any property management company. Related: 11 Costs First Time Real Estate Investors Should Consider Once you have selected a property management company, it is important to check up on them and make sure they are holding their end of the bargain. Talk to your tenants and ask them if there are any issues. If you find a rash of complaints about problems the property management company should have taken care of, that should be a big red flag that something is amiss, and that it might be time to see out a more responsible company to take care of your property, your tenants and your real estate investment. Would you rather have a property management company manage your property or go at it alone? Leave a comment, and let’s chat! Are you considering an investment property? Use Mashvisor to discover hidden investment opportunities nationwide. Start Your Investment Property Search! START FREE TRIAL Start Your Investment Property Search! START FREE TRIAL Landlord 0 FacebookTwitterGoogle +PinterestLinkedin Peter Abualzolof Peter is Mashvisor's Co-Founder and CEO. The idea to create a platform which provides readily available real estate data and analytics to investors quickly and efficiently came out of Peter's own experience. Towards the end of the "Great Recession," being confident in his real estate investing skills (real estate is a family hobby for him), Peter started researching multiple markets as the Bay Area, where he lived, was unreasonably priced and not ideal for investing with his budget. He had lost all opportunities after 2-3 months of putting offers on properties in multiple markets as researching each market and property was taking him way more time than experienced investors so there was no way for him to find a high performing property without accelerating the research process. That's how he thought of Mashvisor. Previous Post Invest in Condos or Single-Family Homes? Next Post Why Invest in Airbnb Properties? Related Posts What Are the Best Ways to Minimize Your Property Management Fees? Professional Property Management Company: What Traits Should You Look For? The Best Tips for Forced Appreciation in Real Estate Investing What has to be cleaned during turnover time in a rental property? 5 Best Upgrades for Rental Property to Increase Rent All You Need to Know About Becoming a Landlord Which Apartment Amenities Should Investors Spend Money On? Should I Invest in Homes for Sale Near Me? Step to Step Guide: How to Calculate Electricity Usage Cost and Charges What to Do With Your Negative Cash Flow Investment Property? Is Airbnb Management Different from Traditional Investment Property Management? Tips for Instructing Your Tenants About Renters Insurance Requirements Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment.