Real estate property management

by Stanley Samuels Owner

Perhaps you are retired and thinking about finding something to do with your extra time that will also make a little money. You decide on property rentals. All too soon you realise what an all-consuming task you have undertaken. If you are wondering if real estate property management can be outsourced, it certainly can.

Tenants – It can be a challenge to find the right tenants for your property. A real estate property management company knows where and when to advertise. They understand the various neighbourhoods for both residential and commercial properties with their benefits and detractions. They know the right words to use to attract the best renters. The management company will also perform all the screening. An individual may try to judge on appearance and ask for references. A management company can spot “red flags”. They can also perform criminal record checks, prior rentals, and financial security. They know how much to charge as a monthly rent and security deposits. If the tenants become late in payment, they know how to proceed and can even handle an eviction if it becomes necessary.

Financials – There is a lot to keep track of. You will need a means to keep track of all of the income and expenses and understand which expenses will apply. You will need to know all of the local and state regulations and laws and which apply to you in your type of property. Maintenance is always an issue. You will need to have a list of qualified, reliable plumbers, electricians, etc. and know which ones will take those middle-of-the-night calls. You will not have any leverage to command the lowest rates or discounts. You will also need to be aware of what is necessary to maintain the property in good working order and which tasks are needed to improve the property, and which are not.

These are some of the issues you need to consider when you are considering becoming a landlord. There are certainly more. Contact us at Stanley Samuels and we will be happy to explain our services.