Owning a property can mean different things to different people. You could own one property or a handful of properties. Your property could be down the street from your own home or across the country. You could physically maintain the property or hire a handy man to maintain. Whatever your property ownership arrangement, there may be times you consider hiring a property management company.
What do Property Management Companies Do?
The greatest value of a property management company to a property owner is time and experience. Regardless of an owner’s situation, owning a property or properties is time consuming.
Property managers are the middleman between an owner and a tenant. They handle the routine tasks of owning a property like collecting rent, property maintenance, and marketing.
When you hire a property management company, their initial task will be filling your property with a tenant(s). One of the most valuable aspects of hiring a property management company is their experience. Companies will know the local renting area and where to market/advertise your property to get you a quality tenant. This can be a major attraction to owners who may not live or be familiar with their area their property is physically located in, owners who have experienced low quality renters in the past, or owners whose property has been vacant for a long period of time.
Property management companies will also gather prospective tenant applications, screen prospective tenants, and run background checks. Property management companies have the resources and team to take on this task giving the advantage of more qualified, long term tenants.
Once a tenant is approved by the company, they will continue to handle all aspects of the relationship with the tenant. This includes the signing of the lease agreement, handling emergency situations, property maintenance, coordination of move ins and outs, evictions, and receiving of rent payments. Communication with the tenant is typically a hassle and most time consuming aspect of owning a property, especially if the property is only serves as an additional income.
When to Hire a Property Management Company.
Some situations that are ideal for hiring a property management company:
- Own multiple properties
- Live in a different area than your rental property
- Lack time to manage property
- Disinterest in property management and forming a relationship with tenants
Property Management Company in Cincinnati
If you are a property owner in the Cincinnati area and are currently any of the above situations, contact the property managers at Cincy Rents. Our property management teams will assist you in optimizing your investment to it’s highest profitability. Contact us today for more information.