This is a good market for property owners who have two or more properties. According to industry experts, rental rates have been increasing and small families are not willing to take on long loans to buy properties. US rental rates have increased by as much as 5.5% in the last 12 months and they are expected to increase even more. Industry watcher and premier real estate website Trulia has been quick to point out the fact that rents will be rising higher than property prices and this is a good time to put your properties out on the rental market. As a homeowner, this is good news for you. You own two homes and you were already planning to put the second home on the rental market but you are a little worried. Your second home is located at a considerable distance and you cannot afford to keep traveling up and down to maintain it. So does that mean you forgo the rental that you could have got? No, hiring a good property management company is the first step towards putting your home on the market. A good property management company can actually do away with most of a landlord’s headaches and ensure that everything runs smoothly.
What does an apartment management NYC company do?
Ideally, when you put your open your home to tenants, you have to search for a tenant, do background checks, collect rental checks and carry out basic maintenance and repairs on the home in case of problems. If you are located far away from your second home, this is going to be a problem. And God forbid, you get stuck with problem tenants who actively start damaging your home and refuse to move out! In such a case, you have to provide a legal notice and then carefully evict these problem tenants from your home. Not only is this a huge mess but it’s a huge loss as well. Hiring good property management companies NYC actually means delegating all of these problems to the management company as they know how to deal with them. A good property management company will do a range of jobs like:
Advertise for tenants for your property, find tenants and then carry out a detailed background check on them before approving them for the rental. You, as the property owner, will be notified of the tenants selected and you can choose the tenant or leave the renting process to the management company.
The management company will monitor the property and carry out periodic renovations on the property as required. This will also include cleaning the property before the tenant moves in and then clean up after a tenant has moved out. The company will also carry out emergency repairs on the property like plumbing and electrical problems. Most companies will bill you a little extra for theses services but they will let you know about the problem before proceeding.
Rent collection and billing is done by the company. As per the contract you have signed with them, the company will collect the rental check, forward the payment to your account and then deduct their billed amounts and renovation charges if any from the rental payment. You will be sent a detailed invoice of the payments made and deducted from the rental check.
In case of tenant issues, it is the job of the company to legally evict problem tenants and then find other tenants for your rental property.
A good property management company can really ensure that your property is maintained and protected while it is being rented out.