Renting your home or apartment to others can be a challenging job. You will enjoy receiving the monthly rental payments but finding and dealing with tenants can be stressful. There are many parts of being a landlord you had rather not do. This is when finding the right property management company can come in handy and knowing specific ways this business can help you is important.
One of the most challenging parts of being a landlord is finding the ideal tenant to rent your property to at all times. Finding the right person will increase your chances of being paid on time and will allow you to avoid many stressful situations.
Your property management company can do the things below to find the ideal tenant:
1. Review the credit score of this individual.
2. Gather the amount of income from where this person works and have it verified.
3. Ask for references and have these checked to ensure this individual is a responsible person.
4. Be sure to get a photo ID of the person to make certain you are renting to who you think you are.
Collect Rental Payments
You will want to be sure you have all of your rental money in hand when it's due. Your property management company can help you do this and other things that are listed below:
1. Determine the date – The property management company you hire can set the date the official date for when payment should be received.
2. Set late fees – If the rental payment isn't received on time, it may be necessary to penalize the tenant by setting and collecting a late fee. This should be set in place in advance.
3. Discuss payment options – It's ideal to let your tenant know if you will accept cash, check or a money order. Additionally, you may want to consider allowing for direct deposit to help receive the cash faster.
Check the Property
It's important to examine the interior and exterior of the rental property every so often. This will help you know that it's well taken care of, and there haven't been any damages to your home or apartment.
However, it's a legal requirement for you to provide at least 24-hour notice or even more in some states to the tenant, and this should be in writing.
The benefits of having this type of service provided for you are many. Be sure to contact a property management company like ABC Property Managers Inc in your area to assist you with all of your tenant and rental needs.