If you keep accumulating rental properties but the time and energy it takes to manage them is getting to be too much, research local property management companies that can help. The management company can take some of the stress out of being a landlord, without eliminating the profit that you're making as the owner of the properties. Here are just a few of the things that they management company will do to make things easier.
Tennent Application Screening
Taking the time to fully research any potential tenant for your property can be time consuming. The property management company will review their application to verify references, and to check the tenant's credit and background. You want to know if someone has backed out on a lease before, if they have a lot of outstanding debt, or if they have multiple criminal offenses before you lease a property to them and then have to deal with them in your unit.
There are several things that need to be done after a tenant has moved out, and before another moves in. The management company will ensure that the unit has been inspected to see if the security deposit needs to be held, and they can have the locks changed after the old tenant leaves. They will have the walls painted, or the carpets cleaned, and do all other things that are necessary when you prepare a unit for a new tenant to move in.
If you don't have time to sit by your mailbox waiting for the rent checks, or hounding down the different renters because they haven't paid, don't waste your energy. Instead, have the property management team send rent notices, apply late fees, and send the warning letters if needed. If the tenant refuses to pay you may to get to the point where you need to consider legal action to get your money, and your lawyer will have to serve the tenant paperwork.
You don't have to deal with all of the paperwork that comes with renting out properties, or deal with the people that are living in your units if you get the help of a property management company. You can have the property management company manage everything from handling late night emergency calls when there are problems with the units, to managing the companies and billing for the landscaping and snow removal for the different properties. Contact a business, such as Rest Easy Property Management ottawa property management, for more information.