So you decided to diversify your investment portfolio by purchasing a two bedroom apartment. But truth be told, your day job takes up much of your time, leaving you too drained to keep up with city ordinances, or to hunt down tenants on the first of the month for rent payment.
The National Association of Residential Property Managers shares the following ways a property management company can help you with the process:
- Pricing strategy: The amount you can ask for a high-rise condo in the Loop can be significantly different than the amount charged for a Southside garden apartment. A knowledgeable property manager can help you set the right price for the area.
- Staying legal: In addition to keeping up on local structural requirements, property managers also are versed in fair housing issues, ensuring you stay on the right side of the law.
- Tenant screening: You don’t want just anyone living in your property. A property manager can perform the background checks necessary to ensure the quality of the renter,
- Rent collection: Money is the real reason you bought the property, but collecting from tenants can be a less than pleasant task.
- Maintenance: Structural issues are inevitable, and if you’re not handy yourself, a property manager likely has a handyman on staff that can make basic repairs.
- Disputes: Whether it’s with a service provider, maintenance man or tenant, a property manager can skillfully defuse a volatile situation, saving you time and money.
This article originally appeared on Angie’s List.