Being a landlord isn’t for everyone. There is a lot more involved with managing a property than just collecting the rent. When you invest in rental property, you wear many hats. If the day-to-day management of your investment is not a direction you want to go, consider hiring a professional property management company.
Here are a few ways they can help:
- TENANT SCREENING
Proper screening of tenants helps to avoid messy problems months into the lease.
- KNOWING THE RULES
The Arizona Landlord-Tenant Act is the most important law for rental properties. Property managers know the law and how to follow the statute to protect both the property owner and tenant’s rights under the law.
- NO 3 A.M. CALLS
Getting a phone call at 3 a.m. about a leaky toilet will make most property owners grouchy. Property managers have established procedures for tenants to report maintenance issues and emergency situations.
- REGULAR MAINTENANCE & REPAIRS
Property managers have contractor resources to provide prompt and competitive maintenance and repairs. Due to the volume of business with these companies, many times they are able to negotiate a discount that is passed along to the property owner.
- MARKET RENTS
Property managers are in-tune with market conditions and rental rates and are able to keep your home priced competitively.
- COLLECTIONS AND EVICTIONS
Property managers stay on top of rent collection. In the event of nonpayment, they follow the legal steps to evict the tenant and get the property ready to rent again.
- KEEP AN EYE ON THE PROPERTY
This is critical for out-of-state owners. Even if you are just down the street, your property manager will look at the home with a critical eye for any needed maintenance before it becomes an issue.
- ACCOUNTING RECORDS
Your property management company will provide you with monthly and annual financial statements showing rent collected, fees paid and repairs, making filing your taxes much easier!