Whether you are hoping to rent a condo, apartment, or house in Glendale, you need to decide if hiring a property manager is right for you. Typically, property management companies charge between 4-10% of the rent your tenants pay. While that might seem like a lot of money to give away, you need to weigh the benefits you get in return.
The Legal Side
The rental of property is entwined with laws and regulations. Some involve you regardless of whether or not you manage your own property or if someone manages it on your behalf. But some do not. If you contribute to an IRA, be sure to understand how being a landlord who collects rent can affect your savings. Similarly, it’s very important to understand how your taxes will change. Owning rental property across state lines can hit you hard on Tax Day. A Glendale, AZ property manager will understand the laws involved in property rental in your area and be able to give you guidance.
Repairs & Maintenance
When you rent your property you and your tenant might disagree about what repairs need to be made. Your tenant might feel it is important to fix all drips right away, but you might feel that they can wait. If you don’t want to be bothered with trivialities, consider a property manager. Discuss with any potential manager how repairs are handled. Some companies will ask your permission first and some make the decisions for you. But, in addition to approving or rejecting maintenance requests, they will also handle arranging the repairs and paying the contractors.
For the first time landlord, thinking about collecting rent from reluctant tenants is scary. How do you handle getting your money from a tenant who is unwilling to pay? And what do you do if you need to evict your tenant? If these questions worry you, a property manager could be worth his weight in gold. Since your manager doesn’t get paid unless you get paid, he is highly motivated to get your money. He also understands the legal process to use if your property is damaged or a tenant needs eviction.
A property manager in Glendale, Arizona has connections to advertising that you won’t have. Many management companies are members of realty websites and can get word of your property out quickly to a larger network of potential tenants. Since an empty property earns you nothing, you want a strong advertising campaign working for you. This is one more way that a property manager is worth the money.