Using property management companies for rental properties can save landlords the time and hassle of managing their own properties. A management company takes on the responsibilities of overseeing residential rentals, including collecting rent, marketing vacant homes for tenants, and handling issues that arise for current residents.
Landlords who have a few properties might be able to manage them themselves, but as portfolios grow, it becomes more difficult for one person to handle. A management company can help with the day-to-day tasks and emergencies that can come up, as well as handle evictions if necessary.
Property managers also know what the local laws are for things like how much a tenant can be charged as security deposit, so they will be better equipped to avoid mistakes that could cost them money or a possible lawsuit. They can also find ways to keep the rental in good condition and increase its value over time.
A good place to start when looking for a management company is with online reviews. A search will often turn up dozens of results with customer reviews. The size of the company can also be a factor; larger companies may have more employees, but this may not mean that they will provide less attention to each individual property.
WayFinder PM is a young and progressive real estate property management company that offers a range of services to residential landlords, including intensive project management, skillful tenant screening, enhanced lease renewals, in-house accounting, and DOB process assistance. The company is based in New York City and serves clients worldwide. management company for rental properties