If you've accumulated rental properties over the years and are now ready to retire from your job and travel, you may be worried about how to manage your properties when you're going to be away for weeks or months at a time. The solution could be to use a property management company, so you don't have to be involved with the day-to-day business of managing properties and dealing with tenants. Here's how a property management company can help in your retirement years when you want some freedom from your responsibilities as a landlord.
The Company Keeps Your Properties Rented
One hassle you can avoid by using a property management company is keeping your units rented out. When leases are up, or renters leave unexpectedly, you usually have to clean up the house or apartment and then put it on the market. It could take some time to find the ideal tenant, and you may need to show it to several people and waste a lot of time. A management company handles all these jobs for you. Since they can advertise many rental properties at once on their website, your vacant homes will get more exposure, so they are rented quicker. The company will vet new tenants by running a background check and verifying references.
The company will also handle accepting money for the down payment and monthly rent. Although you don't have to be present to deal with these jobs, you're never out of the loop since you can be in frequent contact with the company and kept up to date with all that's going on with your tenants or homes.
The Company Handles Emergencies
One problem you probably won't miss when you turn over management of your properties to the company is taking emergency calls about plugged up plumbing or electrical problems. Problems that involve plumbing, HVAC, broken windows, or the electrical system often have to be repaired on an emergency basis. A management company can field these calls for you and call in one of their contractors to handle the job. You'll still have to pay for the repairs, but you won't have to be bothered with emergency calls from tenants while you're lounging on the beach somewhere.
The Company Watches Over Your Properties
Your rental properties will need occasional cosmetic improvements and repairs. Since the management company will see your homes and apartments more often than you will, the company will let you know when it's time to paint or put in new carpet so you can attract the best renters. The company can also let you know the status of the yard in case new landscaping has to be put in. You never have to worry about your properties becoming run down since you'll always have someone looking out for your investments while you're away.Share