Many people look for ways to earn a second income, and this can be achieved if you have a house that you want to rent out. Rental income can be a great addition to your savings or can help you pay off other debts too. However, being a landlord is not the easiest of tasks and will require you to spend a considerable amount of time on it,
When you are a landlord, you will have to look for tenants for your house or condo which you want to rent out. This will require you to advertise your property online or local newspaper classifieds. You will have to pay for these listings and then also start taking all the calls inquiring about the property. The calls alone can take quite a bit of time and can disturb you at work.
The next step is to show the unit to prospective tenants. This too is a time-consuming affair which may even require you to take a day off work. If you want to get you rental income and not go through all the hassle including chasing after tenants for rent etc. consider hiring 2 Rivers Properties which is an excellent property management company.
Hiring a Property Management Company
There are many realty agents who will promote themselves as property managers. However, you need to find one that is reliable and trustworthy and will treat your house or condo well. The last thing you want is a rundown house after a few years of renting it out.
Qualities of a Good Property Manager
A reliable firm will take care of all the work when it comes to renting your property. They will find tenants, do all the paperwork, and be responsible for collecting monthly rent too. You will not have to spend time will all this as the property manager will organize all the viewings and do all the hard work. They will also ensure your house is maintained well, and in the case of any light maintenance, they will take care of it. If the tenant damages your home, they will also ensure that the tenant pays for the repairs so that your house will be in good condition.
Many Property management companies will charge you a percentage of the rental, and it usually ranges from 5 to 10% or there are some who will ask you for a flat rate. However, be wary of those companies that ask you to pay them even if the property is not occupied as you will end up paying more than you receive.