No matter the number of properties you own, handling everyone on your own is a monumental task. It simply takes far too long to perform all of these tasks on your own. This is why instead of doing it yourself you need to take advantage of the services provided by a property management company. But what are the benefits of Northern Virginia property management companies? Here are just a handful of the most important services.
Outside of marketing the property and upkeep, this is the most important job a management company has. While the goal of owning a property is to rent out all of the units, the fact of the matter is a single bad tenant can cost you more than just leaving the unit empty. This poor tenant can cause others to move out, cost you in property damage and they may even make it impossible to evict them. This is where the tenant screening comes in. With a proper tenant screening the property management company will discover if they have had problems with other rentals before, if they have adequate credit or if they owe other properties money. You can also learn about past criminal records, which is important for renting out properties. All of this is crucial in finding the right tenants and one of the major benefits of Northern Virginia property management companies.
Rent Collections and Evictions
Often times, collecting rent can be a bit more difficult than you might assume. Many tenants will pay on time without an issue (especially when the proper screening has been conducted). However, when a tenant does not pay on time it is the responsibility of the property management firm to hunt down the late payments, send out pay notices and to enforce late fees. If you have handled all of this in the past you know just how difficult it can be, not to mention how much time it takes to hunt down these late payments. While you can work with the management company regarding the kind of late fees connected with your property, the company will handle everything else.
Evictions may be the most difficult task of any landlord. From actually handling the removal of an individual to making sure they leave, these are tasks most do not look forward to. One of the benefits of Northern Virginia property management companies is that they will handle the evictions. This includes filing all necessary paperwork to begin the eviction process, represent you in court and handle all law enforcement removals when need be. It is a sticky situation, but it is why you let the professional management companies handle it.
While there are many other benefits of Northern Virginia property management companies, these are some of the most important ones. Just make sure that when you are interviewing the different management firms you have all your questions addressed, are satisfied with the company and also do your research into the management firm. This way, you know the company you are working with is a quality service provider.