If you own a rental property in the Pensacola area, you may want to consider working with a property management company. These companies provide a wide range of services, all of which are designed to eliminate the burden of being a landlord.
Rental properties are excellent for generating passive income. However, they take a tremendous amount of work to manage. If you don’t want to become a slave to your properties, you should consider outsourcing the management to someone else.
Below is a list of some of the most popular services provided by Pensacola property management companies like Main Street Properties Property Management:
1. Property evaluations. When you first begin working with a property management company, they will visit your property and evaluate it to figure out what a fair rental price is based on comparable properties in your area. During this initial visit, they will also take photos of the property and document its current condition. They will sit down with you and talk to you about your options, helping you come up with a plan for how to maximize your income.
2. Marketing. The next step of the process is to market your property, helping you find a reliable tenant. After the property has been thoroughly cleaned and prepared for renters, they will then advertise it, using a variety of different promotional methods to attract potential tenants. They will also reach out to their network of connections including local realtors to see if they know of anyone who may be interested in renting your property.
3. Screening tenants. As you start to receive rental applications, the property management company will carefully evaluate each tenant. This process usually involves performing a background check, checking their credit, and reaching out to past landlords to find out whether or not they have a solid rental history.
After choosing a tenant, they will take care of notifying the other applicants that they were not accepted. At this point, they will also help the tenant fill out the necessary paperwork and get moved in.
4. Collecting rent. After your property is rented, the property management company will take care of collecting rent for you. If payments are late, they will make every effort to collect the money as well as any late fees that are owed.
5. Dealing with evictions. If people don’t make their rent payments on time or if they break the rules, the property management company will evict them on your behalf. This includes filing all of the necessary paperwork in accordance with the law and making sure that all of the rules are followed throughout the entire eviction process. If necessary, they will also work with law enforcement officials to remove tenants who refuse to vacate the property.
6. Maintaining the property. Most property management companies will also provide interior and exterior maintenance on an as-needed basis.
As you can see, Pensacola property management companies take care of just about every aspect of managing a rental property. This can free up your time to do other things while still allowing you to enjoy the passive income that your rental property brings in.