Less Work

Owning and managing houses for rent requires lots of time and work. Like any other property, rental properties can suffer structural problems such as leaking roofs, flooding basements and freezing pipes that should be fixed. Tenants may complain about such problems or refuse to pay rent. When you hire a property management firm, their main role will be to handle all these issues on your behalf. This frees the property owner to do other things or just rest and wait to make money off of his houses for rent without the additional hassle.

Help You Manage Your Property No Matter Where It Is

People who own rental properties and manage the properties themselves are either limited to properties in their area of residence or have to travel frequently to and from distant properties. Property management companies in Greenville SC allow you to invest in distant rental properties without having to travel to them on a regular basis. However, it is important to research a property management company thoroughly before entrusting them with the management of your property. Working with a trusted company is more enjoyable and profitable.

Questions to Ask a Property Management Company

Do You Charge a Monthly Fee?

While one of the main duties of property management Greenville SC companies is to collect rent from tenants, they may charge monthly fees ranging from 5 percent to 20 percent. Find out the total monthly fees charged by your rental property management Greenville SC company. In addition, find out if they provide additional services apart from rent collection. Do not choose a property management company simply because it charges lower fees than others do. Fully evaluate the services offered by your property management firm and be prepared to negotiate fees.

Who Handles Maintenance and Repairs?

Some property management firms do not have a maintenance crew on staff. Therefore, it is important to figure out who will be handling trash disposal, landscaping and roof repair. Limit the amount of money that can be spent on maintenance and repairs without your direct approval. In addition, find out if your property management firm contracts for services as this may prove to be more costly.

How Do You Handle Evictions?

Though many people do not plan for an eviction, a change in financial circumstances can lead to an eviction. Many property management firms do not have the right to evict tenants since lease agreements specify that only property owners can make evictions. In such cases, it is important to find out if there is an appeal mechanism on matters related to eviction and complaints.

Do You Screen Tenants?

Property managers are individuals or firms that have been hired to manage residential and commercial properties on owner’s behalf. Some of the duties of property managers may include finding and screening renters, collecting rent and arranging for repairs. Most states require property managers to be licensed real estate professionals. However, this requirement is determined by state laws and the type of property being managed.

How Do You Handle Payment?

Many licensed real estate agents who act as property managers work under brokers. In such cases, rent may be deposited directly into the owner’s account or the broker’s trust account. A trust account is a special bank account that may be set up by the owner or the broker. Money collected as rent and deposited into brokers’ accounts cannot be commingled with funds deposited into the trustee’s personal account. The funds deposited into the trustee’s account can be made to the property owner or used for repairs and maintenance.

Other Considerations

Property managers are required to follow state rental practices and the Federal Fair Housing guidelines. Federal Fair Housing guidelines prohibit property managers from discriminating tenants based on race, creed, color, nationality, religion or sex. Each state has specific laws that govern the amount of allowable deposit that can be paid for houses for rent in Greenville SC and eviction procedures. Federal Fair Housing laws may not apply in non-residential commercial properties.