Getting into commercial real estate and rental properties can be a great way to make some extra money. However, it can also be a lot of work, especially in the beginning as you are just getting started.
Here are some property management tasks that you shouldn’t handle for your first investment property.
Finding tenants. Finding the right tenants can be the difference between enjoying rental properties and hating them. If you don’t find good tenants who are going to pay the rent on time, take care of their home, and respect others, you may end up spending a lot of time chasing them down.
Taking care of the lease. The lease is one of the most important parts of being a landlord. First, you have to decide what rules you want followed and what you will allow and won’t allow in your building. Then, you have to write it up so that it is fully legal. Once the tenants sign it, you have to enforce it.
It really helps to have someone who knows what they are doing to help with the lease.
Eviction. If you have to evict a tenant, you need to make sure that you do it correctly. Legally, you have to follow certain rules and do things the right way so that you don’t have a lawsuit from it. For this reason, it is best to let someone else handle it.
If you have just bought a property that you want to rent out, you should contact a property management company to help you get started. Even if you end up taking over these tasks as you learn more, their experience will be priceless in helping you set everything up the right way!
That being said, a property management company can do as little or as much as you want. However, you may want to let them handle finding tenants, dealing with the lease, and any evictions so that everything is handled correctly.