Whether you're purchasing your first rental property or already own many, you need some assistance from professionals. You might handle some of the work yourself, but your business will likely be more successful with the right help. So, what professionals do you need to hire? Here is a guide that explains three of the most vital ones.
Property management company
The first professional you need is a property management firm. While the other two professionals are also important, a property manager is essential for your rental property business. A property management firm is a company that offers management duties for rentals, and here are a few of the services they offer:
- Tenant selection and screenings
- Preparing rental units and showing them to potential tenants
- Repairs and maintenance for all the units
- Rent collection
Your property manager can handle every task your units need or some of them, depending on your needs. With a property manager, you might see an increase in your rental revenue and a decrease in your occupancy rate. You'll also benefit in many other ways.
Secondly, you'll need to hire a landlord attorney for help with legal issues you might encounter. Now, you might never need a lawyer's advice or help, especially if you hire a reputable property manager. A great property management firm can help you prevent legal issues. For example, your property manager can help you create a legal, effective lease that helps you hold your tenants accountable. They can also help you create an effective tenant screening process to help you avoid discrimination cases.
Third, you might need to hire an accountant. After all, you'll have paperwork to track for your rental property business. You must track your income and expenses to use for your taxes. While having an accountant is helpful, you might not need one if you have the right property manager. Many property management firms offer paperwork services to rental property owners. If you can find a property manager that offers this service, they might track all your revenues and expenses, which means you might not need an accountant.
Talk to a property management firm to learn more
As you can see, the most important professional to hire is a property management firm. Are you ready to find one to manage your rental units? If so, you can start looking at companies in your area. Then, you can interview them and hire the best one. For more information on property management, contact a professional near you.