Inheriting property is exciting, especially if you have the opportunity to make some extra income. However, it can get complicated when you are a co-beneficiary.
Not everyone who has an interest in real estate has the same ideas about leasing it out. These are reasons you may consider working with a property manager.
One of the most significant benefits of working with a property manager on co-owned properties is that you can save your relationship. Because the property manager is making most of the decisions, you do not have to worry about who will do what, when and for how much.
Maximize your profitability
Property managers conduct extensive market research. They understand their markets, including the rental rates you can expect from your real estate. These professionals know the vacancy rates.
They also understand what makes a great renter. They conduct background checks and review all your tenant applications. Because they do not earn an income unless you do, they search for the best tenants available. These professionals typically only charge six to 10% of the rental rate each month.
Reduce your responsibilities
Property management companies take care of rent and deposit collection. They handle or hire professionals to address maintenance issues. They also work with your tenants to address complaints. These professionals also address any housing or real estate compliance, such as fair housing regulations. In addition, they take care of all the marketing necessary to fill your vacancies.
Instead of managing your property, vendors and tenants, you can spend your time investing in new properties, working or spending time with your loved ones. Enjoy less stress and more freedom while maintaining your co-owner relationships by working with property managers.