Being a landlord isn't as simple as it may seem. Leasing, maintenance, repairs and collections become a daunting task for many, which is a good reason to hire a professional property manager.
Many people who own properties decide to rent them out rather than sell. This is done for a number reasons. Many people, especially in the Houston area, move around for work and eventually want to come back to their home, so while they're gone the asset can be used and maintained. Others want to own a number of different rental properties as a source of growing equity and income. Regardless the reason, it's extremely beneficial to work with an experience property manager.
Property management services include handling any regular scheduled maintenance on the home, or any unexpected problems with the home. Any good property manager knows what is covered under a contract and what is the renter's responsibility. For instance, if a tenant clogs the drainage due to negligence, it's the renter's responsibility to fix the issue - not the property owner. As well, if the air conditioning or heater goes out, it's the property manager's responsibility to have the problem remedied in a short amount of time. Knowing what party holds the responsibility can save the landlord a significant amount of money.
Leasing and qualifying renters is a large part of the benefit in working with a property manager. Finding good tenants isn't as easy as it may seem. Every tenant should have an extensive background check run on any criminal, credit and leasing history. Once a tenant is qualified and begins the leasing process, collecting rent money can pose its own issues. Working with an objective, third party to collect rent takes a huge emotional burden off the property owner, and it often makes the tenant more likely to pay on time. Moreover, an experienced property manager has all of the documents that would need to be sent in case of delinquent or other payment issues.
The process for property owners is pretty simple. After the rent has been collected, a wire transfer of the rent is directly deposited via ACH (Automated Clearing House) or via email (under $2000), minus any possible maintenance costs and property management fees. Magana Estates charges 10% of the rental rate, and there are no hidden or a la cart fees. Clients know what to expect every month.
The difficulties of managing properties can be challenging for most who are just starting out. Most individuals make costly mistakes when getting into renting their own properties. Property owners should hire an experienced property manager to keep their asset making money. Call Michael Magana directly to discuss your property management and real estate needs; (713) 502-8855