Owning a multi-family property is a great way to have real estate and make money on renting the property out to other people. Your monthly mortgage payments are offset by the rent that you can receive from tenants.
The plus side to being a landlord is that you can invest in real estate and make money on it. The downside is that owning a multi-family home can be more work than you were prepared for and can make it hard to enjoy owning the property when it interferes with work, family, and other things.
What do you do? How can you make owning your multi-family property work better for you? When you hire a property management team to help you out, you benefit in many ways. Here are reasons to hire a property management company for your multi-family property, whether you own a duplex, apartment complex, or another type of multi-family dwelling.
You have someone to manage tenants
Need to remind a tenant that their payment is late? Worry about a tenant sneaking in pets or smoking indoors? Have concerns about a tenant's misuse of your property? If you don't stay on top of your tenants, you can end up losing money, falling behind on monthly rents, and getting taken advantage of. However, this takes a lot of time that you don't really have to stay in charge of your multi-family property.
Rather than taking on the task of managing the properties you have, hire a property management team to manage your properties for you. They can do everything from collecting rents to checking properties after they have been vacated to ensure tenants have left everything behind in a good fashion.
You have someone to find tenants
Property management personnel don't just manage the tenants you have, they help you find new ones and keep your properties ready for regular renting. Your property management team has good reason to keep your multi-level property completely rented out: most property management companies take a commission off the rental amounts they collect for tenants or otherwise benefit most when occupancy is full.
You can find a property management team via your realtor or post for an experienced property management company in the local classifieds. When you have the right property management company working for you, you'll be better able to profit from and enjoy being the landlord of the multi-family property you've invested in. Discuss how you'll pay your property management team when you consult with them initially.