Whether you are relocating to a different city or have multiple properties, Legacies Realty specializes in property management services. With our designated asset managers, we will handle marketing, background checks, placing a quality tenant, financial record keeping, and manage all day-to-day operation of your property.
WHY DO I NEED A PROPERTY MANAGEMENT COMPANY?
Renting your personal residence or investment property can be a rewarding experience. It generates a steady income and someone else is paying down your asset. However, if you fail to find a qualified tenant that takes care of your unit and pays rent on time, things can go wrong quickly. Even though many landlords do their best to screen tenants, unforeseen circumstances can arise. This makes managing a rental property extremely difficult and
Job transfer? Looking to move to a different city? Legacies Realty specializes in relocation services. If you currently own a home in the Columbus or Cincinnati market and are looking to move quickly, we can help! In most cases, provided adequate notice, we can help bridge the vacancy gap by finding a qualified tenant to move into your residence before you relocate. The benefit of renting your home versus selling is the opportunity to return to your residence if you would like to move back to Columbus or Cincinnati in the future. If you would like to sell your home, one of you experience agents can help you with this process.
MARKETING & TENANT PLACEMENT
The first benefit of using a property management firm in Columbus or Cincinnati is that the company can handle the marketing and tenant screening. Majority of real estate investors work a full time job and show their properties on the side. With conflicting schedules between the prospective tenant and owner, many landlords miss out on potential tenants because they can’t show the property. By utilizing a property manager, landlords can rely on their management company to show their properties throughout the day without worrying about missing appointments and creating additional work for themselves.
Additionally, marketing a property on multiple websites and paying for a background check can be expensive. Property management companies invest lots of time and money utilizing and developing software to reach as many potential tenants as possible. This can expedite the tenant placement process, save you money on tenant screening, and cut down on vacancy.
One unpleasant thing about being a landlord is lease enforcement. While a lease contract is meant to protect both the landlord and tenant, the landlord suffers a greater risk if the tenant breaks their end of the deal. A property management company will take care of the responsibility of lease enforcement and make sure the tenants are following their contract. For example, if there is a “no pet” policy for the unit and a maintenance tech or another resident reports a pet, the property manager will take care of the issue for you. Another example would be property modifications, if a tenant damages the property or makes unapproved modifications to your investment property or residence, a property manager can make sure the tenant pays for the repairs.
ON-TIME RENT COLLECTION
It’s very important that a landlord collects rent on time every month to cover important expenses like property tax, insurance, and mortgage. Unfortunately, many self-managed landlords are taken advantage of during the rent collection process. Since the tenant knows you are the owner of the property, and that you have a sentimental attachment to the property, they will sometimes make excuses for why their rent is late and ask for an extension. Many landlords will listen to their excuses and allow tenants to pay rent late in order to avoid a vacancy. Once a landlord accepts one late rent payment, certain renters will make this the new normal. Not only is this stressful for the owner, a tenant’s delinquent balance sheet can add up quickly. A property management company will take the hassle out of rent collection. A property manager will send out rent reminders prior to the first of the month and ensure rent is collected on time. If a tenant fails to meet their contractual obligation, the property manager can start the eviction process to remove the tenant from the property
The worst experience when it comes to being a landlord is having to deal with an eviction. Cincinnati alone had 50,000 eviction filings in the last four years. A property management company will handle all the legal aspects of removing a delinquent tenant from the property. From posting a 3-day notice to appearing on the landlord’s behalf, a property manager can significantly reduce the stress and complications when it comes to
A property management company can be a landlords’ biggest asset when it comes to property maintenance. One of the main reasons why tenants choose to rent a home versus buying one is due to maintenance. Emergency maintenance calls are a landlord’s worst nightmare, especially when it’s during the early hours of the morning. With unforeseen circumstances like a water heater leaking or a furnace not working during the middle of winter, a landlord could potentially have to spend many hours resolving an issue. By using a property management firm, a property manager can resolve the issue quickly by sending someone out immediately to remedy the situation. Once work is complete, your property manager can double check and make sure the repair was done correctly.
These are just a few of the many benefits of using a property management company. Owning an investment property or renting out your personal residence should be a rewarding experience. The less a landlord has to deal with problems at their rental property, the less stress they will have in their daily life. Legacies Realty allows our clients to have more free time in their day and allows investors to increase the portfolio sizes in a manageable fashion. For more information about our services please visit Legaciesrealty.com or email us at info@Legaciesrealty.com