A rental property is a great investment tool that can pay you a passive income while you own it, then you can realize its capital gains when you sell it. But when you own your rental property, there are a large number of responsibilities and management tasks you need to take care of in order to keep renters in the property for a positive cash flow. Here are some tasks a property manager and their team will handle for you with your rental property so you can go about your life.
Maintain the Yard
Your rental property may be a single family home with a yard that includes lawn, trees, and other landscaping. These areas of the property's exterior help the property to keep its value and need to be maintained at all times. Unfortunately, your renters may not be able to handle the responsibility, so the responsibility falls upon you.
There are several reasons for keeping up your property's landscaping, such as your not wanting to lose the property's investment of a lawn and landscaping if it were to die. And if it dies, you can be fined by the city your property is situated in, as some cities and counties have rules requiring you to keep your property's yard and landscaping trimmed, maintained, and watered.
Your property manager can periodically check on your rental property to make sure the yard is being maintained. If they discover the yard is not being taken care of, they can hire a landscaping crew to water, mow, and trim it to keep it within city code and prevent your having a fine and city violation for the offense. You don't want to end up in court over your rental property's landscaping not being maintained.
Arrange for Repairs
Your rental property is going to need maintenance to its interior systems and appliances, such as the plumbing, electrical system, water heater, sink disposal or dishwasher. As your property and its interior components age and are used by your tenants, they will need maintenance, occasional repairs, and also replacements at times. Because you don't want to get a phone call at any hour of the day or night about a failing home appliance or system, your property manager can take care of this.
When you hire a property manager, your contract for service will contain details about handling repairs within the property. You can require them to call you before they complete any repairs or replacements, or you can authorize them to complete specific repairs on their own and bill you for them later. For example, if there are plumbing clogs, you can authorize the property manager to call and hire a plumber to repair the situation without alerting you. Or if the property's water heater breaks, they would handle its replacement after alerting you to the situation for your authorization.
However you handle the process of the maintenance and repairs, this will ensure your tenants have their housing needs met with all the home's systems and appliances working as expected. For more information, contact property management services in your area.