If you're a landlord, you may have started to consider hiring a property management company. It isn't a particularly bad idea, because it can save you from a number of legal hassles.
Here are some of the reasons a property management firm might make your life as a landlord easier:
1. The property management company can assume liability for premises safety. As a landlord, it's your job to make certain that the property is kept in good repair and reasonably safe -- that's hard to do if you aren't available all the time to see what it damaged or to observe tenants that are creating problems.
2. The property manager can handle disputes with tenants. It isn't easy to be on a first-name basis with someone and then have to evict them for failure to pay their rent or some other violation of the lease (like failing to keep the premises clean enough to be habitable).
In addition, your property management can also help you properly screen your tenants -- which isn't always easy. You have to make educated guesses, at times, as to whether or not a tenant will be a good tenant. You also have to make sure that you aren't violating any anti-discrimination laws while you do it.
3. Your property manager can also take over many of your legal duties in court. If you have to handle an eviction, a lawsuit or any other issue with the property that would ordinarily tie you up in court, the property manager can usually handle the situation as your representative (unless the court directs otherwise).
Hiring a property manager can be a wise investment for any landlord who has gone beyond just a few rental homes and is moving into larger-scale rental apartments and units. For more information on how our firm may be able to help you negotiate a contract with a property management company, please visit our webpage.