There are several things to consider if you are an existing homeowner that is thinking about taking advantage of the current tax incentive for purchasing another home. The help with the down payment might mean that you would rent your existing home out to make the payment on it. If you are relocating because of a job transfer, you may want to consider a property management company to handle your home rental. There are several ways you can go about finding a property management company.
The first thing to consider is whether you are going to list your home for sale and rent it on a short term rental, or just rent it out as an investment property. Most real estate companies also offer property management services and this can make it easier for you to relocate and move on. Finding a local realtor to handle your property management is helpful because they will frequently have agents in the area to drive by the home and check on it. They can also run credit reports and reference checks, handle the lease agreements and collection of rent. This is one of the best options, when you are looking for a property management company.
There are companies that specialize in property management and that is all they do. The will often have their own maintenance staff and cleaning staffs to clean up and re-rent homes and fix any minor problems. This can be helpful, especially if maintenance is a concern. A local real estate office might have contractors they use that can handle services, but on minor service calls, a property management company won’t cost you the larger service call fees, although there will be hourly charges, most likely.
When it comes to handling your own property management, you need to consider that it helps to have somebody handle the background checks, lease agreements, rent collections, maintenance and other needs that might occur, especially if you are relocating a distance away. Having neighbors check on your tenants is only a small part of what goes into the rental property business. If you have to evict a tenant, it can be helpful to have a property management company or real estate company that has an attorney available to handle the red tape.
If you live in a resort area, there are vacation rental property management companies that can offer short term rentals on your home during season. This can be a great way to make extra income during season and they will normally charge you a nominal cleaning fee after each renter and handle any maintenance needs and then bill you for them. This can be a great way to get some additional income, yet still offer your home for sale without having any kind of long term commitment, in case it sells.
When it comes to finding a property management company, you have to find one that will best suit your long term needs, when it comes to renting or selling your home. Having the expertise and local representation can be important when you are in the rental property business and worth the fee of 10% to 30% that they normally charge.