Property management companies are hired by property owners to do most of the grunt and foot work on their behalf for a fee. Apart from collecting rent and doing paperwork for the property owner, there are also a lot of services that a property manager can do for the owners. If you are a property owner, these are the things you can expect out of a property manager and can keep you out of trouble by:
Avoiding bad tenants
While taking applications or references for tenants, it is not possible for you to know which of them are the good ones and which of them cannot be trusted. Doing background checks are not simple and involve a lot of work. Also, rejecting tenants is also not possible unless it complies with the Fair Housing Act of 1968. Your property manager will be well versed with all of these things and can do the job in an efficient and professional manner.
Rent, deposit and return rules
There are rules governing the way the rent, deposits and even the return on deposits are handled and they have to be followed strictly by the landlord. If you are not sure of these things, you will have to make sure you know and study them. Failure to comply may lead to steep fines. Rent and deposit limits, notice period for payment, payment methods and itemized checklists including a host of other things are covered in the law and unless you have been a land owner for many years and managing your property is your only full time job, there is little chance that you will be up to date with them.
The above mentioned points are just some of the ways in which a property manager can keep you out of trouble from the law, by helping you keep it.