Administering your investment property

Residential real estate investments in homes or condos is a tremendous way to generate extra income, but there is a lot of work to be done when it comes to renting your property.

Before you can rent your property, you need to focus on managing your property, and it’s important to seek professional guidance to ensure you’re doing the right things. A professional property management firm can help with managing your resort property, providing several crucial services that will make your life much easier.

From keeping your resort property secure to paying the rent on time, experienced real estate management firms can protect your valuable investment for years to come while you focus on more important things. Here are just a few of the many ways that these companies can help you with managing your resort property:

  • Regular security inspections. Managing your resort property all throughout the year on your own is impossible, and you never know what can go awry when you’re away from the property. A real estate management company will provide regular visits to your home or condo, performing exterior/interior checks to make sure everything is safe and sound. In fact, the best property management firms can even redirect any mail sent to the property so it won’t be rifled through.
  • Bookkeeping. One of the most tedious aspects of renting out resort property is dealing with bills, taxes, and general bookkeeping. There’s a good chance that you have tons of bills to deal with already in both your personal and business life, and it’s hard to spend too much time on your resort property expenses. A great management company can handle all the paperwork for you, from monthly heating bills to tax preparation. When interviewing property management companies, expect to hear quotes between 5% and 10% of what you collect in rent revenue, which is pennies on the dollar compared to the time you’ll save dealing with bookkeeping.
  • Upkeep and maintenance. Perhaps the most important part of managing your resort property, the tenants who stay in your home or condo will expect that everything works properly upon arriving. Also, it never hurts to clean the place up a bit and trim the lawn to make it really shine. Maintenance is a crucial aspect of your job as a resort property owner, and you probably don’t have time to perform repairs and upkeep on your own. Find a great company that can do this for you and keep your tools in the garage until you need them for your own home.

The property management industry generates $58 billion in revenue each year, and for good reason. The services these companies provide are truly invaluable, and your investment deserves an experienced management plan to reach its full potential.

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