When it comes to property management companies Corona has many which I had ignored for too long in letting out my apartment in Queens. I originally thought that AirBnb may be the best option for this space but New York quickly changed the rules on short term rentals, leaving this as being an option I couldn’t consider. To be completely honest I would have always preferred a long term rental anyway, as I really don’t spend any time living in the property. Friends had told me that I should’ve looked into a property management company but I decided to manage it myself for a number of years. Two years ago I bit the bullet and outsourced, and it has been a total game changer. Based on this experience, here is exactly why I would encourage you to use this kind of service for your own rentals.
Peace of Mind
The biggest benefit which I have enjoyed is the peace of mind that the property is being looked after. I can’t always get to the property when problems arise, and the phone calls, email exchanges and having to ask favors from friends became very tiresome. Now however I don’t have to worry for a second about this as the property is always taken care of regarding maintenance and any other issues, which helps me to sleep better at night.
Dealing With Documents
Having a tenant in the space for a number of years is the absolute ideal of course, but in a city like New York this very rarely happens. What this means is that whenever a new tenant arrives, I have to go through all of the documentation again with a solicitor, which costs me time, stress and money. Having a property management company however means that they take care of the hard work, which is a real blessing.
Chasing Payments
I really rely on the monthly income which I get from my property yet there have been times in the past where tenants haven’t paid, and chasing it up is stressful. Not only will the property management company do this on my behalf, they also have more clout when it comes to getting that monthly rent, meaning people are less likely to skip.
Better Knowledge
It was never really my plan to be a landlord and as such there is a lot about my own responsibilities which I was unaware of, until they were pointed out to me. I would much prefer that my tenants get everything which the law states that they should, and this is another benefit of outsourcing the management of the property. The property management company will of course have a very clear idea on what their responsibilities are, and that means that tenants are happy and that I am operating within the law.
For the small amount that this will cost, it is a service which is very much worth using for your property management.