Investing in rental real estate is a great way to generate steady cash flow and build up long-term wealth. However, taking on the role of landlord can be demanding and time-consuming. For this reason, it may be worthwhile to consider hiring a property management company. To determine if you can benefit from the services of a professional, ask yourself the following questions. 

What to Consider Before Hiring a Property Management Company

1. Are you familiar with landlord/tenant laws?

The rules regulating landlord/tenant relationships can be complex. You need to have a good understanding of all they entail to make sure you remain in compliance. Any violations of a tenant’s rights or liability issues can result in hefty fines and a costly lawsuit. 

2. Can you be on call all the time? 

Problems can arise any time of the day or night, and you must be able to respond right away. Whether dealing with damage or a tenant emergency, you’re obligated to answer calls regardless of vacation or another job. As such, you’ll also want to take into account how far away you live from the rental and if a property management service could get there quicker. 

3. Are you comfortable managing tenants?

Your tenants will play a significant role in how profitable your rental property turns out to be. You must implement effective marketing strategies and screening procedures to ensure you attract the right tenants. Additionally, you need to feel comfortable collecting rent, dealing with late payments, and handling evictions if necessary. 

4. Can you ensure maintenance and repairs are handled properly? 

Maintenance and repairs are a routine part of owning a rental property. If you’re not able to take care of them on your own, you’ll need a network of professionals you can call on. This requires vetting out a variety of reliable contractors, landscapers, and handymen you can trust to deliver quality work.

If you believe you can benefit from reliable and efficient property management services, reach out to NAI FMA Realty in Lincoln, NE. They’ll work diligently to help maximize the success of your investment property. Backed by nearly 60 years of commercial real estate experience, they understand how to attract quality tenants, maintain a safe and appealing facility, and minimize operating costs. Call (402) 441-5800 to discuss your needs with a friendly team member, or visit their website to learn more about the services they offer.