Holding real estate in the West Allis area can be a great move, but preparing to rent, finding good tenants and maintaining the building can eat into your bottom line in no time. Regardless of whether you invest in one single-family home, multiple properties or a large multi-unit complex, acting as a DIY landlord can be time-consuming.
If you are thinking about signing with a property management company in West Allis, remember the following:
PREPARING THE REAL ESTATE FOR LEASE
One of the hardest parts of being a landlord comes at the beginning. You may need renovations to floor and wall coverings, lights, plumbing and more. It’s important to ensure everything is in good working order and top condition. Depending on the local area, you might also choose to upgrade or replace appliances or add new amenities.
You will also need to decide how much to ask for rent, whether to include utilities and more. You must also make sure you abide by all the rules of your local homeowner’s association or zoning authority. Our rental property management company has the dedication and experience it takes to guide you toward profitable strategies.
LOCATING RENTERS & SHOWING THE PROPERTY
Once your real estate is up for rent, you need to select high-quality tenants quickly.It’s important to have the right kind of marketing.. We offer professional outdoor signage and the best online marketing, including searchable listings that feature professional photos and compelling descriptions of your space. Every day your property is empty means lost money.
You will need to show the property several times and should plan on no-shows. When you find a tenant who is interested in renting, you need to check their background carefully. We recommend thorough background checks, including proof of income, rental,criminal and credit history. These reports add up, even when you ask for application fees, but we have agreements that save our property owners money.
You also need to make sure you follow the law during applications. Most owners who don’t hire management companies aren’t up on legal issues like fair housing laws. Even little mistakes can become big problems.
INSPECTIONS, MAINTENANCE & REPAIRS
Making a profit from your financial investments in West Allis requires that the property be kept in good condition. We perform scheduled exterior and interior inspections while you have renters, and also follow a regular maintenance schedule. When issues arise, you should make repairs right away. Our experienced property managers know how to spot small problems before they become big ones, and we have a network of local repair technicians on call in case of problems. We are reachable for renters at all hours.
Careful tenant screening cuts down on your probability of running into issues like late or missed payments, but disputes may still occur. The first way to prevent problems is to make it easy for tenants to pay rent on time. We provide full-service online tools that allow for scheduled online payments and that put money in your account every month. If we don’t get paid, we know what to do. From getting a hold of tenants to completing the correct forms in case of an eviction, we handle everything. Following an eviction, we can find new renters.