Why Should an Owner Hire a Property Management Company?
Investing in property in the Milwaukee area can be a profitable decision, but planning before the lease, selecting trustworthy tenants and maintaining the real estate can eat away at your margin in no time. Regardless of whether you have one rental property or many, being a landlord can be costly.
When you are trying to determine whether hiring a rental property management company in Milwaukee is right for you, consider the following:
Preparing the Home or Commercial Property
One of the trickiest part of being a landlord comes at the beginning. You may need renovations to wall and floor coverings, plumbing and light fixtures and more. It’s vital to see that everything is functional and attractive. Depending on the local area, you might also need to replace appliances and put in new amenities.
You also need to figure out how much to charge in rent, whether to include utilities and more. And don’t forget to follow all the rules of your local homeowner’s association or zoning authority. Our property management company has the knowledge and experience it takes to guide you toward profitable strategies.
Showing the Property & Finding Renters
When your unit is ready to rent, you need to locate trustworthy tenants quickly. This requires getting word out that it is available. We offer professional outdoor signage and premier internet marketing, including searchable listings that feature photography and compelling descriptions of your real estate. Every day your property remains vacant means lost money.
You will need to give prospective tenants tours, and should plan on no-shows. When a tenant is interested in renting, you need to make sure they’re trustworthy. We recommend thorough background checks, including proof of income, rental and criminal history and credit history. These reports get expensive, even when you ask the renters to help pay, but we have agreements that save our property owners money.
You also need to make sure you are following legal requirements at this time. Most property owners who manage properties themselves aren’t up on the Federal Fair Housing and HUD Guidelines, the ADA, and the many other overlapping laws. Even minor mistakes can become expensive.
Inspections, Maintenance & Repairs
Making a profit from your financial investments in Milwaukee requires that the property be maintained and kept in good shape. We do scheduled exterior and interior inspections while you have tenants, plus follow a regular maintenance schedule. When things go wrong, you ought to make repairs ASAP. Our experienced property managers know how to spot small problems before they become big ones, and we have a network of local handyman contractors available. We are available for renters 24/7.
Finding great tenants lessens your chances of running into problems down the road, but disputes may still arise. The first thing you should do is to make it easy for tenants to pay rent on time. We provide full-service online tools that allow scheduled payments and that disburse your funds to you monthly. If we see missed payments, we know what’s necessary. From notifying renters to filing the correct documents in case of an eviction, we handle everything. Afterward, we can find new renters.
At RENU Property Management in Milwaukee, Wisconsin, we aim to build communities and help you be profitable in real estate. Our highly trained staff has the dedication and experience it takes to help you maximize profit while reducing stress. Get in touch with us today to discover how our property management services can help you find long-term success.