The ABCs of Getting a Mortgage Loan for First-Timers

Posted on: 17 July 2017

Owning a condo as an investment property that you rent out makes a lot of financial sense. The rental payments help cover the mortgage while you build equity over time and grow your wealth. Being a landlord, on the other hand, can be a huge hassle, taking time away from your career and family and making your condo start to feel like a chore. Hiring a condo property manager is the ideal solution, allowing you to retain the benefits of owning a condo while taking the annoying landlord tasks off your to-do list. Here are three reasons to hire a property manager:

Property Managers Find the Best Tenants

Property managers have access to professional marketing and screening tools that ensure you find and retain the best tenants. Instead of dealing with late rent payments, damage to your condo, unexpected vacancies, and other rental headaches, your property manager will help you find responsible long-term tenants who will be easy to deal with. You will save a ton of time finding, interviewing, and screening tenants, and the quality of your tenants will increase as well.

Property Managers Solve Problems

Paying a small percentage of your monthly rental income to a property management company is well worth it because a skilled property manager solves problems as they pop up, saving you time, stress, and energy. They have existing relationships with reliable and affordable professionals such as plumbers, HVAC specialists, and cleaning crews to handle those unexpected landlord problems that pop up from time to time.

They also solve problems with renters, so that you can avoid uncomfortable interactions and the occasional confrontation over late rent while simply enjoying the rental income that comes in. If you are having trouble keeping your condo rented, your property manager will help you address any issues with the pricing or marketing that's getting in the way.

Property Managers Can Navigate Your HOA Restrictions

A property management company well-versed in HOA regulations and restrictions can make your life easier and help keep you compliant. From determining what type of renters you are allowed to have in your condo (some HOAs only allow long-term rentals, while others allow short-term and vacation rentals), to making sure your lawn care and outdoor maintenance meet the HOA's standards, your property manager will help eliminate any HOA-related stress.

By hiring a property manager to deal with the landlord tasks you'd rather not focus on, you can enjoy the financial benefits of owning a rental property while also freeing up your time.