Frequently Asked Questions About Property Management

1. WHY SHOULD I USE A PROPERTY MANAGER
Choosing the right property management company can make real estate ownership a breeze. For people who own residential, commercial, and industrial properties, working with a respected property management and maintenance company can be a great resource. Just like management in any other business, a respected management company can monitor the care and financial requirements of any property. TMP has the skills and knowledge to make your ownership experience easy and pain-free.

2. WHAT ARE THE BENEFITS TO USING A PROPERTY MANAGER
Take comfort in knowing Tower Property Management will always treat your property as if it were our own. We will work to locate long-term residents who pay on time and show respect for your property. A property manager acts as a mediator between you and your renters alleviating the burden of busy owners, so that means for you more freedom to pursue other dreams. In many cases, issues that arise regarding your investment properties will require you to tap the experience or expertise of other professionals. Searching for qualified professionals will not only take time on your part, but will require you to learn basic fundamentals or property management. Hiring a professional real estate management company will allow you to leverage their expertise to address any and all property and tenant issues on your behalf. in addition, a real estate management company will work to ensure that your investment business is in compliance with all applicable state and federal laws for your property. And, the company will work to help you organize your business affairs, making tax time simple and easy for your business.

3. WHY RENT YOUR HOUSE
There are numerous benefits to renting out your property as opposed to selling. You can turn your primary home into an asset making you money every month instead of being a liability (something that costs you money every month).
Having a renter will allow you to hold onto your house while a monthly rent will pay down your mortgage. Hopefully property values will go back up, and your equity will increase.
Look at a renter as a way to build your investment for retirement. By the time retirement age comes around property mortgage could potentially be paid off by then and you have provided yourself with monthly income.
There is always the possibility of returning to that home if you retain it.

4. WHY HIRE A PROPERTY MANAGER
When you hire a property manager they generally will charge approximately 10% of the monthly rent plus 505 of the first month’s rent when a new tenant moves in. A property manager will also:

Advertise for new tenants
Sign leases
Collect rent
Keep track of finances
Schedule maintenance repairs
Issue legal notices
File evictions

If you do not hire a property manager then all of the responsibility falls on your shoulders. If you have the time, abilities and energy to manage yourself you can have a good deal of money. However if you do not take on the task and you really don’t have the ability it could cost more money in the long run than what a property manager would change.

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