Becoming a landlord is often thought of as an easy way to make extra money with property you might not be using. Whether you’re thinking of renting residential or commercial space, it is a good way to make some extra money. However, it is definitely not easy. There are a whole host of different difficulties you’ll have to deal with.
For example, there are more regulations and taxes on rental properties than there are on the property you actually live in. Regulators feel that the property owner should hold the property to a higher standard if they are going to allow someone else to live in it. Things such as the heater are non-negotiable. A working HVAC system is required for many properties; heat is required by law. Having this law means you need constant maintenance and upkeep to the property to keep it in compliance. If you don’t want to do all of the work yourself, you need to consider a property management firm.
What Are Property Managers?
An Oro Valley property management firm will handle as much or as little as you need them to. Some people choose a management firm to handle different calls from their tenants, such as work orders for maintenance. Others choose to hire managers just to find new clients and help them expand their number of tenants. Still others choose to allow property managers to handle everything from maintenance to HVAC to outfitting to finding new tenants.
Going Completely Hands-Off
If you want, you can hire a property management team that will allow you to be hands-off with your property. They will handle every aspect of running the business. In fact, many of them will even collect rent from your tenants and deposit it directly into your account. You just need to sit back and earn money.