Date of article: Q3 2019
You have probably heard about using a propertymanagement company, especially if you invested in acondo unit, but you might not know exactly what they do.Long story short, these firms can manage your propertyso you don’t have to. But that one sentence doesn’t makea very helpful article.So with that in mind, let’s dig a little deeper and find outwhat exactly a property management company doesFIND TENANTSFor investors, the most important thing a propertymanagement company does is find people to rent theirproperties. They usually have experience in this field, soyou can trust them to market the unit properly and makesure it doesn’t sit empty for too long.COLLECT RENTOf course, once the property management company hasfound a tenant, they will also collect rent and handle thedeposit for you. For overseas investors wanting to knowabout returns, you’ll have to speak with the firm directly tosee how the process works. A few property managementcompanies can make deposits to overseas bank accountsor via PayPal, but others require a local account.CARRY OUT MAINTENANCEA property management company will perform regularmaintenance on your property and ensure it stays in topshape. They will also be on hand to help in case yourtenants experience any type of emergency and requireimmediate maintenance.SERVE AS A LOCAL ADVISOREvery country has unique rules and regulations when itcomes to property rentals. Sure, it is possible to studythese and try to stay on the right side of the law. Or youcould hire a property management company who alreadyunderstands the local market and knows how to operatein it.HANDLE BOOKKEEPINGA good property management company will handlebookkeeping for you. This includes creating and filinginvoices and in some cases paying local taxes. Not allfirms offer this service, however.These are only a few of the things a property managementcompany does. If you are thinking about purchasing aninvestment property, or already have one and need help,finding the right property management company canmake life much easier. But not all property managementcompanies are equal and you’ll need to do your homeworkto find the one that’s right for you.