Hiring a property management service can greatly help landlords because it gives them peace of mind and a time to relax while enjoying the profits from their rental property. Property management services help landlords advertise their rental properties and screen potential tenants. They can also file an eviction for tenants and hire contractors. They will manage the landlord’s rental property and will act as liaisons between the landlord and the tenants.
The property management service will submit monthly reports to show the breakdown of revenues, expenses used and deductions made during the month. Contracting projects that need a lot of money to get the plans started with are always passed through to the landlord, to accept or disagree as they can veto the decision. The property management service usually issues a 1099 form for the landlord for tax purposes.
It will also maximize the landlord’s time to do other things without ever worrying about their rental property. They will also offer other services like enforcing leases and agreements, transport services, restocking of house supplies, arranging meetings of the owner and even organizing events.