Owning a rental property can be very lucrative. As the demand for rental properties increases, your chances of having a fast return on your investment and start making a profit are very high. Also, when you become a homeowner you can deduct mortgage interest and property taxes as well as other expenses when itemizing deductions.
However, becoming a homeowner comes with responsibilities, especially once you have tenants living in your property. Managing a property can be a headache, especially if you don’t have the time to take care of all the tenant’s maintenance requests, collecting rent, speaking to contractors, etc.
When you hire a property manager, they will take care of the property and will keep you informed of every single thing that happens. Basically the property manager is the “middle guy” in between you and the tenants occupying your property.
Whether you still live locally, out of state, or overseas, a property manager will be your most loyal advocate and will do whatever it takes to preserve your property in the best possible condition. They will function as your realtor, since they are capable of advertising your property and conducting showings in order to find good qualified tenants. They will also be your inspectors, since they will be conducting inspections in the property before tenants move in, midterm inspections while the tenants are living in the property, and move out inspections whenever the tenants vacate the property. Property managers will negotiate on behalf of you with insured and licensed contractors whenever repairs are needed in the property. They will also collect rent for you while you comfortably receive your rent payment every month. They will be your eyes and ears and will communicate with you whenever issues arise.
Let the professionals take care of your property! Contact Globe Trotter Properties for more information about property management at info@globetrotterproperties.com.
About the author: Lalo Medina is a licensed realtor in Virginia. He is currently a Training, Compliance, and Media Specialist at GTP.
Contact: lalo@globetrotterproperties.com