Real estate investors who intend to draw passive income from rental vacation properties might not be familiar with handling landlord duties. Working with a vacation property management company provides possible solutions, as the property manager assumes a landlord's role. Collecting rent might be the most well-known landlord task, among others. A property management firm could handle repair and maintenance requests, potentially reducing the owner's liabilities.
Problems Arise That Require Repairs
Investors may purchase old "fixer-uppers" and perform cosmetic and more essential repairs before renting a vacation home. Not every problem appears evident or even exists when a tenant signs a lease. If serious troubles arise, someone must respond without delays, as the tenants could suffer harm if no one addresses the problem. Some issues may include electrical issues, weather-caused broken sidewalks, mold infestations, and more.
Responding Timely To Repair Requests
When a dangerous problem arises, any delays associated with fixing things could leave a landlord open to potential litigation if someone gets hurt. So, if a handrail comes loose or the screws fastening the railing to the wall outright break free, walking up a flight of steps comes with potential dangers. Without a property management service, the owner may scramble to try and find someone capable of performing the work. Such might not be the case when under contract with a property manager, as the property management company likely already has an affiliation with a contractor or maintenance professional.
Routine Inspections and Services
Property managers could keep an eye on the residence through routine inspections, and even a cursory annual examination could help reduce potential hazards. A knowledgeable maintenance pro might check out the furnace, carbon monoxide and smoke detectors, driveways, circuit breakers, and more. A problem might exist that the tenant either doesn't know about or doesn't realize how dangerous the issue is. Once an experienced eye discovers the problem, a work order for repairs may commence.
The Pre-Rental Inspection
Hiring a property management company after renting the vacation house out could fall under the "better late than never" upside opinion. Those who haven't found a tenant yet might take advantage of the property's vacant state and have the property manager perform a safety and maintenance inspection. Once the owner signs an agreement, a property management company starts to handle management duties. Signing the agreement before someone moves in might provide a beneficial "head start" with fixing troubling maintenance defects. Fixing apparent and hidden defects could make a property much safer.