Wisconsin stands to be a source of abundance for those with real estate savvy. Recent research shows that the Badger State needs to build about 227,000 new housing units to keep pace with demand. If you've been looking for a way to generate rental income, then Wisconsin is a great place to do it.
Being a landlord comes with a lot of duties, like owner statements and maintenance responsibilities, however. Thankfully, a property management company can help take the stress off you. Read on to learn why you should hire one!
Owner Statements and Money Management
Acting as a landlord is not a form of passive income. There are a ton of duties that come along with it, including complex accounting duties like owner statements that detail all of your financial activity in a given time period. You'll need these owner statements around tax season to determine how much you owe in taxes.
If you're not a seasoned accountant, hiring a property management company is a great way to make sure that all of your money management duties are in capable hands.
Tenant Location Services
One of the hardest parts of being a landlord is determining how to properly price your property and attract good tenants. A property management company is skilled at determining marketing rates and how to competitively price your rentals.
On top of that, they have access to all of the necessary screening tools for you to find tenants who are qualified and responsible. You'll have much more free time to focus on larger projects when you don't have to deal with the minutiae of tenant location and screening.
Reliable Rent Collection
Every property owner hopes their tenants pay rent on time every single month, but that's not always the case. A property management company is skilled at collecting rent on time, and they have a plan in place to collect past due rent. They'll see the collection process through to eviction if that step is necessary.
Ease Maintenance Duties
Every landlord should have a lease that clearly spells out what the maintenance duties are for both the landlord and the tenant. These duties should comply with federal and state laws. A property management company has the expertise necessary to draft and execute a lease agreement that does all of these things.
Moreover, property management companies have connections with local service workers and companies to provide maintenance for your properties. You won't have to worry about finding someone at the last minute to take care of a tenant emergency!
Let a Property Management Company Take Your Stress Away!
Dealing with owner statements and tenant screening is a lot of work. Hiring a property manager to handle all of the administrative work of being a landlord helps you focus on the larger aspects of your investments with the peace of mind that your property and tenants are in good hands.
Are you looking for a property management company with years of expertise to help you manage your Wisconsin portfolio? PMI Fox Valley can help you with everything from corporate housing to tenant screening duties. Contact us today to learn how we can help you!
