Now, more than ever, landlords and real estate owners alike have embraced apartment rental companies and have entrusted them with the responsibility of managing their properties. They usually handle almost all of the duties that accompany management of rental apartments. This includes collecting tenants’ rents, managing client turnover, marketing of the rental apartments, property maintenance, customer support, and any other duty that landlords would normally fulfil.
The trend towards having many apartment owners let apartment rental companies manage their rental apartments is mainly attributed to the increase in complexity of handling, managing, and marketing apartments to potential customers. This is actually the case when apartment owners do not live nearby their apartment. This would be inconvenient for the tenants because they would be stranded if they encountered any trouble or if they had any question regarding their apartment, they would have to wait for the landlord to pick their calls or come over to the apartment. This would inconvenience both parties and this creates the need for an apartment rental company.
Deciding on whether or not to engage an apartment rental company, rental apartment owners should consider a number of factors. These include:
- Location of the rental apartment- “Is the rental apartment near me?” is one of the main questions rental apartment owners should be asking if they consider to transfer the management of their property to an apartment rental company. As earlier mentioned, if the property is far away from where you live, then as a landlord you should consider an apartment rental company because they are sure to provide top-notch customer service you cannot provide when you are far from your property.
- Commission charged by the apartment rental company- there is no standard commission charged on the rent your apartment accumulates every month but the standard rate is 10%. A number of apartment rental companies charge a higher commission in relation to the services they offer so it would be wise to find out what type of services they will be willing to offer.
- Number of tenants expected in the rental apartment- if your apartment is expected to have a large number of tenants, an apartment rental company would be convenient to handle the large number of tenants. A small rental apartment would not be worth the trouble of hiring an apartment rental company as the cost of hiring one would likely be significantly higher than managing the apartment yourself.
Based on these considerations, it appears apartment rental companies are most suitable for managing large properties and vacation apartments which tend to be far from their owners.
As a tenant, one would be inclined to rent a rental apartment managed by an apartment rental company as they tend to have uniform policies and excellent customer support. However, they offer no flexibility in terms of payment of rent because it is non-negotiable.