Renting out extra property can be a convenient way of generating extra income, but many people do not want to have to handle the day to day tasks associated with being a landlord. Luckily, it is possible to hire a property management company (such as MGR Property Management Inc) that can take care of these tasks for you. However, there may be a couple of common questions you have about the services provided by these companies. 

Are All Property Managers The Same?

A common misconception about property management companies is that they all provide the same types of services. However, this is far from the truth, and the type of property management company you need will be determined by a variety of factors. For example, if you have a commercial building, residential property managers may be hesitant about providing services. 

In addition to the type of property that they manage, property management companies can provide a range of services. At a minimum, these companies will usually screen prospective tenants, collect rent, hold deposits, complete maintenance requests and perform evictions if they are needed. By handling these tasks, these professionals can help to dramatically reduce the amount of work you have to do to keep your rental properties filled with happy tenants. 

Do Property Managers Insure The Property?

Your real estate holdings are highly valuable, but it is possible for tenants to cause substantial damage to these buildings. Whether it is from accidentally causing a fire or major damage due to major plumbing problems, it is vital to ensure that your property is adequately insured to help save you from having to pay the full cost to repair the damage. 

Sadly, some people may assume that every property management company will pay for an insurance policy to keep your property protected. However, this is not the case. In most instances, it is the property owner's responsibility to insure the building from major damage. While the property management will handle basic maintenance requests, they are usually not in a position to repair major damage to the building. 

If you are fortunate enough to own extra property, you can generate substantial income by renting it out to tenants. Unfortunately, some people are discouraged from performing this work because they assume that it is difficult to perform all the tasks needed to be a landlord. After carefully considering the answers to these common questions about property management companies, you will be able to better decide if these services are right for your needs.