Buying an apartment is a good idea since you can rent it out to another person while you are not using it. Alternatively, if you find that you have to move out of your current apartment due to work, family, etc, leasing it to someone else is one of the ways how can you exit early from a lease. Since no one is staying there anyway, you might as well make a profit out of it. You can decide to have someone occupy it on a short-term basis, or you can let someone sign a long-term lease. Either way, you can make a profit from it.
The only problem is that you might be too busy with other things, and you don’t have the time to manage the apartment. If there are enquiries, you cannot respond to them. The good thing is you can now find someone to deal with apartment management. You need this person to ensure that the place becomes profitable.
Managing enquiries and reservations
When someone wants to book your place, and you are too busy, you can’t process the request. You might also be out of town for a business meeting, and no one will be there to meet the potential renters. When you have someone managing the apartment, it won’t be a big deal anymore. As soon as there are requests, the manager will address them. You don’t even need to know what is going on. You will collect the income from the lease.
Preparing the property
You can’t allow someone to rent the apartment if it is not yet ready to accept guests. Their payment for rental includes the cleanliness of the place. You don’t want to spend hours cleaning the place before and after someone uses it. Your apartment manager will call a cleaning company to come over and clean the place in time for the arrival of renters. He will also carry out all the necessary repairs by dialing in local water and flood restoration professionals, roofers, and plumbers (or any other service provider for that matter) depending on the need. This way an optimal condition of the property would also be ensured.
Giving the keys
You also can’t be there to turn over the keys to the guests and collect them once they leave. The apartment manager will do it on your behalf. If there are potential issues like violation of the agreement, your manager will also deal with them. Prospective tenants need to sign an agreement form before being given the opportunity to use the apartment. Any violation of the said agreement could lead to fines. It might be a problem going through all these settlement issues, so you would rather have someone doing it for you.
You can have several apartments managed by the same company. Let them know what services you need and ask how much the cost is for their service. Apart from the management of the property, they will also ensure that people know it exists. They will work on advertising the place so that you can increase your profits.
You might need to pay someone to do all these things for you, but you would rather hire someone to do it and earn income than be the one to deal with all these details yourself. If you get tired, you might decide not to have someone renting the apartment anymore, and would you lose an opportunity to earn profit.