Why Joining A Rental Pool Is A Good Option For Landlords

A rental pool is a legal contract that is formed when two or more parties agree to share something. It pools rental income and expenses together into a single financial unit, leaving a third party management company to handle lettings, day to day management and maintenance. The benefits of joining a rental pool include minimizing risk and guaranteeing a monthly income, as well as keeping costs down and making the business of owning rental properties much easier. The management company will handle any issues and day to day concerns. A rental pool enables owners to enjoy their investment without having to worry about niggling issues.

Costs include 10% of collected rent and fixed monthly costs such as condo fees, maintenance, unit repairs, painting or appliance repairs. Members must have their own insurance in place and join as soon as they decide to rent out their unit. Some condominiums require that members join as part of their terms and conditions.