Do you own one or more rental properties? You’re not alone! More than 35% of households in the United States rent their living spaces. If you own a rental home, you’re competing for those renters.
Attracting and keeping the best tenants is a full-time job. A rental property manager makes life easier for landlords when it comes to handling their property.
Have you considered using a property manager for your rental? Here are seven excellent reasons for hiring a rental property manager.
Advertising and Marketing
When your property is vacant, advertising is crucial. Understanding your target market and where to advertise keeps you from wasting money.
A good rental property manager gets the most bang for her buck when placing rental ads. She knows where to find quality tenants.
Don’t waste money placing ineffective ads in the wrong places. Let a good rental manager place cost-effective ads in the right place.
Property managers also have lots of local contacts. They can often fill your place based on word-of-mouth referrals.
There’s much less stress over vacant rentals when you have an experienced property manager.
Showing the Home and Screening Tenants
When your rental is on the market, you’ll need lots of time for showing your place. Do you live nearby? If not, you’ll spend a lot of time on the road.
Having a property manager enables you to own rentals that aren’t in your city. Moving for a job means that sometimes you’ll need to rent your home out when you move across the country. Renting out your home in Washington DC when you live in California isn’t easy.
That’s why using an experienced company like Nomadic Real Estate Property Management makes good financial sense.
Screening tenants is another job property managers do well. They have a process in place and they understand the law. Did you know there are some questions you can’t ask when interviewing a potential renter?
Verifying tenants also falls under specific laws. If you don’t know those laws, a potential tenant could sue you for discrimination.
Rental Rates and Rent Collection
How do you decide what you’ll charge for rent? Most people pick a number based on their expenses, but it’s more complicated than that.
Understanding the local market is crucial. If you’re way overpriced, you won’t get a renter. If you’re underpriced, you’re leaving money on the table.
An experienced property manager understands all the expenses associated with renting your place. They also have realistic expectations for the amount your place will rent for.
Rent collection is another area where property managers excel, especially if they’re paid based on “rent collected” versus “rent due.” Be aware of what type of language is in your property management contract.
Property management companies charge between 6-12% of the monthly rental value of your place. They’ll charge more for unexpected emergencies like a broken hot-water tank.
It’s those unexpected emergencies that make a property manager so valuable.
An experienced property manager deals with contractors, small dumpster rental and maintenance people regularly.
If the hot-water tank blows, a professional company will know who provides the best service at the best price. No more worries about meeting the HVAC guy for routine maintenance. The property manager does that for you.
An experienced property manager inspects the rental every quarter. This proactive step helps him spot issues before they become problems. Do you have that kind of time?
Rules and Regulations
Are you aware of all the rules, regulations, and laws that go with owning a rental property? Property managers are. they’ll make sure that you stay in compliance.
The rules also vary from state to state, making it even harder if you’re an absentee landlord. Don’t get caught unaware of the law. Ignorance isn’t a defense and you could end up with a lawsuit on your hands.
Evictions and Lawsuits
Do you know how an eviction works? It’s an unfortunate but sometimes necessary task for a landlord. If a renter isn’t paying the rent, it’s not as simple as you think getting them evicted.
There are rules and laws you must follow or a simple eviction turns into a lawsuit and a nightmare!
Many tenants challenge their landlords when it comes to security deposits, maintenance, rent, and other issues. Leaving all this to a property manager means fewer headaches for you.