74.4% of rental properties are owned by individuals instead of companies. That means that the majority of rental properties are run by homeowners who are trying to figure out how to make it work.
If you are a landlord, you may have started to feel that it is extremely time-consuming to handle the administrative aspects of your rental property.
Things like raising rent and marketing your property require experience and skill. Read on for some of the most compelling reasons why you should consider hiring a property manager for your rental home.
Choosing a good tenant is one of the most important factors that will affect how smoothly your experience renting a house will go.
Bad tenants can be a nightmare to deal with and difficult to get rid of. Property management companies will screen tenants to find those that have a long-term rent history, pay on time and don’t cause problems.
A property management company will be able to see any red flags that you might miss which will help you avoid rental scams and lawsuits.
One of the best features of a property manager is that they have experience in writing compelling ads to get good responses. They may have contacts to get ad space for a lower cost.
They will take the calls, show the property and work with rental companies and agencies as well. It can take a lot of time to create and word ads, post them in print or online on various sites and then take calls and emails from candidates.
Raising rent can be extremely difficult. Tenants may fight you on it or refuse to pay the increase. It can be time-consuming to hound your tenant for rent each month. Especially if you live far away.
Though you are not legally required to explain to the tenant why rent is going up, it can be a struggle to move forward with rent raises when tenants make it a problem or express difficulty with paying.
A property manager will employ automatic payments and will have the experience to make raising rent go smoothly. They will often add an automatic rent increase in the fine print of the rental agreement so that it is a natural part of the renewal.
The property manager will also handle writing and sending the rental increase letter to tenants. Having a property manager will allow you to avoid being the bad guy to your tenants.
Evictions are an unfortunate but common aspect of having tenants. There are specific laws that outline how this process must take place and there are legal consequences if you don’t follow them exactly.
A property manager will handle every aspect of eviction and has a good grasp of the laws surrounding evictions.
Not having to deal with tenant evictions is one of the most compelling reasons why you would want to hire a property manager.
Raising rent, evictions, tenant screening, and marketing your property are all reasons why you would want to hire a professional property management company to help with your rental property.
Get a property management quote for the best property manager in your area.