Average rent prices in the US shot up 1.61% from 2016 to 2017, while the average rent in Knoxville rose 3.6% during the same timeframe, says an article by the Department of Numbers. In terms of vacancy rates too, Knoxville is way ahead of the nation. This city boasts a vacancy rate of -0.19%, while the national average is 0.29%. In fact, according to Zillow, the Knoxville housing market is very hot right now and expected to rise further in 2020.
So, being a landlord can be a great idea in Knoxville right now. The only drawback is that it comes with a whole bunch of responsibilities that are enough to deter even the most stoic soul. But, there’s good news. Knoxville also offers excellent property management services that take the entire stress of managing your property off your hands. With the right property manager, you can truly be the “lord” in landlord!
What a Property Manager Can Do for You
Chances are, you are looking to make the most out of your real estate investment. The only problem is that you don’t stay in the neighborhood or even in the city. Here are 5 reasons how a property manager can help you.
1. Sourcing and Screening Tenants
From listing your property on the right platforms to going through all the candidates, the property manager will take care of the entire process of finding you the most suitable tenant. All you need to do is look at the shortlist and choose who you wish to call for a final interview. They will even do all the background checks to make sure that no one with a criminal record or past history of defaulting on rent makes it to your shortlist. It saves you all the hassle of holding open houses, meeting with all sorts of people and tiring yourself out completely.
2. Taking Care of the Documentation
The landlord-tenant laws can be complicated. Hiring a property manager will help you avoid all stress of ensuring legal compliance. Not only will the property manager know about the residential property codes and rules, they will also help draw up the lease agreement and any other documentation required. They will help file the documents with the right authorities too. All you need to do as the landlord is sign on the dotted line.
3. Maintenance and Repair Works
It is a full-time job to take care of all the maintenance and repair needs of any property. And, when you don’t live close to the property you have rented out, taking care of all the complaints your tenants might have can be really difficult. Don’t worry. Property managers come to the rescue here as well. They will respond to all tenant queries and complaints, take care of repairs and maintenance and provide your regular reports, so that you are always in the know.
4. Hassle Free Evictions
This is possibly the most difficult job for a landlord. However, there are times when you are left with no other option but you ask the tenant to vacate the premises. But, why should you be the bad guy or get into endless arguments with the tenant? Let the property manager do all your dirty work. They have enough experience to ensure that evictions are also seamless experiences for the landlord.
5. Safe Distance Between Owner and Tenants
When a landlord is personally interacting with the tenant, a relationship might blossom such that it you might become too lenient and let things pass. Also, a strong defense mechanism starts developing against certain complaints. Keeping a professional relationship with your tenant helps deal with many problems rationally and effectively. A property manager maintains this gap and makes sure that there are no unnecessary disagreements between the landlord and his tenants.
6. Making Sure Your Property is Well Maintained
Watching over your property to make sure it is in a good condition is important, especially when a tenant leaves and before a new one comes in. Your property manager will inspect the home to ensure that the existing tenant does not leave behind destruction in their wake. They will also renovate the home before the new tenant takes over, ensuring that all maintenance work is completed. You can simply relax in the knowledge that your property is in good hands.
With a good job market and an even better housing market, being a landlord in Knoxville could well mean that your property never goes through long periods of vacancy. But, don’t try to be a DIY landlord. Let a property manager take care of all the nitty-gritty for you.